Planck, a provider of an AI-powered data and analytics platform for insurance, has raised $23m in funding.
The round was headed by Vintage Investment Partners and saw participation from Arbor Ventures, Arbor Ventures, Team8, 3L Capital, HDI and Nationwide. Several private angel investors also took part.
Planck is a commercial insurance data platform that is built to enable insurers to instantly and accurately underwrite any business.
The company’s technology platform aggregates and mines massive datasets and uses the latest advances in AI to automatically generate and deliver key insights customised to commercial underwriting process.
Planck recently launched solutions such as its underwriting risk search engine, which deals with the shortcomings of traditional research methods, as well as prospect intelligence that helps carriers expand into new markets, drive growth and reduce customer acquisition costs.
The firm claims that six of the top ten commercial insurance carriers in the US as well as top European and Japan carriers are using its offerings. Planck has almost 100 employees globally.
According to Planck, it intends to use the funds to bolster development of additional products that complement the platform, as well as pushing forward with continued geographic expansion.
Counterpart, an AI-driven management liability InsurTech for small businesses, recently launched a crime insurance product.
Counterpart offers modern directors & officers, employment practices, excess and fiduciary products for small businesses. Through data mining and advanced analytics, the company said its rating systems measure risk more efficiently while requiring less information from the broker and applicant.
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