InsureTech Connect, LAS VEGAS, October 4, 2017 /PRNewswire/ --
Planck Re, which revolutionizes data used for underwriting commercial insurance, announced today its new solution built for the restaurant, tavern and bar industry. Insurers can now utilize Planck Re's AI powered data platform to drastically reduce manual work for underwriters and ultimately, digitize onboarding for new businesses and streamlining renewals. In addition to auto-filling the majority of ACORD forms, Planck Re analyzes additional data points that underwriters leverage to more accurately underwrite the business. The Planck Re platform monitors businesses before and after onboarding, thereby eliminating inspectors and adjusters' visits.
The small commercial insurance business is part of a multibillion dollar industry. According to McKinsey & Company, in 2013 insurers wrote between $99 billion and $103 billion in direct premiums for SMBs a year. Planck Re's platform empowers insurance companies to stay ahead of the game through speed and digitization. The diverse background of the Planck Re team provides a unique blend of experience to build the right tools to service underwriters and carriers.
"We believe we can optimize insurers' abilities to onboard new customers, renew existing ones and improve the way businesses apply for claims," said Elad Tsur, co-founder and CEO of Planck Re. "Businesses applying for insurance should only need to wait a few seconds for a quote, and underwriters should be able to focus their time on the special cases. There is so much data online, yet no one has built a platform to transform this data into information, presenting actionable insights for commercial insurers. This is where Planck Re comes in. With the power of artificial intelligence, big data, and image processing, Planck Re cuts out the manual work for underwriters and opens up new opportunities for insurance companies to digitally onboard customers, service their claims, and monitor changes in the business."
About Planck Re
Planck Re was founded in 2015 by serial entrepreneurs Elad Tsur, Amir Cohen and David Schapiro. Planck Re uses artificial intelligence, big data, and image processing, to develop an AI based data platform for commercial insurance, enabling insurers to onboard new businesses and streamline renewals in just one click.
SOURCE Planck Re