Additional Risk Factors

Leverage new risk insights for smarter underwriting decision making and pricing.
Improve Underwriting Efficiency_additionalriskfactors

Improve Underwriting Efficiency

Standardize and enforce underwriting guidelines across the underwriting organization.
Reduce Loss Ratios

Reduce Loss Ratios

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

Better Pricing Models

Improve Pricing Adequacy - More accurate and complete data is fundamental for better pricing and lower losses. Planck helps reduce unanswered questions and default answers by 1,000%.

How does Planck’s additional risk factor process work?

Once a form is sent to the carrier, 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 and address are sent to Planck.

2.

Planck 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 underwriting systems and dashboards so the underwriters can easily use them 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:
  • 10-20% improvement
Loss Ratios decreased by:
  • 5-7%
GWP:
  • 1-5%
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

“Wait, but…”?

Yes. 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.
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.
Planck creates insights for businesses in real-time. In other words, Planck doesn’t retain answers for a closed set of questions for a given list of businesses. Hence, Planck’s platform is configurable, and once the system is configured to answer new questions, it can do so instantly.
Typically, it’s a matter of days or a couple of weeks, depending on the availability of validated data sets and the complexity of the insight.

Explore new risk and instant underwriting insights.

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