Planck Raises $20M to Revolutionize Insurance Data Analytics

Planck Secures $20 Million to Enhance AI-Powered Insurance Underwriting

Planck, a data platform leveraging artificial intelligence for commercial insurance underwriting, has announced the successful completion of a $20 million growth funding round.

The investment was led by 3L Capital and Greenfield Partners, with participation from existing investors including Team8, Viola Fintech, Arbor Ventures, and Eight Roads.

Expanding Reach and Capabilities

With this latest funding, Planck’s total capital raised now reaches $48 million. This follows a previously announced $16 million Series B round in June 2020.

Currently, Planck collaborates with a significant number of commercial insurance companies operating within the United States, representing over half of the top 30 insurers nationwide.

The newly acquired funds will be strategically allocated to bolster the company’s U.S.-based team, facilitate expansion into international markets, and develop new product offerings tailored to emerging business sectors.

Furthermore, Ernie Feirer has joined Planck as the Head of U.S. Business. He brings extensive experience from LexisNexis Risk Solutions, where he spearheaded the development of data analytics solutions for property and casualty insurance providers.

Real-Time Insights for Informed Decisions

Planck’s core strength lies in its comprehensive database, which aggregates data from diverse sources like online images, textual content, videos, customer reviews, and public records.

This allows insurance providers to access real-time information, enabling more accurate premium calculations, streamlined claims processing, and faster quote generation for small and medium-sized enterprises (SMEs).

The platform currently supports analytics across more than 50 distinct business segments, including key industries such as restaurants, construction, retail, and manufacturing.

Data analysis is simplified through a straightforward process – simply inputting a business’s name and address yields valuable insights.

Specific Data Examples

For instance, when evaluating an insurance policy for a healthcare business, Planck can provide underwriters with details regarding the equipment utilized, the medications prescribed, and the surgical procedures performed.

Industry Perspective on AI and Data

Paige Thacher, a principal at 3L Capital, stated, “Commercial carriers and brokers are increasingly recognizing the limitations of traditional data sources when assessing risk and monitoring insured businesses.”

She continued, “The current need is to utilize AI and machine learning to dynamically gather business intelligence from the digital presence of insured entities.”

This shift represents a fundamental change in how commercial insurance is underwritten and managed.