Planck, an AI-based data platform for commercial insurance based in New York, announced that it raised USD 20 Million in a growth funding round. The round was led by 3L Capital and Greenfield Partners, with the participation of returning investors Team8, Arbor Ventures, Viola Fintech, and Eight Roads.
The company is currently working with many insurance companies in the US, including the top 30 insurers. It has planned to scale up its team and expand it globally by adding more products into its business segments.
The company has raised USD 48 million in total, including its Series B funding round of USD 16 Million in 2020.
Ernie Feirer is joining Planck as Head of U.S. Business. Feirer will be responsible for overseeing all of Planck’s U.S.-based marketing, sales and business development initiatives. Feirer ran a commercial insurance business at LexisNexis Risk Solutions before Planck. He improved property and casualty carrier outcomes and built a portfolio of data analytics solutions.
Words from the investors –
“Commercial carriers and brokers can no longer afford to rely upon traditional data sources as they prospect, assess risk and monitor a small business insured’s changing exposure during the policy life cycle. The new imperative is to leverage AI and machine learning technologies to dynamically harvest business insights from the insured’s digital footprint.” – 3L Capital principal, Paige Thacher.
About the company –
Planck is a commercial insurance platform founded and established in 2016 by Amir Cohen, David Schapiro, Elad Tsur in New York, Northern US. Its platform aggregates and digs datasets, with the help of advanced AI, which can automatically generate and deliver main insights, tailored to the underwriting process for commercials. The company’s platform brings automation and intelligence to the underwriting process.
Planck’s database includes text, images, public records and reviews, which allows insurance providers data on real-time information that helps to decide premiums easily. It holds more than 50 business segments, including construction, restaurants, manufacturing and retails. It can give analytics of the company by just filling the name and address of the business.
For instance, if a healthcare business wants to renew its insurance policy, Planck can give detailed information about all the equipment being used, types of drugs it prescribes, and different surgeries it performs.
Words from the CEO –
“We’re focused on executing against a robust roadmap of new products and services that represent a broad approach to addressing commercial insurers’ needs across the insurance continuum,” – Planck CEO, Elad Tsur .
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