Planck Re, a commercial insurance data platform startup, nailed down $12 million for its first formal financing.
Arbor Ventures led the round, which also included Viola FinTech and Eight Roads. Plans call for the company to focus initially on the U.S. commercial insurance market, following pilots with “several top-tier” carriers there.
Planck Re, based in Israel with offices in New York, launched in 2016. The company touts its artificial intelligence-driven data platform as a way to streamline the commercial underwriting process by allowing insurers to instantly and accurately underwrite any policy. The platform aggregates small and medium-sized businesses’ digital footprints so insurers can gain a comprehensive understanding of customer risk.
Planck said its technology gives customers “significant data” quickly, through open-web data mining and AI, pulling relevant information from images, text, videos, social media, public records and other resources. By doing so, the company said this creates “an accurate view of key influencing insurance parameters.”
The platform also delivers relevant changes and other insights about commercial business customers, and Planck said its system has an accuracy rate of more than 90 percent, which it claims leads to improved loss ratios.
Planck Re CEO Elad Tsur explained in prepared remarks that the company’s technology “provides answers to all required underwriting questions, with name and address being the only manual inputs.”
Source: Planck Re