“Think of us as empowering insurers to understand their risk – the risk of their portfolio and their insurance in a very different way, which is in real time and gives a real picture,” said DalleMule. “We will find the facts about small and medium enterprises…”
Planck has raised approximately $71 million in venture capital since its founding six years ago. Investors include National Insurance, Team8, Greenfield, Arbor Ventures, Viola, 3L Capital and HDI. The company expects to announce new funding soon, it said. Planck’s clients in the US, Europe and Japan include Attune, Chubb, Republic Indemnity (Great American Insurance Group) and Sompo. Beyond the scope of the insurance business, MGAs and other brokers are the ones who go around the customers.
About 100 people work at Planck, which maintains headquarters in Tel Aviv and New York. Hiring is expected to continue through 2022, DalleMule said.
There is no good data
Planck’s goal is to address what DalleMule describes as the dearth of good data in the literature.
“One of the problems that exists … is the lack of good data to be recorded in the value chain, because traditional methods involve asking several questions from agents … directly to business owners about their services,” said DalleMule.
Those answers often have low accuracy levels, and the process is manual with many questions, he said.
“We not only create the process, but we also provide the most accurate, and we answer many questions because the machine does it,” said DalleMule. “Instead of relying on a single source, we use AI to tap into the open web and everything there is about the company the insurer is trying to” write.
The Planck platform, by tapping into open source data, accesses business and government websites and social media. It organizes data to come up with answers to descriptive questions that help better analyze potential outcomes.
The company’s technical tools that help make this happen include its web crawlers, which help gather as much malicious data as possible. Another important technology is the use of algorithms to help interpret raw data, such as images or permissions, and transform them into something more usable by the author. AI is the third area of technology, specifically machine learning, which helps to understand everything and implement practical solutions.
An optional combination
Customers who want to integrate with the Planck platform can choose to have a digital website that makes calls, and, thanks to the API connection, they get answers to written questions. They can also use the online interface where they simply log in to use the system and enter the business name and address to get registration data if needed.
In order to systematically integrate through the digital portal, the first step is for Planck to determine where the integration of the client will take place, such as with the process management system or the internal system.
According to DalleMule, Planck’s APIs make integration simple in a process that would normally take weeks. Also part of the equation: “Short term IT” and other courses.
Ways to raise money
Planck doesn’t charge customers based on the number of calls they make on the platform, something DalleMule called “just a drink”. Instead, customers pay Planck based on how much of their money goes through the platform.
“We’re doing this because we make money when our clients make money,” DalleMule said.
In other words, Planck aligns its growth with its customers.
“We’ll grow as they grow and we’ll grow with them,” DalleMule said. “This is a very different approach but it has worked well so far.”