Making Underwriters ‘Superheroes’

Podcasts - Insurance Journal

You grow up with technology running through your veins. You’ve got a driven personality. You welcome challenges. Your dad is a leading annuity and life agent. Yes, you just might be a candidate to launch an insurtech. Meet Elad Tsur, co-founder of Planck, which provides AI-based underwriting insights for commercial insurers. Planck bolsters underwriters’ capabilities by scanning the environment and adding to a carrier’s data dictionary. Example: An underwriter considers insuring a particular bar. Planck provides hundreds of data insights such as bar hours of operation, how many bars are on the street and which one closes last, what liquor they serve, how many bartenders are working, what sports are on TV, how close by are a hospital and police station, and so on. The result is richer data for the carrier. Elad acknowledges the biggest challenge Planck faces today is not a willingness to adopt AI; instead it’s the pace of adoption. Insurance IT departments are challenged by data-collection and privacy rules as well as regulators’ concerns. “It’s not an easy process,” he says, but “doable” and major carriers now are on board. Elad’s insights and passion combine for an interesting recording.

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