Applied Systems has acquired Planck, an AI-based data platform provider for commercial insurance.
By leveraging AI capabilities, Applied explained that it aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services.
“This acquisition will further expand opportunities to harness AI’s value in secure and practical ways, delivering intelligent automation throughout the insurance lifecycle,” the firm added.
Taylor Rhodes, CEO of Applied Systems, commented, “We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has to offer. By acquiring Planck, we will be investing behind a world-class team of AI and Data Science experts to accelerate the application of leading AI capabilities to insurance workflows.
“With our unique set of insurance technology assets that span both the agency and carrier sides of the market, our investment in Planck will deliver a significant opportunity to create AI-driven value throughout the next generation of the digital roundtrip of insurance in ways that will help our clients know more, do more of what differentiates them the most, and win more often.”
Elad Tsur, CEO and Co-Founder of Planck, commented, “We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance.
“We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market.”
