Planck

Planck (formerly known as Planck Re) is a commercial insurance data platform, built to enable insurers to underwrite any business. Planck technology platform aggregates and mines datasets, using artificial intelligence (AI) to automatically generate and deliver key insights, customised to the commercial underwriting process. The end result is a frictionless underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios.

Planck's platform crawls the internet for open data (including images, videos, social media, review sites, text and public records), and then uses proprietary AI (including computer vision, NLP and more) to build profiles on businesses. It claims to have developed proprietary military-grade entity-matching algorithms that enable over 90% accuracy. It then analyses that data to help insurers calculate their risk. It covers business owner policies, retail, hospitality, workers compensation and more. Planck's services enable customers to apply for insurance without filling in forms, or at least reducing the question set. Planck also continuously monitors and underwrites, enabling insurers to know in real-time if a customer's risk profile changes.

On top of underwriting, Planck also offers claims services, helping companies detect fraud activity and streamline claim adjudication.

Founded in 2016 by Elad Tsur, Amir Cohen and David Schapiro, Planck poses its technology as a more efficient and accurate alternative to the lengthy risk assessment questionnaire insurers ask clients to fill out. It claims its insights have over 90% accuracy and coverage.

Planck announced in 2018 that it had raised a $12 million Series A. The funding was led by Arbor Ventures, with participation from Viola FinTech and Eight Roads. Co-founder and CEO Elad Tsur stated the funding will be used to expand Planck Re’s product line into more segments, including retail, contractors, IT and manufacturing, and grow its research and development team in Israel and North American sales team.

In 2019, Republic Indemnity announced a successful production pilot with Planck that would see the insurer integrate Planck's technology to gain real-time data insights on its workers’ compensation insurance operations. 2019 also saw a partnership between Planck and Berkshire Hathaway Guard insurance companies.

In June 2020 Planck raised $16m in Series B funding. The round was led by Team8 Capital and with participation from Nationwide Ventures and Hannover Digital Investments, amongst others.

In May 2021, Planck raised $20m in a growth round.

In September 2021, Planck partnered with Japan-based insurer Sompo. The startup will help Sompo automate commercial insurance underwriting for 30 million customers with its AI-powered solution, and it's estimated to present up to $140m in annual operational expense savings.

In September 2022 Planck secured $23M in funding. The funding will be partly used to support some of its recently launched solutions, including its underwriting risk search engine and its prospect intelligence tool.

Planck is based in New York and Tel Aviv, and has a team of 40+.