(Image credit: Denise Jans/Unsplash.)
IAG Firemark Ventures (Surrey Hills, Australia), the corporate venture capital arm of IAG (Sydney), the largest general insurer in Australia and New Zealand, announced today that it has invested in Planck (New York), a global InsurTech platform that provides real-time answers to underwriting questions to the global Commercial Insurance Industry. The investment is aimed at supporting Planck’s global expansion into the Australian and New Zealand commercial insurance market, with a vision that the technology could potentially be embedded in IAG’s brands, CGU and NRMA. The companies did not disclose the amount of the investment. In Sept. 2022, Planck announced that it recently closed a $23 million funding round to continue its stated mission of empowering commercial insurers with real-time and accurate insights.
Planck’s technology uses artificial intelligence and machine learning algorithms to provide insurers with real-time risk insights that superpower underwriter’s efficiency and facilitate automation. The platform is designed to help insurance companies streamline their underwriting processes, reduce manual errors, and improve efficiency. By working with carriers in automating the underwriting process, Planck says it enables insurers to make better-informed decisions, reduce underwriting friction and grow premiums whilst reducing loss ratios.
“IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology,” comments Scott Gunther, General Partner, IAG Firemark Ventures. “The investment will enable Planck to further develop its underwriting automation services in the Australian and New Zealand commercial insurance market, providing IAG with a competitive advantage in the industry.”
Real-Time Risk Insights
“Planck’s proven technology and demonstrated success with other global insurance carriers, could also potentially provide IAG with real-time risk insights that could revolutionize our underwriting processes and drive efficiency for our business,” Gunther adds. “Having a better understanding of our customers’ risks will lead to improved insurance and risk solutions for commercial customers in our markets.”
“Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market,” comments Elad Tsur, CEO, Planck. “Our cutting-edge technology will help IAG and other insurers in Australia to improve their underwriting process, reduce manual errors, and improve efficiency. As Planck has accomplished in other countries, collaboration with leaders in a region, such as IAG, enables us to deliver innovative solutions that will benefit the entire insurance industry.”
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