All the relevant data to insure any business in seconds
With just a business name and address, Planck’s artificial intelligence data platform creates all relevant underwriting insights in real time, with over 90% accuracy and coverage.
Works for
Underwriting
Improve loss ratios and increase underwriting efficiency by getting all relevant and accurate customer and risk insights.
Digital
Increase submission-to-bind ratio, automate pre-fill or eliminate fields.
Data and Analytics
Increase the data quality and availability throughout the insurance value chain.
Innovation
Leverage artificial intelligence to increase underwriting efficiency and profitability.
We cover all Commercial Insights
Adding Value to Core Insurance Processes
Whether you oversee the P&L of the business line; sales; distribution; underwriting; or improving data, analytics and digital capabilities, we’ve got your back.
Marketing, Sales & Distribution
Manage Positive Selection & Improve Broker/Agent Relationship
KPIs: New Business GWP, Submission, Volume
Underwriting
Automate acquisition and processing of underwriting data and insights, allowing underwriters to focus on value-added work.
KPIs: GWP, Expense Ratio, Submit-to-Quote, Cycle Time
Policy Admin
Capture new data and improve the overall data quality for raters and loss reserve models.
KPIs: Premium and Rate Change, AYLR
Servicing & Billing
Automate renewals, increase retention and constantly monitor changes in exposure.
KPIs: Quote-to-Bind, Retention Rate, AYLR
Claims
Detect fraud activity and streamline claim adjudication.
KPIs: Incurred and Paid Losses, Fraud Percentage, Claim Settlement Time
The Planck Triangle
Given business name & address – Planck’s proprietary technology returns all relevant underwriting insights created on the spot within seconds.
Data Collection
Leveraging our proprietary open web data-mining capability and pulling from thousands of available sources, Planck gathers all the data about a business entity and its operations in real time.
To ensure over 90% accuracy at the end of the process, we need to make sure that we rely only on relevant data pieces. That’s why we’ve developed proprietary military-grade entity-matching algorithms to collect all of the relevant data points about a specific business entity from all available sources.
Planck scans thousands of resources including industry-specific sources, social networks, review sites, business websites and profiles, public records, governmental databases and more. The goal is to collect as many data points as possible to increase the accuracy of the entire process.
Data Processing
Using our proprietary artificial intelligence capabilities, including computer vision, natural language processing, unstructured data analysis and others, Planck interprets millions of data points about a business, turning them into valuable information.
Many data points incorporate additional layers hidden under the surface. For example, some images include metadata that can tell you when the image was taken, the device it was taken on, where it was taken and more. By interpreting images and videos, our algorithms are able to detect specific risk-related elements within specific frames.
It’s super important to be accurate and just as critical to provide wide coverage of businesses and related insights. That’s exactly what we do. Unlike traditional data platforms that collect whatever fields they collect for whatever business list they have, we go on the hunt in real time, laser focused on finding all available evidence for the specific business, allowing us to address all the related questions.
Creating Insights
After all the data points related to a certain entity are collected and processed, deep-learning algorithms crunch the data to find the actual truth about the business. Then, all of the insights are returned to the carrier via an API.
The deep-learning algorithms are continuously trained on “gold data,” verified information about a business, to ensure the highest accuracy in the market.
Each piece of information can tell a different story. Some individual data points might even contradict each other. Some of the insights a carrier is looking for may not necessarily exist as raw data. Our job is not to find the needle in the haystack but to make gold out of the haystack and uncover the truth about the business.
What’s new at Planck
Planck announces series B funding
Planck announces series B funding, raising $28M in total, to help commercial insurers increase commercial premiums while reducing loss and expense ratios. https://vimeo.com/425161480/e8d588a390 New York
Using AI based data insights in commercial insurance in the COVID-19 new normal
In the shadow of COVID-19 and its potential to change the way we live and do business, Dick Welch, President and CEO of Hospitality Insurance
How to evaluate 3rd party data providers to maximize the impact for insurance companies
Download this white paper to learn: The value of working with third-party data providers. How to prepare for the 3rd party data provider evaluation process.
