By leveraging Planck's artificial intelligence (AI) tools, Applied seeks to significantly expand its AI capabilities into areas including marketing, underwriting and renewals.
Last week, Applied Systems announced it has acquired Planck, a provider of artificial intelligence (AI) software for the insurance industry. The acquisition will significantly expand Applied's AI capabilities.
Planck provides an AI-based underwriting platform for commercial insurance to help U.S. carriers increase premiums while reducing loss and expense ratios. The acquisition comes after Applied's initial steps into AI over the past 18 months by releasing AI-powered features in select Applied and EZLynx products, as well as launching the Applied AI Lab to identify use cases in collaboration with agencies and carriers.
By leveraging Planck's AI tools, Applied aims to integrate the efficiency of AI capabilities into marketing, sales, underwriting, renewals, servicing and advisory services.
“We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has to offer," said Taylor Rhodes, CEO of Applied Systems. “By acquiring Planck, we will be investing behind a world-class team of AI and Data Science experts to accelerate the application of leading AI capabilities to insurance workflows."
“With our unique set of insurance technology assets that span both the agency and carrier sides of the market, our investment in Planck will deliver a significant opportunity to create AI-driven value throughout the next generation of the digital roundtrip of insurance in ways that will help our clients know more, do more of what differentiates them the most, and win more often," Rhodes added.
Applied notes that Planck's customers and partners will experience no immediate impact on their primary services or support contacts.
“We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance," said Elad Tsur, CEO and co-founder of Planck. “We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market."
AnneMarie McPherson Spears is IA news editor.
