Powering the
digital evolution of commercial insurance
Planck deploys world-class artificial intelligence capabilities at each phase of the small business commercial insurance underwriting process.
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
Manufacturing Fundamental Change in Insurance, with David McFarland
Interview Notes I had the honor of interviewing David McFarland in the Planck booth at ITC 2022 in Las Vegas — together with Elad Tsur
The Future of Embedded Insurance, with Rob Schimek
Interview Notes I was introduced to Rob Schimek by our mutual friend and colleague, Leandro DalleMule. In addition to being a leading global insurance executive,
The Digitization Imperative, Insurance, and Change with Bill Pieroni
Interview Notes This interview is based on extensive research performed by ACORD exploring the linkage between digital maturity and financial performance across the global insurance
