SYDNEY, Australia, April 12, 2023 (GLOBE NEWSWIRE) — IAG Firemark Ventures, the corporate venture capital arm of IAG, Australia and New Zealand’s largest general insurer, today announced that it has invested in Planck, a global insurtech platform that. Provides real-time answers to underwriting questions in the global commercial insurance industry. The investment is intended to support Planck’s global expansion into the commercial insurance markets in Australia and New Zealand, with a view to potentially incorporating this technology into IAG’s brands, CGU and NRMA.
Planck’s cutting-edge technology uses artificial intelligence and machine learning algorithms to provide insurers with real-time risk insights that facilitate superpower underwriter efficiency and automation. The platform is designed to help insurance companies streamline their underwriting processes, reduce manual errors and improve efficiency. By working with carriers to automate the underwriting process, Planck enables them to make better-informed decisions, reduce underwriting friction and increase premiums while reducing loss ratios.
“IAG Firemark Ventures’ investment in Planck is part of IAG’s continued commitment to innovation and technology,” said Scott Gunther, general partner at IAG Firemark Ventures.
“The investment enables Planck to further develop its underwriting automation services in the Australian and New Zealand commercial insurance market, providing IAG with a competitive advantage in the industry.
“Planck’s proven technology and demonstrated success with other global insurance carriers can potentially provide IAG with real-time risk insights that can revolutionize our underwriting processes and drive efficiencies for our business. Better manage our clients’ risks.” Understanding with will lead to improved insurance and risk solutions for commercial clients in our markets.
“Planck is excited to partner with IAG to expand our underwriting automation functions in the Australian commercial insurance market,” said Planck CEO Elad Sur. “Our state-of-the-art technology will help IAG and other Australian insurers improve their underwriting processes, reduce manual errors, and improve efficiency. As Planck has accomplished in other countries, collaboration with industry leaders like IAG will enable us to deliver innovative solutions that benefit the entire insurance industry.” makes.”
About IAG
IAG is the parent company of the General Insurance Group with operations in Australia and New Zealand. IAG’s core businesses include 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
About Planck
Planck is a global insurtech platform that provides unprecedented underwriting insights and automation services to insurance companies. The platform uses artificial intelligence and machine learning algorithms to provide real-time data analysis and risk assessments, enabling insurers to make better-informed decisions and streamline processes. Planck’s state-of-the-art technology streamlines the underwriting process, reduces manual errors and improves efficiency. Planck is committed to helping insurers stay competitive by providing innovative solutions that improve their overall business performance.
Contact Information:
IAG – Media Relations
Catherine Jimenez
M: 0411 011 117
E: [email protected]
Planck – Media Relations
Joel Logan
PLANK RESOLUTION LIMITED
Head of Marketing and Business Development
[email protected]
