Applied Systems, a provider of cloud-based insurance technology, has acquired Planck, which offers an AI-driven platform to serve the commercial insurance industry.
Financial details of the transaction remain undisclosed.
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This move is expected to bolster Applied’s AI capabilities, aiming to transform the digital insurance round trip and add value throughout the insurance life cycle.
Planck’s AI-based data platform specialises in commercial insurance, assisting US insurers in boosting premiums while simultaneously reducing loss and expense ratios.
The platform’s objective is to refine the commercial underwriting process, allowing for instant and precise policy underwriting.
The integration of Planck is expected to accelerate Applied’s vision for the next generation of digital insurance, enhancing critical business processes across advisory services, marketing, renewals, sales, servicing and underwriting through intelligent automation.
Over the last one and a half years, Applied has been actively developing AI-powered features and exploring AI’s potential via the Applied AI Lab, in collaboration with agents and carriers.
These initiatives have revealed substantial opportunities to eliminate inefficiencies and leverage data more effectively, which is anticipated to spur further growth.
Applied Systems CEO Taylor Rhodes said: “With our unique set of insurance technology assets that span both the agency and carrier sides of the market, our investment in Planck will deliver a significant opportunity to create AI-driven value throughout the next generation of the digital round trip of insurance in ways that will help our clients know more, do more of what differentiates them the most and win more often.”
Planck CEO and co-founder Elad Tsur said: “We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance.
“We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market.”
In August 2022, Applied acquired Tarmika to enhance its range of technologies for quoting and distributing commercial insurance.
