Additional Risk Factors

Leverage new risk insights for smarter underwriting decision-making and pricing.

Improve Underwriting Efficiency

Standardize underwriting guidelines and best practices to reduce noise and increase consistency in decisioning.

Reduce Loss Ratios

Planck provides new risk and underwriting insights that can improve actuarial models.

Better Pricing Models

More accurate and complete data is fundamental for better pricing adequacy and lower losses. Planck’s Cognitive Business Analytics Platform dramatically reduces unanswered questions and default answers in submissions.

How does Planck’s additional risk factor process work?

When the carrier receives a new submission, Planck creates and returns additional insights and risk factors that were not part of the application form.

1.

When the carrier receives a new submission, the business name, address, and other identifiers are entered into the Cognitive Business Analytics Platform.

2.

Planck’s AI collects, processes, and generates additional risk and underwriting insights that weren't initially queried in the application.

3.

Through the API, Planck sends additional risk factors to the carrier’s underwriting systems and dashboards for accurate rating and pricing.

What will change with Planck?

Planck provides new data insights to improve the underwriting process and actuarial models.

Expense Ratios:

Loss Ratios decreased by:

GWP:

Increase from New Risk Segments

“The time from submission to quote is going to be dramatically reduced. Planck’s unique combination of very high coverage of businesses and accuracy is one of the main keys for that.”

SVP of Underwriting at a top US carrier

Frequently asked questions

Have you seen improvement in loss and pricing models built using new risk factors?

Absolutely. By testing new variables that are external to the data collected by carriers, our clients’ actuarial and data science teams have uncovered new correlations that yield better loss and pricing models.

How can I get access to new data fields and insights that I currently do not have?

Planck’s expert teams can work with underwriters, actuaries, data scientists, and business users to determine new risk insights that can be used to improve pricing, make better underwriting decisions, and manage portfolio exposure.

How does Planck provide new insights?

Planck’s Cognitive Business Analytics Platform creates insights into business risk in real-time. In other words, Planck’s AI doesn’t retain answers for a closed set of questions for a given list of organizations. The platform is configurable, and once the system is configured to generate insights and answer new questions it can do so instantly.