Jul 6, 2020

Planck raises $16mn for insurance data analytics platform

Planck
Insurance
Data Analytics
Team8
William Girling
2 min
Data analytics
Insurtech startup Planck has reportedly raised over USD$16mn in a Series B funding round led by Team8 Capital...

Insurtech startup Planck has reportedly raised over USD$16mn in a Series B funding round led by Team8 Capital.

According to an article by Tech Crunch, current investors such as Arbor Ventures will be joined by newcomers Hannover Digital Investments and Nationwide.

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.”

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

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:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

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)

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