Applied Systems, a major player in insurance software, has announced its acquisition of Planck, a prominent artificial intelligence (AI) firm specializing in the insurance sector.
Planck, renowned for its AI-driven data platform tailored for commercial insurance, partners with U.S. insurance companies to enhance the efficiency of underwriting processes for small and medium-sized businesses. The platform enables insurers to swiftly assess and underwrite policies.
As one of the largest global providers of cloud-based insurance management systems, Applied Systems caters to agents and brokers across the U.S., Canada, Ireland, and the U.K. The acquisition is expected to significantly bolster and accelerate the integration of AI capabilities into Applied’s worldwide product suite.
Taylor Rhodes, CEO of Applied Systems, emphasized the strategic importance of the move: “We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has to offer.”
Established in 2016, Planck operates out of New York and Tel-Aviv and employs approximately 80 staff members. Elad Tsur, CEO and co-founder of Planck, expressed enthusiasm about the partnership: “We started Planck with the belief that access to real-time data for a comprehensive view of a business is crucial for identifying core insurance risk factors. We are excited to expand our industry-leading AI capabilities by teaming up with Applied Systems to extend AI’s benefits to the agency and broker distribution sectors.”
The financial details of the acquisition were not disclosed.
In the past 18 months, Applied Systems has introduced AI-powered features in select Applied and EZLynx products and has been exploring various AI applications through its Applied AI Lab. This initiative, in collaboration with major agents and carriers, has unveiled significant potential for reducing inefficiencies and maximizing data value.
Applied Systems aims to enhance the efficiency and quality of essential business functions, including marketing, sales, underwriting, renewals, servicing, and advisory services.
Since 2014, Applied Systems has been primarily owned by Hellman & Friedman, with minority investments from Stone Point Capital, JMI Equity, and capitalG.
Planck has secured over $70 million in funding through various investment rounds.
