Nationwide, eyeing the possibilities with technology startup Planck’s small commercial insurance data platform, has joined the company’s latest financing round.
Planck recently raised $16 million in a Series B venture financing round led by Team8 Capital. All existing investors including Viola FinTech, Arbor Ventures and Eight Roads also participated. Nationwide and HDI Group also joined on as strategic investors.
Planck’s technology uses artificial intelligence to help commercial insurers increase commercial premiums and streamline the underwriting process. The company says its technology provides real-time data insights for small-and medium-sized businesses, a premise that Nationwide said drew its attention.
“AI assists underwriters in making faster and more efficient decisions, which accelerates the underwriting process and frees them up to spend time on things like rethinking coverage needs for their customers or building stronger broker and agent relationships,” Tony Fenton, Nationwide’s vice-president of Commercial Digitization and New Product Development, said in prepared remarks.
Nationwide said that Planck’s technology has helped sharpen underwriting for businesses including restaurants, bars, taverns, contractors, beauty salons, manufacturing and insurance lines such as workers compensation, general liability and employment practice liability.
To date, Planck has raised $28 million overall. Plans call for using the money to help accelerate the expansion of Planck’s U.S. customer base and global reach, with plans to open in Germany in 2021. As well, the company will focus on developing new products.
Planck said it has worked with a number of U.S. commercial insurers, including Chubb, Great American Insurance Group’s Republic Indemnity, AIG’s Attune and others.
Planck launched in 2016. The insurtech startup is based in Israel with offices in New York.
Sources: Planck, Nationwide
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