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Berkshire Hathaway GUARD Insurance Companies (Wilkes-Barre, Pa.) has announced a partnership with Planck, an artificial intelligence (AI) driven data platform for commercial insurance, to expedite the insurers digital underwriting initiatives for its small and medium business segment. The initiative will allow GUARD to optimize its underwriting process, generating better quotes, faster, according to a vendor statement. The insights yielded through the partnership will allow GUARD’s underwriters to focus on quoting and underwriting the right risks, rather than spending time finding, gathering, cleansing and organizing data, the Planck statement says. GUARD’s commercial business includes workers’ compensation, BOP, commercial auto, professional liability and commercial umbrella.
Planck describes its AI as creating 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 appropriate risks to insurer, and thus to profitably grow and maintain their portfolio, the vendor says.
“As part of our continuous growth, we are always looking for innovative technologies that will give us an advantage,” comments Sy Foguel, President and CEO, Berkshire Hathaway GUARD. “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.”
Strategic, Long-Term Vision
“What’s unique about our partnership is GUARD’s strategic, long-term vision about the value of dynamic, intelligent data platforms such as ours,” comments Elad Tsur, founder and CEO, Planck. “With over 90 percent 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.”