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NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) — Planck, a leading AI-powered data and analytics platform, recently closed a $23 million funding round to continue its mission to provide commercial insurers with accurate, real-time information. The funding, which brings the company’s total to $71 million, was led by Vintage Investment Partners and all existing financial investors including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI and Nationwide, alongside private angel investors.
“By partnering with Planck, commercial insurance companies and their agents can achieve breakthrough levels of process and profitability improvements by having clear, real-time views of their underwriting and commercial risks that no are not available from industry standard data feeds and typical vendors,” said Gary Gregg, former executive vice president of Liberty Mutual Group, advisor and investor in Planck’s latest round. leverage this information to dramatically improve their customer experience, operations and bottom line.”
The financial support enables Planck to act quickly on opportunities that present themselves in today’s evolving market and will specifically support the development of additional products that complement the platform, as well as continued geographic expansion. Planck recently launched solutions such as its underwriting risk search engine, which solves the shortcomings of traditional research methods, and Prospect Intelligence, which helps operators expand into new markets, reduce acquisition costs customers and drive growth.
“Our record acceleration and investor confidence during this economic uncertainty is a strong indicator of the value and necessity of the platform,” said CEO and Founder Elad Tsur. “We are excited to continue our journey to bring the most advanced AI-powered insights to the financial services industry across the world, and we are grateful for the continued trust of our customers and our partner community. »
Among others, six of the top ten commercial insurance companies in the United States, as well as the main insurance companies in Europe and Japan already benefit from Planck’s offers.
About Plank Planck, an AI-powered automated data platform for commercial insurance, has solved the industry’s longstanding need for real-time accuracy and truth. Planck enables insurers to drive service and underwriting excellence by connecting the most up-to-date information, with just a company name and address. Global carriers, MGAs and insurtechs leverage Planck’s holistic solution for growth strategies; pre-filling of the submission; prioritization and validation; underwriting new business; renew existing policies; premium audit and more. The platform makes risk management much faster and more predictable, resulting in an increase in premium written while reducing loss and expense ratios.
Planck was founded by a team of hard-working entrepreneurs with extensive insurance and technology experience, and has nearly 100 employees worldwide. The company has raised $71 million to date, led by Vintage, 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8, Nationwide, HDI and Eight Roads.
For more information, visit www.planckdata.com.
Media Contact Audrey Wayne312.837.1522[email protected]