Increase underwriters’ productivity by automating underwriting decisions, enabling them to focus on rating and pricing.
Reduce Expense Ratios
Reduce and even eliminate the data validation process and underwriting inefficiencies. Underwriters can focus on more complex pricing processes and outliers that really require their attention.
Reduce Loss Ratios
By automating the validation and eligibility process, the overall accuracy and consistency of underwriting guidelines dramatically increase, which results in more accurate underwriting.
How do Planck’s underwriting recommendations work?
Once a form is sent to the carrier, Planck automatically processes the policy: rejecting it, sending it for quoting, or highlighting discrepancies that require manual inspection or further proof of evidence by the business owner.
When a new submission is received in the policy admin system, Planck automatically creates underwriting insights based on the business name and address.
Taking into consideration the generated insights, underwriting guidelines and historical decision patterns, Planck makes a recommendation to decline the submission, generate a quote, or send it for manual inspection.
Underwriters receive a prioritized list of submissions that require additional action, such as additional information from the broker or business owner.
What will change with Planck?
Underwriters no longer have to spend time searching for pieces of information and determining if a submission meets the underwriting guidelines’ criteria. They can use conclusive and up-to-date data for rating.
Response times can be configured according to the use case. For the vast majority of applications with dozens of questions, it’s under 5 seconds. For specific use cases, it can be as fast as under 1.5 seconds.
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 for your unique business needs can be added.
Planck’s AI data 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.
Automate the underwriting process to return accurate quotes instantly.