For commercial insurance carriers and agents, getting a comprehensive look at a business is pivotal to ensuring they are providing the most complete coverage and protection to business owners as possible, with minimal effort. In order to meet the agents’ and customers’ ever-changing needs and expectations, carriers need to simplify the submission and underwriting processes in order to provide faster and more accurate quotes without compromising their models or ability to assess the risk properly.
As expectations for faster and more precise underwriting expand, a new technology startup has developed an innovative, breakthrough technology to help insurers deal with this challenge and is getting support from Nationwide’s venture capital team.
Nationwide is announcing a venture capital investment in Planck, a company transforming the commercial insurance data space by providing an artificial intelligence (AI)-driven data platform. The funding comes from Nationwide’s $100 million venture capital investment fund.
“AI assists underwriters in making faster and more efficient decisions, which accelerates the underwriting process and frees them up to spend time on things like rethinking coverage needs for their customers or building stronger broker and agent relationships,” said Tony Fenton Nationwide’s vice-president of Commercial Digitization and New Product Development. “Nationwide recognizes the potential of AI data technology to help carriers and agents keep up with customer demands for efficiency and accuracy.”
Founded in 2016, Planck leverages deep industry expertise and breakthrough data science to streamline the commercial producing processes – providing real-time data insights for the entire small-and-medium business segments across the United States.
Planck’s technology has proven its ability to more quickly and precisely underwrite risk for major business segments and insurance lines, including:
- restaurants, bars and taverns
- beauty salons
- insurance lines such as Workers Compensation, General liability, Employment Practice Liability, Business Owner Policy and more
“After assessing several companies in the marketplace, we quickly determined Planck’s AI platform provides faster and more consistent data for commercial insurers like Nationwide,” said Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams. “We’re impressed with the founding team’s experience building value for insuretech companies and look forward to supporting Planck’s growth.”
Elad Tsur, Planck CEO, and co-founder says: “In today’s world, up-to-date and relevant data insights are more important than ever and it is Planck’s mission to provide real-time data about any business in the world to increase underwriting efficiency and achieve better risk assessment. We are very excited to have strong backing from the investment arm of one of the top insurance leaders.”
Nationwide’s venture capital team has made several recent investments, including Deep Sentinel, Vesta Healthcare, KINETIC, Upstream Security, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.