Japanese Insurance Giant Sompo Japan Selects Planck to Automate Commercial Insurance, Significantly Saving Insurer Operating Expenses
Sompo Japan partnership marks global expansion for the Israeli-based insurtech
NEW YORK, Oct. 01, 2021 (GLOBE NEWSWIRE) — Breakout insurtech Planck has announced that it has signed an agreement with Sompo Japan, Japan’s second largest insurance company, to provide underwriting insights and improved decision-making. By adopting Planck’s artificial intelligence platform, Sompo will transform the way it manages commercial risk for its customers, and it estimates operation expenses will be reduced dramatically through this partnership.
Using just a business name and address, Planck’s AI technology evaluates millions of data points in real-time from across the web, public records, government records and non-indexed sources, and then applies thousands of proprietary deep learning algorithms to transform text, image and video data into relevant insights that accurately assess risk – accelerating submission time, improving customer experience and greatly reducing expenses. Results will be analyzed according to predefined, customized parameters, providing Sompo with a complete set of insights and freeing up valuable underwriter time.
“Planck’s AI-based solution will enable Sompo to assess risk via automated, accurate data input, greatly improving quote to submission time and increasing premium accuracy,” said Planck CEO and Co-Founder Elad Tsur. “We are excited to collaborate with Sompo to significantly reduce its operating expenses and enable it to stay competitive in the increasingly complex world of commercial insurance.”
While dozens of insurance companies in the United States, such as Attune (AIG), Chubb and Republic Indemnity (Great American Insurance Group), are already benefiting from Planck’s solution, Sompo marks the first insurance company in Japan to do so.
Yinnon Dolev, Head of Sompo Digital Lab Tel Aviv, said, “Through Planck’s platform, we will improve the commercial customer experience and increase the accuracy of our underwriting capabilities.”
About Planck
Planck, an automated AI-based data platform for commercial insurance, has solved the industry’s long-standing need for real-time accuracy and truth. Planck enables insurers to drive service and underwriting excellence by connecting the most up-to-date insights, with just a business name and address. U.S. carriers, MGAs and insurtechs leverage Planck’s holistic solution for lead generation, submission prefilling and validation, underwriting new business, renewing existing policies, premium auditing and more. The platform makes managing risk much faster and more predictable, resulting in increased written premium while reducing loss and expense ratios.
Planck was founded by a team of relentless entrepreneurs with extensive backgrounds in insurance and technology and has almost 80 employees globally. The company has raised $50 million to-date led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.
For more information, visit www.planckdata.com.
About Sompo
Sompo, one of the top three insurers in Japan, operates in over 30 countries with annual revenue of $36 billion and owns more than 20 million customers in Japan and worldwide. In 2018, Sompo founded its Digital Lab in Tel Aviv, led by Yinnon Dolev, with the aim of promoting commercial and technological partnerships with Israeli companies and has invested over $20 million in Israeli startups including Nexar, Intuition Robotics and Binah.ai, in addition to signing commercial agreements with Via, Parametrix and other companies.
For more information, visit https://www.sompo-japan.co.jp/english/
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