Insurtech Planck Re raises $12m to simplify commercial underwriting

Israel-based insurtech start-up Planck Re, an artificial intelligence (AI) driven commercial insurance data platform, has raised $12 million Series A in its first funding round.

The investment was led by Arbor Ventures and includes Viola FinTech and Eight Roads.

Planck Re's technology platform streamlines the commercial underwriting process by aggregating small and medium businesses' digital footprint to help insurers acquire a comprehensive understanding of customer risk.

Planck Re said it will initially focus on the US commercial insurance market.

The company was founded in 2016 by Elad Tsur, Amir Cohen and David Schapiro. Elad and Amir previously founded Bluetail, which was acquired by Salesforce, and Schapiro led analytical insurtech player Earnix for a decade. Schapiro is also a non-executive director at insurtech firm Bought By Many.

Tsur, Planck Re CEO, said: "Buying insurance in 2018 still involves endless questions filled by humans. In addition to it being a time-consuming and labor-intensive process, it's also prone to errors. Emerging from two years of research and development, we resolved this by leveraging AI and Big Data technologies to provide answers to all required underwriting questions, with name and address being the only manual inputs."

Lior Simon VP and head of Israel at Arbor Ventures, commented: "We are excited to partner with Planck Re and the driven, entrepreneurial team. Insurance companies are thirsty for actionable data, to assess risk, gain real time insights and enhance customer understanding. Planck Re aims to empower them through a streamlined digital approach, which we believe will truly alter the insurance industry."

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