Submissions Validation
Underwriters can validate submitted data automatically without having to manually crawl the internet, instead focusing on high-value risk analysis and pricing.
Best & Fastest Quotes
Improve submission-to-quote turnover time by automating the submission validation process, allowing underwriters to focus on risk analysis and pricing, rather than hunting for data online.
Reduce Loss Ratios
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%.
Reduce Expense Ratios
Automate submission processes, optimize internal underwriting resources, and reduce the back and forth with agents or business owners.
How does Planck’s submission validation process work?
Once a form is sent to the carrier, Planck creates a full risk profile from scratch in order to validate the declared information, highlighting any inaccuracies so the underwriter can focus on assessing the risk rather than hunting for data online.
1.
Submission is received by the carrier.
2.
Planck automatically creates the data insights in real time with the most up-to-date and accurate business and risk-related insights.
3.
The data insights provided by Planck are compared to the declared submission data, highlighting any inaccuracies or inconclusiveness that requires additional evidence from the producer or business owner.
What will change with Planck?
Underwriters no longer have to spend time searching for pieces of information and verifying submitted data. As a single source of truth, Planck provides underwriters with a full view of a business’s risk factors and up-to-date reality.
Increased GWP:
- 0.5%
per streamlined application question automated or eliminated
Accuracy:
0
%
Loss Ratios decreased by:
- 1–3%
Expense Ratios:
- 10-20% Improvement
New Quote:
Days
Minutes
Submission-to-Quote Conversion
- Increase by +15%
“Quality data is the key for all of it. Planck’s data met our high standards, so we can run a proof of concept and assess the positive impact of better data in real time.”
“Wait, but…”?
Can Planck configure insights to meet my specific needs?
Planck offers hundreds of data insights off-the-shelf. These insights can be configured to match your business’s specific needs. Furthermore, Planck has high configurability capabilities, so additional and specific insights related to your business needs can be added.
What does Planck’s coverage rate look like?
Planck offers the highest hit rate in the industry, finding information and insights for more than 90% of small and medium businesses in a given segment.
What is the completion rate for the validation of a submission form, on average?
Planck is usually able to answer more than 90%, frequently even more than 95%, of questions in application forms.
How does Planck ensure its data is of high quality?
Planck’s AI data platform collects data from thousands of sources, and using sophisticated models, it extracts valuable information from each and every data piece to decipher the most accurate answers. Using validated data sets, the platform continuously tests itself and adapts to ensure the highest accuracy levels.
