Nationwide joins Series B funding round for commercial insurtech Planck
Planck, an artificial intelligence platform for processing commercial insurance data, has announced a $16 million Series B funding round.
With clients including Chubb, Great American Insurance Group, and AIG unit Attune, the company's platform focuses on the underwriting process.
“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,” says Tony Fenton, Nationwide’s VP of Commercial Digitization and New Product Development. “Nationwide recognizes the potential of AI data technology to help carriers and agents keep up with customer demands for efficiency and accuracy.”
Founded in 2016, Planck's offering helps insurers write workers' compensation, general liability, employment practice liability, and business-owners' policies for small- to midsize-business customers such as restaurants, bars and taverns; contractors; beauty salons; staffing and manufacturing.
“After assessing several companies in the marketplace, we quickly determined Planck’s AI platform provides faster and more consistent data for commercial insurers like Nationwide,” said Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams. “We’re impressed with the founding team’s experience building value for insuretech companies and look forward to supporting Planck’s growth.”
Other Nationwide Venture insutech vendor investments include Deep Sentinel, Vesta Healthcare, KINETIC, Upstream Security, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.