Japanese insurance giant Sompo Japan chooses Planck to automate commercial insurance, dramatically reducing operating expenses for insurers
Partnership with Sompo Japan marks global expansion of Israel-based insurtech
NEW YORK, October 01, 2021 (GLOBE NEWSWIRE) – Breakout insurtech Planck announced to have signed an agreement with Sompo Japan, Japan’s second-largest insurance company, to provide underwriting information and better decision-making. By adopting Planck’s artificial intelligence platform, Sompo will transform the way it manages business risk for its customers, and it believes operating expenses will be significantly reduced through this partnership.
Using just a company name and address, Planck’s AI technology evaluates millions of data points in real time from the web, public documents, government documents, and non-indexed sources, then applies Thousands of proprietary deep learning algorithms to transform text, image, and video data into relevant information that accurately assesses risk – speeding up submission time, improving customer experience, and dramatically reducing spend. The results will be analyzed according to predefined and personalized parameters, providing Sompo with a complete set of information and freeing up valuable time for subscribers.
“Planck’s AI-based solution will enable Sompo to assess risk through automated and accurate data entry, dramatically improving time from submission to submission and increasing premium accuracy,” said Elad Tsur , CEO and co-founder of Planck. âWe are delighted to be working with Sompo to significantly reduce their operating expenses and enable them to remain competitive in the increasingly complex world of commercial insurance. “
While dozens of insurance companies in the United States, like Harmonize (AIG), Chubb and Indemnity of the Republic (Great American Insurance Group), already benefiting from Planck’s solution, Sompo is the first insurance company in Japan to do so.
Yinnon Dolev, Head of Sompo Digital Lab Tel Aviv, said: âUsing Planck’s platform, we will improve the business customer experience and increase the accuracy of our underwriting capabilities.
Planck, an AI-powered automated data platform for business assurance, has solved the industry’s long-standing need for real-time truth and accuracy. Planck enables insurers to drive excellence in service and underwriting by connecting the most recent information, with just the name and address of the company. US carriers, MGAs and insurtechs take advantage of Planck’s holistic solution for lead generation, pre-fill and validation of quotes, underwriting new business, renewing existing policies, auditing premiums and more Again. The platform makes risk management much faster and more predictable, resulting in increased written premiums while reducing loss and expense ratios.
Planck was founded by a team of hard-working entrepreneurs with extensive insurance and technology experience and has nearly 80 employees worldwide. The company has raised $ 50 million to date, led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.
For more information visit www.planckdata.com.
Sompo, one of Japan’s top three insurers, operates in more than 30 countries with annual revenue of $ 36 billion and has more than 20 million customers in Japan and around the world. In 2018, Sompo founded his Digital Lab in Tel Aviv, led by Yinnon Dolev, with the aim of promoting business and technology partnerships with Israeli companies and invested more than $ 20 million in Israeli startups including Nexar, Intuition Robotics and Binah.ai, in addition to signing commercial agreements with Via, Parametrix and other companies.
For more information visit https://www.sompo-japan.co.jp/english/