Tel Aviv-based data analytics platform for commercial insurance underwriting Planck has reportedly raised $20m in a new growth round.
The funding came from 3L Capital and Greenfield Partners, along with previous investors Team8, Viola Fintech, Arbor Ventures and Eight Roads, TechCrunch reported.
This brings the startup’s total raised to $48m including the $16m Series B it raised in June 2020.
The new funding will be used to build its US team and for global expansion to EMEA, APAC, and the UK. Planck is targeting expansion to global regions that are open to digital innovation and where the capabilities of its language agnostic AI platform can be easily deployed. It also plans to add products for new business segments.
Founded in 2015, Planck is a commercial insurance data platform that enables insurers to instantly underwrite any business. The company’s database includes a wide range of sources for data, including online images, text, videos, reviews and public records, to generate risk-related insights for business using just a name and address. It also helps them determine premiums, process claims and give SMEs faster quotes.
Planck provides insurance-related data insights and analytics for more than 50 major business segments including restaurants, construction, retail and manufacturing and multiple insurance lines, including workers’ compensation, errors and omissions, and general liability.
Highlighting the importance of using AI technology, 3L Capital principal Paige Thacher said, “Commercial carriers and brokers can no longer afford to rely upon traditional data sources as they prospect, assess risk and monitor a small business insured’s changing exposure during the policy life cycle. The new imperative is to leverage AI and machine learning technologies to dynamically harvest business insights from the insured’s digital footprint.”
Sharing the same sentiment, Greenfield Partners partner Yuda Duron added, “By tapping into the vast array of available, digitised information on small and medium-sized businesses, carriers working with Planck have an unprecedented ability to know their customers and have seen significant improvements in loss and expense ratios. They’ve seen that their underwriting models perform when leveraging accurate risk insights.”
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