Planck raises $16mn for insurance data analytics platform
Founded in 2016 and currently run by 60 employees based in New York, USA and Tel-Aviv, Israel, Planck’s mission is to empower insurance companies via fast streams of highly accurate data.
Utilising an artificial intelligence (AI) data platform, the company claims that it can generate relevant underwriting insights within seconds and with a 90% degree of accuracy and coverage.
Anticipating the future
Planck believes that an influx of insurance-related enquiries will spike following the wake of the COVID-19 pandemic. As such, it is priming its technology to help alleviate the difficult logistical issues that such a deluge could result in.
The company’s platform receives information on an organisation’s name and address and then proceeds to scan thousands of available secondary resources, including review websites, social media content, public records, government databases and more.
Specially developed algorithms then build a ‘picture’ of that organisation, filtering out inaccuracies and verifying potentially misleading information.
In the last phase on the process, which Planck calls ‘creating the truth’, applied deep learning crunches the data to locate the most trustworthy and accountable sources.
Although it hasn’t released specific details on who uses its services, Elad Tsur, CEO of Planck, has stated that the company’s clients include “dozens of commercial insurance companies in the US and among them are more than half of the top-30 insurers.”
Taking data analytics forward
Planck’s services are noteworthy for the breadth of information used for its insurance-based data analytics. Tsur added that this enabled a diverse spread of results to be provided to the client:
“Take a healthcare business as an example. Planck will return simple insights such as having an ER operation, as well as more complex insights such as the type of NIV equipment, opioids and type of surgeries performed in the business.”
Furthermore, the company is intending to expand into Germany from 2021 as part of a global growth strategy.
Asked for the reason why future growth would start there, Tsur said that Germany “is one of the largest commercial insurance markets in the world, and has a very open and innovative state of mind.
“We also wish to demonstrate our strength and capabilities in non-English speaking countries, as our AI platform was built to be language-agnostic, and prepare for further global expansion.”
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)