NEW YORK, March 7, 2019 /PRNewswire/ -- Berkshire Hathaway GUARD Insurance Companies announced today a new partnership with Planck, an artificial intelligence (AI) driven data platform for commercial insurance. This partnership will allow GUARD to expedite its digital underwriting initiatives for its small and medium business segment.
As part of GUARD's ongoing efforts to enhance its strong relationships with agents and provide the best fit for its customers' needs, this initiative will allow GUARD to optimize its underwriting process, generating better quotes, faster.
The insights provided by Planck will allow GUARD's underwriters to focus on quoting and underwriting the right risks, rather than spending time finding, gathering, cleansing and organizing data.
Planck's AI creates accurate underwriting insights based on all data available online and offline, through its proprietary technology. With only a business name and an address as inputs, insurers can obtain the information necessary to evaluate the "right" risks and profitably grow and maintain their portfolio.
"As part of our continuous growth, we are always looking for innovative technologies that will give us an advantage," said Berkshire Hathaway GUARD CEO and President Sy Foguel. "In the next few months, the time from submission to quote is going to be dramatically reduced. Planck's unique combination of very high coverage of businesses and accuracy is one of the main keys for that."
"What's unique about our partnership is GUARD's strategic, long-term vision about the value of dynamic, intelligent data platforms such as ours," said Planck Founder and CEO Elad Tsur. "With over 90% coverage and accuracy of underwriting insights provided by our platform, not only can insurers expedite submission-to-bind times, but they can also positively impact key profitability drivers such as loss ratios and retention rates."
About Berkshire Hathaway GUARD Insurance Companies
Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurer specializing in providing commercial and personal insurance products to businesses throughout the United States. Its primary lines of coverage include: Workers' Compensation, Business Owners' Policies, Commercial Auto, Commercial Umbrella, Professional Liability and Homeowners.
Planck announced its first funding round of $12M in July 2018. Its mission is to empower commercial insurers by generating insights that streamline the commercial underwriting process, enabling insurers to instantly and accurately underwrite any policy. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads.
Founded in 2016, Planck is pioneering the commercial insurance data industry, providing an artificial intelligence driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck streamlines the commercial underwriting process by aggregating small and medium businesses' digital footprints to help insurers acquire a comprehensive understanding of customer risk.
For more information, visit https://www.planckdata.com.
VP Marketing & Business Development