IAG invests into Planck to unlock the potential of bringing Planck’s underwriting automation operations to the Australian commercial insurance market
SYDNEY, Australia, April 12, 2023 — IAG Firemark Ventures, the corporate venture capital arm of IAG, the largest general insurer in Australia and New Zealand, announced today that it has invested in Planck, a global insurtech platform that provides real-time answers to underwriting questions to the global Commercial Insurance Industry. The investment is aimed at supporting Planck’s global expansion into the Australian and New Zealand commercial insurance market, with a vision that the technology could potentially be embedded in IAG’s brands, CGU and NRMA.
Planck’s cutting-edge technology utilizes artificial intelligence and machine learning algorithms to provide insurers with real-time risk insights that superpower underwriter’s efficiency and facilitate automation. The platform is designed to help insurance companies streamline their underwriting processes, reduce manual errors, and improve efficiency. By working with carriers in automating the underwriting process, Planck enables them to make better-informed decisions, reduce underwriting friction and grow premiums whilst reducing loss ratios.
“IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology,” said IAG Firemark Ventures General Partner Scott Gunther.
“The investment will enable Planck to further develop its underwriting automation services in the Australian and New Zealand commercial insurance market, providing IAG with a competitive advantage in the industry.
“Planck’s proven technology and demonstrated success with other global insurance carriers, could also potentially provide IAG with real time risk insights that could revolutionize our underwriting processes and drive efficiency for our business. Having a better understanding of our customers’ risks will lead to improved insurance and risk solutions for commercial customers in our markets.”
“Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market,” said Elad Tsur, CEO of Planck. “Our cutting-edge technology will help IAG and other insurers in Australia to improve their underwriting process, reduce manual errors, and improve efficiency. As Planck has accomplished in other countries, collaboration with leaders in a region, such as IAG, enables us to deliver innovative solutions that will benefit the entire insurance industry.”