Planck Re yanks in $12m for insurance plans
Tel Aviv-based insurance firm Planck Re has got $12 million in its first funding round as it seeks to keep its commercial underwriting services a constant success.
“Buying insurance in 2018 still involves endless questions filled by humans”
The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads.
Founded in 2016, Planck Re offers an artificial intelligence (AI) driven data platform. The company explains that it “streamlines the commercial underwriting process by aggregating small and medium businesses’ digital footprint to help insurers acquire a comprehensive understanding of customer risk”.
Elad Tsur, Planck Re CEO, says: “Buying insurance in 2018 still involves endless questions filled by humans. In addition to it being a time-consuming and labour-intensive process, it’s also prone to errors.
“Emerging from two years of research and development, we resolved this by leveraging AI and big data technologies to provide answers to all required underwriting questions, with name and address being the only manual inputs.”
In addition, Planck Re works by automatically creating a customer profile, through open-web data-mining and AI, gathering relevant information from any type of resource including images, text, videos, social media and public records.
The firm will initially focus on the US commercial insurance market. It states that based on pilots conducted with several (unnamed) insurance carriers in the US, its platform manages to automatically and accurately complete over 90% of the fields in the onboarding questionnaires.
