Planck, the leading provider of AI-enhanced business risk data for commercial insurers, has announced the integration of the latest generative pre-trained transformer (GPT) technology into its platform.
This latest move means Planck can empower commercial insurance carriers with the latest AI-assisted underwriting capabilities, revolutionising the underwriting process and offering unprecedented data transparency.
In the current marketplace, commercial underwriters face significant challenges in researching and navigating business risks, as it has become increasingly complex to gather and comprehend the vast amount of information required for informed decisions. The integration of large language models (LLMs) like GPT addresses this challenge, allowing underwriters to analyse business-specific risks and provide more accurate quotes, reduce premium leakage, and unlock new opportunities.
Planck is at the forefront of AI applications in insurance
Planck has been at the forefront of AI application in commercial insurance for several years, and the integration of GPT technology into its platform is the result of extensive research and development by Planck’s data engineers. The insurtech’s proprietary AI enhances GPT’s capabilities for the unique requirements of commercial insurance underwriting, such as risk assessment, evidence gathering, and multimedia research.
Speaking about the launch, Elad Tsur, co-founder and CEO of Planck, said:“Our mission at Planck has always been to empower commercial insurers with the tools and insights they need to navigate business risk effectively. The integration of the latest GPT models and other LLMs into our platform is a game-changer. The platform is truly greater than the sum of its parts.”
Shayna Tischler, VP of Product Development at Planck, highlighted the benefits of the integration, stating, “With Planck’s platform and the latest GPT, we are revolutionising the underwriting process in commercial insurance. This integration significantly increases accuracy and consistency in data analysis. By providing improved risk assessments, better underwriting decisions, and the ability to ask any underwriting question, Planck represents a quantum leap forward that will lead to increased profitability and a distinct competitive advantage for commercial insurers.”
Planck’s holistic solution enables insurers to drive service and underwriting excellence by connecting the most up-to-date insights with limited submission input. The platform facilitates customer acquisition, growth strategies, submission validation, underwriting new business, policy renewals, premium auditing, and more. By making risk management faster and more predictable, Planck helps increase written premiums while reducing loss and expense ratios.
Source: Planck
