IAG unit invests in Planck for its underwriting automation operations – Reinsurance News
IAG’s corporate venture capital arm, IAG Firemark Ventures, has invested in global insurtech platform Planck in a bid to expand into the Australian and New Zealand commercial insurance market.
Planck provides real-time answers to underwriting questions for the global commercial insurance industry and IAG said this “technology could potentially be embedded in IAG’s brands, CGU and NRMA.”
In August 2022, the AI-powered business intelligence platform launched a new risk search engine built specifically for commercial insurance research in a bid to solve the shortcomings of traditional research methods, which are ineffective and time consuming.
“IAG Firemark Ventures investment in Planck is part of IAG’s ongoing commitment to innovation and technology,” said IAG Firemark Ventures General Partner Scott Gunther.
This investment will provide IAG, the largest general insurer in Australia and New Zealand, a “competitive advantage” in the market as the deal will enable “Planck to further…
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source: https://news.oneseocompany.com/2023/04/14/iag-unit-invests-in-planck-for-its-underwriting-automation-operations-reinsurance-news_2023041443485.html
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