Renewal Recommendations

Automatically monitor all your existing customers’ policies and quickly detect any changes and new risks during the renewal process.

Increase GWP

Update pricing automatically upon changes in the business, and identify new upsell opportunities automatically.

Reduce Loss Ratios

Make sure you’re keeping eligible policies in your book and issuing cancellation upon renewal to those that are not elegible.

Reduce Expense Ratios

Remove the manual work from the renewal process and maximize the policies that have been reviewed and approved.

How do Planck’s renewal recommendations work?

Upon renewal, Planck’s AI will create up-to-date insights for each business and automatically suggest which policies to renew, which should not be renewed, and which require special attention for pricing updates and upsell opportunities.

1.

Planck's AI reviews the about-to-renew policy to create updated risk factors and insights.

2.

Planck's AI compares the bound policy data to the newly generated, up-to-date risk data.

3.

Based on eligibility and exposure changes, Planck's AI provides a recommended action (e.g., automatically renew, do not renew, inspect, new opportunities identified, etc.).

What will change with Planck?

As Planck’s AI automatically generates renewal recommendations, underwriters can focus on more strategic tasks.

Expense Ratios:

Loss Ratios decreased by:

Renewal Decision:

Days

Minutes

Renewal Rates:

Frequently asked questions

How frequently can Planck monitor the risk exposure of my in-force portfolio?

Planck’s Cognitiver Business Analytics Platform is highly configurable, and the frequency of updates varies according to client needs. Planck collects and processes data in real time, giving clients the ability to consistently monitor the true risks in their portfolio.

Can Planck work with our underwriting guidelines/eligibility criteria?

Yes, Planck’s AI can process your underwriting guidelines and eligibility criteria, analyze the risk profile of your book of businesses, and compare it to the overall market to identify areas of under/over exposure and opportunities for pricing updates.

Can Planck configure insights to meet our specific needs?

Planck offers hundreds of off-the-shelf data insights, which can be configured to match your business’s specific needs. Planck’s platform is highly configurable, so additional and specific insights for your unique business needs can be added.

How does Planck ensure its data is of high quality?

Planck’s Cognitive Business Analytics Platform collects data from thousands of sources and uses its advanced technology capabilities to create real-time insights and achieve the highest levels of data accuracy in the industry. It continuously validates itself against verified data sets to maintain and improve its accuracy levels.