Insurance software firm Applied Systems reports that it has acquired Planck, a leading artificial intelligence (AI) company for the insurance industry.
Planck provides an AI-based data platform for commercial insurance. It works with US insurance companies, helping them streamline the commercial underwriting process for the small-medium business market and enabling them to instantly underwrite any policy.
Applied is one of the world’s largest providers of cloud-based insurance management systems serving agents and brokers throughout the US, Canada, Ireland, and the United Kingdom. The company said it expects the acquisition to “significantly expand and accelerate the delivery of AI capabilities” across its global product portfolio.
“We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has to offer,” said Taylor Rhodes, CEO of Applied Systems.
Planck was launched in 2016. It is based in New York and Tel-Aviv and has about 80 employees.
“We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance,” said Elad Tsur, CEO and co-founder of Planck. “We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market.”
Terms of the deal were not disclosed.
Over the past 18 months, Applied has released its first versions of AI-powered features in select Applied and EZLynx products, while also experimenting with various AI capabilities through its Applied AI Lab in collaboration with some of the industry’s largest agents and carriers. The company said these use cases have highlighted significant opportunities for reducing inefficiencies and unlocking the value of data.
Applied said it aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services acquisition.
Hellman & Friedman, a global private equity firm, has been Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and capitalG.
Planck has raised more than $70 million in funding rounds.
Topics Mergers & Acquisitions InsurTech Data Driven Artificial Intelligence
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