IAG’s corporate venture capital arm, IAG Firemark Ventures, has invested in global insurtech platform Planck in a bid to expand into the Australian and New Zealand commercial insurance market.
Planck provides real-time answers to underwriting questions for the global commercial insurance industry and IAG said this “technology could potentially be embedded in IAG’s brands, CGU and NRMA.”
In August 2022, the AI-powered business intelligence platform launched a new risk search engine built specifically for commercial insurance research in a bid to solve the shortcomings of traditional research methods, which are ineffective and time consuming.
“IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology,” said IAG Firemark Ventures General Partner Scott Gunther.
This investment will provide IAG, the largest general insurer in Australia and New Zealand, a “competitive advantage” in the market as the deal will enable “Planck to further develop its underwriting automation services in the Australian and New Zealand commercial insurance market,” Gunther added.
“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,” Gunther explained. “Having a better understanding of our customers’ risks will lead to improved insurance and risk solutions for commercial customers in our markets.”
“Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market,” said Elad Tsur, CEO of Planck. “Our cutting-edge technology will help IAG and other insurers in Australia to improve their underwriting process, reduce manual errors, and improve efficiency. As Planck has accomplished in other countries, collaboration with leaders in a region, such as IAG, enables us to deliver innovative solutions that will benefit the entire insurance industry.”