Planck Re, a New York, and Tel-Aviv, Israel–based insurtech startup, raised a $12M first funding round.
The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads.
Founded in 2016 by David Schapiro, Elad Tsur, CEO, and Amir Cohen, VP R&D, Planck Re provides an Artificial Intelligence (AI) driven data platform which empowers commercial insurers by generating insights that streamline the commercial underwriting process to instantly and accurately underwrite any policy.
By aggregating small and medium businesses’ digital footprint, insurers can acquire a comprehensive understanding of customer risk.
Planck Re automatically creates a detailed customer profile, through open-web data-mining and AI, gathering relevant information from any type of resource including images, text, videos, social media and public records; creating a complete view of key influencing insurance parameters. Using AI and machine learning (ML) – including image processing capabilities & semantic analysis of unstructured data – Planck Re is able to gain detailed and accurate insights about any commercial business.
The company will initially focus on the U.S. commercial insurance market. Based on pilots conducted with several top-tier insurance carriers in the U.S., Planck Re’s platform manages to automatically and accurately complete over 90% of the fields in the onboarding questionnaires.