Planck

AI platform for commercial insurance providing submission validation and underwriting recommendations

AI & Automation Acquired $71M+ (Acquired by Applied Systems, Jul 2024, ~$300M)

Overview

Planck is an AI platform designed for commercial insurance that offers solutions for submission validation and underwriting recommendations. Founded in 2016, the company transformed the commercial insurance data space by providing an AI-driven data platform with real-time insurance-related analytics insights.

The platform specializes in pre-filling the majority of answers accurately and quickly in ACORD forms to prevent fraud and mistakes, ultimately reducing loss ratios by making underwriting more efficient. Planck had approximately 80 employees with offices in New York and Tel Aviv.

In July 2024, Applied Systems acquired Planck for approximately $300 million. The Israeli company now forms the base for Applied Systems' AI Development Center in Israel, significantly expanding Applied's AI capabilities and accelerating their vision for the next generation of digital insurance.

Products & Services

AI Data Platform

Commercial insurance data platform providing real-time analytics and insights.

Key Features

Automated ACORD form pre-filling
Submission validation
Business classification
Risk profiling from external data

Target Users: Underwriters, Submission Processors

Underwriting Recommendations

AI-powered underwriting decision support.

Key Features

Risk assessment recommendations
Data-driven underwriting insights
Fraud prevention indicators
Loss ratio optimization

Target Users: Underwriters, Risk Managers

At a Glance

Founded: 2016
Headquarters: New York, NY
Employees: 51-100
Funding: $71M+ (Acquired by Applied Systems, Jul 2024, ~$300M)

Category & Focus

Category: AI & Automation
Subcategories: Underwriting Data Submission Processing Commercial Intelligence
Insurance Verticals: Commercial P&C
Target Customers: Carriers, MGAs, Wholesale Brokers