IAG Firemark Ventures, the corporate venture capital arm of Australia-based general insurer IAG, has invested in Planck, a US-based insurtech platform.
The investment amount has not been disclosed.
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Planck offers underwriting insights and automation services as well as real-time answers to global commercial insurance companies on underwriting queries.
The investment will help Planck to expand into the commercial insurance markets of Australia and New Zealand.
Furthermore, this investment has been made with a vision that Planck’s technology can be integrated into IAG’s, CGU, and NRMA insurance brands.
Planck’s technology uses artificial intelligence and machine learning algorithms to offer insights on risks in real time, which in turn enables increasing efficiency of underwriters.
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By GlobalDataFurthermore, the platform aims to aid insurance firms to streamline their underwriting processes and cut down manual errors.
Firemark Ventures general partner Scott Gunther said: “IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology. The investment will enable Planck to develop further its underwriting automation services in the Australian and New Zealand commercial insurance market, providing IAG with a competitive advantage.
“Planck’s proven technology and demonstrated success with other global insurance carriers could also potentially provide IAG with real-time risk insights that could revolutionise 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.”
By teaming up with insurance firms in automating their underwriting process, Planck claims to help them make informed decisions, and cut down any underwriting friction, increase their premiums whilst lowering loss ratios.
Planck chief executive officer Elad Tsur said: “Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market. 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.”
IAG’s main businesses underwrite more than $13bn of annual insurance premiums under several brands.
