Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global re/insurance company, is partnering with Artificial Intelligence (AI) data platform Planck in an effort to optimise underwriting processes for its small and medium business segment.
It’s hoped the insights provided by Planck will allow GUARD’s underwriters to focus on quoting and underwriting the right risks, rather than spending time finding, gathering, cleansing and organising data.
“As part of our continuous growth, we are always looking for innovative technologies that will give us an advantage,” said Berkshire Hathaway GUARD Chief Executive Officer and President Sy Foguel.
“In the next few months, the time from submission to quote is going to be dramatically reduced. Planck’s unique combination of very high coverage of businesses and accuracy is one of the main keys for that.”
Planck’s AI creates underwriting insights based on all data available online and offline, through its proprietary technology.
With only a business name and an address as inputs, insurers can obtain the information necessary to evaluate the “right” risks and profitably grow and maintain their portfolio.
“What’s unique about our partnership is GUARD’s strategic, long-term vision about the value of dynamic, intelligent data platforms such as ours,” said Planck Founder and CEO Elad Tsur.
“With over 90% coverage and accuracy of underwriting insights provided by our platform, not only can insurers expedite submission-to-bind times, but they can also positively impact key profitability drivers such as loss ratios and retention rates.”