Israeli artificial intelligence data platform for commercial insurance Planck, which automates production of policies, has signed an agreement with Japanese insurance giant Sompo.
As part of the collaboration, Sompo, the second largest insurance company in Japan with more than 30 million customers, will initially use Planck's platform during the underwriting stage; the decision-making phase determining whether to insure a business and, under what terms. The AI-based solution provided by Planck reduces the effort of manually filling in questionnaires and allows Sompo to assess the risk relying on automated, accurate data input, greatly improving quote to submission time and increasing premium accuracy. By adopting Planck’s data automation and relying on their improved insight accuracy, Sompo estimates $140 million annual operational expense savings.
Planck’s AI-based platform gathers publicly available data about businesses and applies machine learning to generate insights, enabling insurance companies to assess the level of risk more accurately, reduce costs and ultimately improve financial results. As part of the agreement with Sompo, Planck’s data will be collected from various public data sources such as social media, text, images, video and Japanese government records. Results are analyzed according to predefined parameters, providing the most complete set of customized insights to Sompo.
Sompo operates in over 30 countries with annual revenue of $36 billion. In 2018, Sompo founded its Digital Lab in Tel Aviv, led by Yinnon Dolev, with the aim of promoting commercial and technological partnerships with Israeli companies and has invested over $20 million in Israeli startups including Nexar, Intuition Robotics and Binah.ai, in addition signing commercial agreements with Via, Parametrix and other companies.
Sompo is the first and only company in Japan to leverage Planck's platform, while dozens of insurance companies in the US such as Attune (AIG), Republic Indemnity (Great American Insurance Group) and Chubb are already benefiting from the Israeli company's solution. In the first stage, Planck's technology is being integrated within Sompo's Commercial Underwriting Department. Sompo is expected to expand to other business units, supporting additional use cases and added operational benefits, in the near future. "We are delighted about the Planck partnership and believe through Planck's platform we will improve the commercial insurance customer experience and increase the accuracy level of our underwriting capabilities." said Yinnon Dolev, Head of Sompo Digital Lab.
"Integrating Planck's technology within Sompo’s underwriting procedure represents our company's first foothold and entry into the Japanese market", said Planck CEO and Co-Founder, Elad Tsur. "We are excited to collaborate with Sompo's digital lab in Israel to positively impact the economics of their business, providing automation they must adopt to stay competitive given the commercial insurance industry's continual and, rapidly increasing, complexities."
Planck, an automated AI-based data platform for commercial insurance, has solved the industry's long-standing need for real-time accuracy and truth. Planck enables insurers to drive service and underwriting excellence by connecting the most up-to-date insights, with just a business name and address. US Carriers, MGAs and InsurTech’s leverage Planck’s holistic solution for lead generation, submission prefilling & validation, underwriting new business, renewing existing policies, premium auditing and more. The platform makes managing risk much faster and more predictable, resulting in increased written premium while reducing loss and expense ratios.
Planck has almost 80 employees globally and has raised $50 million to date, led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.
Published by Globes, Israel business news - en.globes.co.il - on September 13, 2021
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