Insurtech company Planck recently acquired an investment of $16 million during the Series B funding round, said Tech Crunch. The money will be used to penetrate various markets across the globe.
The funding round was led by Team8 Capital and participated by previous investors such as Viola FinTech, Arbor Ventures, and Eight Roads. Some strategic investors namely Nationwide Insurance and Hannover Digital Investments also contributed.
Venture Beat noted that the company received part of Nationwide Insurance’s $100 million venture investment fund.
It is planning to enter Germany next year as a starting point of its expansion as it is known to have one of the biggest commercial insurance markets worldwide. The country also fosters an innovative market, which makes it a great option for the insurtech firm.
Co-founder and CEO Elad Tsur also expects its future Germany activities to show that the firm can operate well in non-English speaking nations, especially as the platform “was built to be language agnostic.”
Planck, a data solutions provider for insurance, has been working with insurers in the United States. It specializes in analyzing insurance-related data for a variety of companies, which is partly comprised of more than half of the top 30 firms in the country.
Planck’s platform offers real-time insights, which is valuable to insurers when it comes to their customer service, especially when it comes to providing estimates for interested clients. According to Tsur, there is an increase in inquiries during the virus pandemic.
The Venture Beat report also showed that the insurance technology market is at its prime as of the moment, with around $2.5 billion deals in 2018.
As part of its service, the platform can anticipate levels of submissions at a time when businesses are looking to minimize the costs by looking for cheaper policies. It can also generate risk-related insights when it comes to businesses wanting to increase their coverage.
To perform these processes, Planck accesses information through a variety of sources including texts, videos, images, public records, and reviews.
Giving healthcare businesses as an example, Tsur explained, “Planck will return simple insights such as having an ER operation, and well as more complex insights such as the type of NIV equipment, opioids, and type of surgeries performed in the business.”
The insurtech firm is present in over 50 major industries including construction, manufacturing, and restaurants. It also works with other companies for workers' compensation and general liability coverage.
