The insurtech provides real-time answers to underwriting questions for the global commercial insurance industry.
The investment aims to support Planck’s global expansion into the Australian and New Zealand commercial insurance market and embed the company’s technology in IAG’s brands: CGU and NRMA Insurance.
IAG Firemark Ventures general partner Scott Gunther commented that the investment is part of the insurer’s ongoing commitment to innovation and technology.
“Planck’s proven technology and demonstrated success with other global insurance carriers could also potentially provide IAG with real-time risk insights that could revolutionize our underwriting processes and drive efficiency for our business,” Gunther said. “Having a better understanding of our customers’ risks will lead to improved insurance and risk solutions for commercial customers in our markets.”
Planck CEO Elad Tsur added: “Planck is excited to partner with IAG to expand our underwriting automation operations in the Australian commercial insurance market. Our cutting-edge technology will help IAG and other insurers in Australia improve their underwriting process, reduce manual errors, and improve efficiency. As Planck has accomplished in other countries, collaboration with leaders in a region, such as IAG, enables us to deliver innovative solutions that will benefit the entire insurance industry.”
IAG, one of the 10 largest insurance companies in Australia, recently strengthened its board with a new appointment.
