Planck

Company Overview

Snapshot

Founded in November 2015 by Elad Tsur and Amir Cohen, Planck operated with 51–200 employees and raised $71 million across 4 funding rounds from 10 investors. The company was acquired by Applied Systems in July 2024.

Business overview

Planck provides an AI-based commercial insurance data platform designed to enhance the underwriting process for insurers. Its technology aggregates and analyzes extensive datasets using artificial intelligence to generate key insights tailored for commercial underwriting. This enables a more efficient underwriting process, offering insurers greater visibility into risk factors, which ultimately improves new business conversion, retention rates, and reduces loss ratios. The company operates within the Fintech & Insurtech sector, serving the insurance industry in markets across Japan, Asia, North America, and Europe.

Strategic signal

Planck's acquisition by Applied Systems in July 2024 signals a significant consolidation in the insurtech market, demonstrating the increasing value placed on AI-driven data platforms for commercial insurance. This move indicates a strategic effort by larger players to integrate advanced underwriting capabilities, suggesting a trend towards more automated and data-centric insurance operations.

Company Intelligence Q&A

What was Planck's most significant corporate development in 2024?

In July 2024, Planck was acquired by Applied Systems. This acquisition marked a key milestone for the company in the insurtech sector.

When did Planck launch its GenAI-enhanced underwriting workbench?

In September 2023, Planck launched its first GenAI-Enhanced Underwriting Workbench, aiming to further innovate the commercial underwriting process.

Did Planck form any notable partnerships in 2021?

In September 2021, Planck partnered with the Japanese insurance company Sompo, expanding its reach and influence in the Asian market.