SYDNEY, Australia, April 12, 2023 (GLOBE NEWSWIRE) — IAG Firemark Ventures, the institutional venture capital arm of IAG, the largest general insurer in Australia and New Zealand, today announced that it has invested in Planck, a global insurance technology platform that provides real-time answers to questions underwriting to the global commercial insurance industry. The investment is intended to support Planck’s global expansion into the Australian and New Zealand commercial insurance market, with the vision that the technology can be an integral part of the IAG, CGU and NRMA brands.
Planck’s cutting-edge technology uses artificial intelligence and machine learning algorithms to provide insurers with real-time risk insights that enhance underwriting efficiency and facilitate automation. The platform is designed to help insurers streamline underwriting processes, reduce manual errors and improve efficiency. By working with carriers on automating the underwriting process, Planck enables them to make better-informed decisions, reduce underwriting friction and increase insurance premiums while reducing loss percentages.
“IAG Firemark Ventures’ investment in Planck is part of IAG’s continued commitment to innovation and technology,” said Scott Gunther, General Partner of IAG Firemark Ventures.
“The investment will enable Planck to develop underwriting automation services in the Australian and New Zealand commercial insurance market, providing IAG with a competitive edge in the industry.
“Planck’s proven technology, and clear success with other global insurers, can also provide IAG with real-time risk insights that can revolutionize our underwriting processes and increase the efficiency of our business. A better understanding of our clients’ risks will lead to improved insurance and risk solutions for clients merchants in our markets.
Planck CEO Elad Zur said: “Planck is excited to partner with IAG to expand underwriting automation operations into the Australian commercial insurance market. Our cutting-edge technology will help IAG and other insurers in Australia improve their underwriting process, reduce manual errors and improve efficiency.” Also accomplished Plank in other countries, collaborating with leaders in the region, such as IAG, allows us to offer innovative solutions that will benefit the entire insurance industry.”
IAG is the parent company of General Insurance Group with operations in Australia and New Zealand. IAG’s principal companies guarantee more than $13 billion in insurance premiums annually under several leading brands, including: NRMA Insurance, RACV (under a distribution agreement with RACV), CGU, SGIO, SGIC and WFI (Australia); and NZI, State, AMI and Lumley (New Zealand). For more information, please visit www.iag.com.au
Planck is an Insurtech global technology platform that provides unprecedented underwriting insights and underwriting automation services to insurance companies. The platform uses artificial intelligence and machine learning algorithms to provide real-time data analysis and risk assessments, enabling insurance companies to make informed decisions and streamline operations. Planck’s advanced technology streamlines the underwriting process, reduces manual errors, and improves efficiency. Planck is committed to helping insurance companies stay competitive by providing innovative solutions that improve their overall business performance.
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