Elad Tsur, the co-founder and chief executive officer of Planck, takes his inspiration to answer a question about the future of commercial insurance underwriting from the movie “Minority Report.”
Executive SummaryElad Tsur, co-founder and CEO of InsurTech Planck, believes the universe of data points that companies like his will translate into nuggets of underwriting intel is set to grow 10-fold. But he is adamant that machines won't be handling the entire underwriting process. Here, he provides his views on the future of commercial underwriting and describes the backstory of Planck, along with its current offerings for underwriters and some in development.
“There, you see the hero getting so many different feeds of data into one platform, and most of it being processed automatically. But when he wants to dive deep into a case and assess it, there’s an immediate stop. I’m going to dive deep, look at that case, look at that person and continue with everything else,” he said, when asked to share his vision about how humans or machines will assist in underwriting insurance risks.
Like Tom Cruise’s character in the movie, “most of the time, underwriters are going to be tweaking configurations and turning the knobs to automate the entire process according to their current appetite and the way the world changes. But when they’ll have those anomalies, they’ll be able to dive deep with extremely superpowered tools that are added to their work.”