New York – Republic Indemnity, a member of Great American Insurance Group and a market-leading workers’ compensation insurance company, today announced a successful production pilot with Planck, an AI-based dynamic data platform for commercial insurance.
This initiative is part of Republic Indemnity’s ongoing efforts to develop innovative solutions and build stronger relationships with its agents and brokers. The pilot with Planck allows Republic Indemnity to test the impact of real-time data insights, thus reducing submission-to-quote time and increasing underwriting efficiency.
Planck’s data platform finds and collects all relevant pieces of data about a business, returning accurate underwriting insights with over 90% coverage.
“We are always looking to ease our brokers’ lives by providing them with added value and tools to improve business efficiency.” said David Simmeth, Senior Vice President and CIO at Republic Indemnity. “Quality data is the key for all of it. Planck’s data meets our high standards so we can run a proof of concept and assess the positive impact of better data in real time.”
“Our goals include expediting the underwriting processes while increasing underwriting accuracy,” said Reggie Fradkin, Senior Vice President, Underwriting. “I believe that with Planck we can achieve both.”
“Our relationship with Republic Indemnity has flourished the past several months under a common goal to improve small business risk underwriting and develop solutions that better serve agents, brokers and customers,” said Elad Tsur, Planck’s Founder and CEO. “It’s great to see visionaries and innovators, such as David and the Republic Indemnity team, shaping the future of commercial insurance underwriting. We’re honored to be part of it.”
Republic Indemnity Company of America is a member of Great American Insurance Group, whose member companies are subsidiaries of American Financial Group, Inc. (NYSE: AFG). Headquartered at 15821 Ventura Boulevard, Suite 370, Encino, California, Republic Indemnity specializes in workers’ compensation insurance throughout the western United States. California offices are located in Encino, San Francisco, and San Diego. Other state operations are in Portland, Oregon; Phoenix, Arizona; Denver, Colorado; and Las Vegas, Nevada.
Planck announced its first funding round of $12M in July 2018. Its mission is to empower commercial insurers by generating insights that streamline the commercial underwriting process, enabling insurers to instantly and accurately underwrite any policy. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads.
Founded in 2016, Planck is pioneering the commercial insurance data industry, providing an artificial intelligence driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck streamlines the commercial underwriting process by aggregating small and medium businesses’ digital footprints to help insurers acquire a comprehensive understanding of customer risk.
For more information, visit https://planckdata.com.