Israeli insurtech company Planck Re has announced the closing of its first financing round of $12 million led by Arbor Ventures and with the participation of Viola FinTech and Eight Roads.
Founded in 2016 by David Schapiro, CEO Elad Tsur and VP R&D Amir Cohen, Planck Re is pioneering the commercial insurance data industry, providing an Artificial Intelligence (AI) driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck Re streamlines the commercial underwriting process by aggregating small and medium businesses’ digital footprint to help insurers acquire a comprehensive understanding of customer risk.
Tsur said, "Buying insurance in 2018 still involves endless questions filled by humans. In addition to it being a time-consuming and labor-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.”
Planck Re will initially focus on the US commercial insurance market. Based on pilots conducted with several top-tier insurance carriers in the US, Planck Re’s platform manages to automatically and accurately complete over 90% of the fields in the onboarding questionnaires.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2018
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