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.
Underwriting
Digital
Data and Analytics
Innovation
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 wants to improve your 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
Culture and Leadership in Insurance
Interview notes: My colleague Omri Yacubovich introduced me to Mark Berthiaume for this interview series, I was excited as Mark has a unique breadth of
Case Study: Increasing GWP with pre-qualified lead generation
A leading US carrier had been working with a global insurance brokerage to generate more qualified businesses and convert them into policies and written premiums.
Artificial Intelligence for Insurance Executives
Download this ebook to learn: The current trend of artificial intelligence The impact artificial intelligence is having on the insurance industry The application of artificial
