Planck launches Prospect Intelligence platform to reduce customer acquisition costs for commercial insurers

Plank

The product provides insurers with personalized information on high-potential policyholders

NEW YORK, March 15, 2022 (GLOBE NEWSWIRE) — Today, Plank, the powerful AI platform transforming the commercial insurance industry, unveils a new product to help insurers identify high-potential leads and markets that match their risk appetite. By using Planck’s Prospect Intelligence platform, carriers can reduce their cost of customer acquisition, increase growth and expansion, and improve the agent and customer experience.

Planck’s proprietary solution extracts and collects billions of data points from across the web, including public and government records and unindexed sources, then applies deep learning algorithms to produce the most accurate information available. Using real-time data and insights, insurers can identify prospects that meet their specific risk appetite and eligibility criteria, resulting in a pre-underwritten policyholder at the time of listing, before it reaches underwriting.

“With Planck’s Prospect Intelligence platform, we enable businesses to weed out unqualified traffic, saving insurers and underwriters valuable time and money,” said Planck co-founder and CEO. . Elad Tsur. “Our deep learning algorithms, deep data insights, and knowledge of the underwriting process are already dramatically improving our clients’ conversion and overall success rates.”

In a case study with a current mid-size commercial insurance company, Planck’s Prospect Intelligence product increased quote submission rates from 23% with their traditional approach to buying leads, to an incredible 98%. Planck’s Prospect Intelligence platform also plays an important role in driving advanced growth strategies that best fit an operator’s unique needs, including potential mergers and acquisitions, new product launches, and expansion. geographical.

Insurance companies around the world, such as Harmonize, Chubb and Republic Indemnity (Great American Insurance Group) with sompo in Japan already benefit from Planck’s current offerings.

Planck’s product suite continues to grow in its ability to streamline underwriting and data information processes across the insurance continuum. Additional offerings are expected to roll out throughout 2022.

About Plank
Planck, an automated AI-powered data platform for commercial insurance, has solved the industry’s long-standing need for real-time accuracy and truth. Planck drives service and underwriting excellence by connecting insurers to the latest information with just a company name and address. Global carriers, MGAs and insurtechs leverage Planck’s holistic solution for customer acquisition and growth strategies, quote pre-filling and validation, new business underwriting, existing policy renewals , bonus audit and more. The platform makes risk management much faster and more predictable, resulting in an increase in premium written while reducing loss and expense ratios.

Planck was founded by a team of hard-working entrepreneurs with extensive insurance and technology experience and has nearly 100 employees worldwide. The company has raised $50 million to date, led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.

For more information, visit www.planckdata.com.

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