SYDNEY, Australia, April 12, 2023 (GLOBE NEWSWIRE) — IAG Firemark Ventures, the corporate venture capital arm of IAG, the largest general insurer in Australia and New Zealand, today announced that it has invested in Planck, a global insurtech platform for global commercial insurance. Provides real-time answers to underwriting questions in the industry. The investment aims to support Planck’s global expansion into the Australian and New Zealand commercial insurance markets, with a view that the technology could potentially be embedded 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, Plunk 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 ongoing commitment to innovation and technology,” said IAG Firemark Ventures General Partner Scott Gunther.
“The investment will enable Planck to further develop its underwriting automation services in the Australian and New Zealand commercial insurance markets, giving IAG 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 process and drive efficiencies for our business. A better understanding of our customers’ risks will improve insurance. And Risk solutions for commercial customers in our market.”
“Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market,” said Planck CEO Elad Saar. “Our state-of-the-art technology will help IAG and other insurers in Australia improve their underwriting processes, reduce manual errors, and improve efficiency. As Planck has done in other countries, collaborating with leaders in a region, such as IAG, enables us to deliver innovative solutions. Which will benefit the entire insurance industry.”
IAG is the parent company of a general insurance group operating in Australia and New Zealand. IAG’s core businesses underwrite more than $13 billion in insurance premiums per year under many 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 a global insurtech platform that provides insurance companies with unprecedented underwriting insights and underwriting automation services. The platform provides real-time data analysis and risk assessment using artificial intelligence and machine learning algorithms, 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.
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Plank – Media Relations
Plank Resolutions Limited
Head of Marketing and Business Development