With the industry abuzz about the potential impact of generative AI, Planck customers are already experiencing the benefits
New York, NY (Aug. 10, 2023) – Planck, the leading provider of AI-based risk insights and the premier commercial insurance underwriting workbench, has become the first insurtech provider to offer generative AI (GenAI) functionalities within their underwriting platform, granting underwriters unparalleled access to risk data, insight generation, and explainability. As of July 2023, all Planck customers are leveraging the power of GenAI via the Planck online portal, launching a new era of efficiency, precision, and automation for the commercial insurance industry.
Planck has applied GenAI to resolve the most pressing challenges in commercial insurance underwriting. Some of the key features introduced include:
- Business Insights: Completes underwriting fields with accurate GenAI predictions
- Reasoning: Provides data sources, transparency, and explainability to Business Insights
- Classification: Assembles a list of NAICS class codes predicted for a business
- Keywords: Identifies common words and phrases associated with a particular business
- Business Description: Generates a concise yet comprehensive written summary of the business and its services
“Planck’s generative AI features have revolutionized the way carriers underwrite policies,” says Planck Global Head of Insurance Leandro DalleMule. “The ability to ask specific questions and receive instant insights improves their ability to identify emerging opportunities and assess evolving risks. This is a truly groundbreaking application and a mark of even greater things to come.”
A recent report by McKinsey & Company confirms a growing adoption of AI in insurance. Their research indicates current P&C underwriting tactics will be completely eclipsed by machine and deep learning models as early as 2030.[1] AI-driven solutions are shaping the landscape of commercial insurance and are poised to drive unprecedented advancements in risk assessment and underwriting automation.
“Planck has positioned itself as the GenAI resource for commercial insurance and, together with the senior executives at our customer base, we continue to define and deliver the vision of AI underwriting,” says Planck Co-Founder and CEO Elad Tsur. “The question is not whether insurers should use GenAI, but rather how they should use it. GenAI is revolutionizing the commercial insurance industry and we plan on delivering many more exciting capabilities — to achieve true AI underwriting, empower our customers with real-time data-driven insights that were previously inaccessible, and perfect risk selection through our innovative risk workbench.”
Notes
1. McKinsey & Company, “Insurance 2030: The impact of AI on the future of insurance” (March 12, 2021).
About Planck
Planck has developed a GenAI platform for commercial insurance to analyze and generate business risk data for commercial insurers. Planck enables insurers to drive service and underwriting excellence by connecting the most up-to-date and complete insights with limited submission input. Global carriers, MGAs, and insurtechs leverage Planck’s holistic solution for customer acquisition and growth strategies, submission validation, underwriting new business, renewing existing policies, premium auditing, and more. The platform makes managing risk much faster and more predictable, resulting in increased written premium while reducing loss and expense ratios. For more information, visit planckdata.com.
SOURCE: Planck
Tags: Artificial Intelligence (AI), emerging technologies, InsurTech, Next Generation Platform, platform
