Planck, the AI-based data platform for commercial insurance underwriting, announced today it has raised a $20 million growth round. The funding came from 3L Capital and Greenfield Partners, along with returning investors Team8, Viola Fintech, Arbor Ventures and Eight Roads.
This brings the New York-based startup’s total raised to $48 million, including a $16 million Series B it announced in June 2020. Planck said it currently works with “dozens of commercial insurance companies in the U.S.,” including more than half of the top-30 insurers. It will use its new funding to build its U.S. team, expand into global markets and add products for new business segments. Ernie Feirer has also joined Planck as its head of U.S. business. He previously held leadership roles at LexisNexis Risk Solutions, building data analytics solutions for property and casualty insurance carriers.
Planck’s database, which includes online images, text, videos, reviews and public records, allows it to give insurance providers real-time information that helps them determine premiums, process claims and give SMEs faster quotes. It covers more than 50 business segments, including restaurants, construction, retail and manufacturing, and can deliver analytics by simply entering a business’ name and address.
For example, if a healthcare business is seeking to buy or renew an insurance policy, Planck can give underwriters information such as the type of equipment used, what kind of drugs it prescribes and the type of surgeries it performs.
In a statement, 3L Capital principal Paige Thacher said, “Commercial carriers and brokers can no longer afford to rely upon traditional data sources as they prospect, assess risk and monitor a small business insured’s changing exposure during the policy life cycle. The new imperative is to leverage AI and machine learning technologies to dynamically harvest business insights from the insured’s digital footprint.”