Sompo partners with AI insurtech to automate commercial insurance

Japanese insurance giant  Sompo Japan has partnered with Israeli-based insurtech Planck to automate its commercial insurance underwriting and cut operational expenses significantly.

By adopting Planck’s artificial intelligence platform, Sompo seeks to transform the way it manages commercial risk for its customers. The insurer expects its operation expenses to reduce dramatically through this partnership.

Planck’s AI technology evaluates millions of data points in real-time from across the web, public records, government records and non-indexed sources, and then applies thousands of proprietary deep learning algorithms to transform text, image and video data into relevant insights that accurately assess risk – accelerating submission time, helping improve customer experience and reduce expenses.

“Planck’s AI-based solution will enable Sompo to assess risk via automated, accurate data input, greatly improving quote to submission time and increasing premium accuracy,” said Planck CEO and co-founder Elad Tsur (pictured).

“We are excited to collaborate with Sompo to significantly reduce its operating expenses and enable it to stay competitive in the increasingly complex world of commercial insurance.”

Yinnon Dolev, head of Sompo Digital Lab Tel Aviv, said: “Through Planck's platform, we will improve the commercial customer experience and increase the accuracy of our underwriting capabilities.”

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