Planck Concludes Robust Year, Earns Recognition as a 2023 Gartner Cool Vendor in Insurtech Adding GenAI
NEW YORK, NY / ACCESSWIRE / January 30, 2024 / Planck, the trusted leader in AI-based risk research and data solutions for commercial insurers and producers, today announces the close of a momentous year, having been recently named to the 2023 Gartner® Cool Vendors™ in its ‘Insurtechs Adding GenAI' report. The report highlights the role of GenAI in insurance, industry applications and early adopters. Planck earned the recognition as it "represents novel solutions to some common insurance use cases in the commercial and life insurance industries," according to Gartner.
Planck leverages the power of GenAI to provide real-time risk and underwriting insights to commercial insurers, agents, and underwriters, ensuring clarity and openness in the process. Fulfilling a need in the market, over the past year, Planck has seen a significant increase in user growth on its platform, and notably, Planck's PLUS Risk Workbench has gained substantial traction among insurance underwriters and agents in the U.S.
Among the reasons for earning this recognition, Gartner highlighted the pivotal role that Planck plays in delivering quality property & casualty (P&C) underwriting insights amidst the current backdrop of the challenging market conditions for commercial lines. The report notes, "Anyone tasked with improving the quality of underwriting insights, especially in casualty lines, should consider evaluating Planck's solution to surface such insights using GenAI."
"We are honored to be acknowledged by Gartner for our novel approach to GenAI in insurance," says Planck Co-Founder and CEO, Elad Tsur. "In the commercial insurance sector, the significant potential for automation through GenAI is clear, especially in underwriting, sales, and support. Planck is dedicated to leading in this space, providing top-tier tools and data insights to enhance risk prediction and improve loss ratios for the commercial industry."
This recognition drives even more momentum for Planck, which recently launched Planck PLUS, the first GenAI-enhanced underwriting risk workbench to provide greater accuracy, transparency, and deeper risk insights for commercial insurers. To date, global carriers have demonstrated strong interest and adoption. Planck also recently marked a notable investment from IAG to help bring its underwriting automation operations to the Australian commercial insurance market.
To learn more about Planck and its premier product, Planck PLUS, visit Planckdata.com.
*Gartner, Cool Vendors in Insurtechs Adding GenAI, By Richard Natale, Sham Gill, Chuck Thomas, Rajesh Narayan, 17 October 2023. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and COOL VENDORS is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Planck:
Planck is the trusted global leader in AI-based risk research and data solutions for commercial insurers. Through its GenAI platform, Planck empowers commercial insurers to most effectively analyze and generate business risk data - driving service and underwriting excellence by connecting the most up-to-date and complete insights with limited submission input. Carriers, MGAs, and insurtechs worldwide leverage Planck's holistic solution for customer acquisition and growth strategies, submission validation, underwriting new business, and more. The platform makes managing risk more predictable, allowing its clients to increase written premium while reducing loss and expense ratios - in addition to providing the comprehensive protection businesses need.
For more information, visit www.planckdata.com. Follow Planck on LinkedIn and X.
Media Contact:
Derrius Rodgers
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SOURCE: Planck