IAG Firemark Ventures has invested in Planck, a global InsurTech platform that provides real-time answers to underwriting questions to the global Commercial Insurance Industry.
The investment, according to Planck is aimed at supporting the company’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.
Planck’s technology utilizes 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 said it enables them to make better-informed decisions, reduce underwriting friction and grow premiums whilst reducing loss ratios.
Scott Gunther, IAG Firemark Ventures General Partner, said, “IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology.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.”
“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. Having a better understanding of our customers’ risks will lead to improved insurance and risk solutions for commercial customers in our markets.”
Last year, Planck raised $23m in funding. The round was headed by Vintage Investment Partners and saw participation from Arbor Ventures, Arbor Ventures, Team8, 3L Capital, HDI and Nationwide. Several private angel investors also took part.
At the time, Planck said it intended to use the funds to bolster development of additional products that complement the platform, as well as pushing forward with continued geographic expansion.
