Small and Medium Business Underwriting Insurance Solution

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Overview

Given a business name and address only, Planck answers all commercial underwriting questions accurately and completely. Planck increases data accuracy through its Artifical Intelligence (AI) algorithm system (including ML, Deep Learning, NLP, Computer vision and others).

Planck's Accuracy: For its client base, Planck has managed to achieve over 90% accuracy for the segments it currently operates in.
Planck's Coverage: For its client base, Planck has managed to achieve over 90% coverage for the segments it currently operates in.
Planck's Real-Time Algorithms: Planck dynamically gathers data in real-time from thousands of sources ensuring that the data is up to date and reliable.
Planck's Speed: Planck returns data insights within seconds.

Key Features

Insurance carriers use our underwriting insights in multiple ways through our real-time API.

Pre-fill underwriting questions: Improve accuracy and help Independent Agents sell more efficiently.
Automated Underwriting: Automate underwriting by eliminating any amount of underwriting questions.
2nd opinion for underwriters: Instead of manually scouring through countless data sources, underwriters will have one source of truth. This will drastically reduce the time needed to underwrite a new application.
Upsells & automated renewals: Streamline renewals by knowing if exposures have changed in the past year and in real-time.

Key Benefits

Improve loss ratio: Better data leads to accurate pricing optimization and reduction in onboarding high loss customers.
Increase conversion rates: Underwriters will spend less time going back and forth with agents thereby reducing the turnaround time for a quote.
Grow sales: When insurance companies overprice policies, they lose on sales. Accurate data with high coverage reduces underwriting ambiguity.
Increase retention: Quotes issued during the original policy should not vary that much from the renewal price. Accurate data from the original policy ensures that the renewal price will not be far off.
Improve metrics across the value chain: Actuaries, marketing, finance, and nearly all insurance divisions needs better data.

Product/Service details

SOLUTION OR SERVICE TYPE