While the industry buzzes about the potential impact of generative AI, Planck customers are already experiencing the benefits
Planck, the leading provider of AI-based risk insights and the premier commercial insurance underwriting workbench, has become the first insurtech provider to offer generative AI (GenAI) functionalities within their underwriting platform, granting underwriters unparalleled access to risk data, insight generation, and explainability. As of July 2023, all Planck customers are leveraging the power of GenAI via the Planck online portal, launching a new era of efficiency, precision, and automation for the commercial insurance industry.
AiThority Interview Insights: How to Get Started with Prompt Engineering in Generative AI Projects
Planck has applied GenAI to resolve the most pressing challenges in commercial insurance underwriting. Some of the key features introduced include:
Business Insights: Completes underwriting fields with accurate GenAI predictions
Reasoning: Provides data sources, transparency, and explainability to Business Insights
Classification: Assembles a list of NAICS class codes predicted for a business
Keywords: Identifies common words and phrases associated with a particular business
Business Description: Generates a concise yet comprehensive written summary of the business and its services
“Planck’s generative AI features have revolutionized the way carriers underwrite policies,” says Planck Global Head of Insurance Leandro DalleMule. “The ability to ask specific questions and receive instant insights improves their ability to identify emerging opportunities and assess evolving risks. This is a truly groundbreaking application and a mark of even greater things to come.”
Read More about AiThority Interview: AiThority Interview with Frank Diana, Principal Futurist at Tata Consultancy Services
A recent report by McKinsey & Company confirms a growing adoption of AI in insurance. Their research indicates current P&C underwriting tactics will be completely eclipsed by machine and deep learning models as early as 2030. AI-driven solutions are shaping the landscape of commercial insurance and are poised to drive unprecedented advancements in risk assessment and underwriting automation.
“Planck has positioned itself as the GenAI resource for commercial insurance and, together with the senior executives at our customer base, we continue to define and deliver the vision of AI underwriting,” says Planck Co-Founder and CEO Elad Tsur. “The question is not whether insurers should use GenAI, but rather how they should use it. GenAI is revolutionizing the commercial insurance industry and we plan on delivering many more exciting capabilities — to achieve true AI underwriting, empower our customers with real-time data-driven insights that were previously inaccessible, and perfect risk selection through our innovative risk workbench.”
Latest AiThority Interview Insights : AiThority Interview: Top AI and ML Trends Transforming the Customer Service Industry
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.