Applied Systems announced its acquisition of Planck, an artificial intelligence (AI) company for the insurance industry. This acquisition aims to expand Applied’s AI capabilities, enhancing the digital insurance process for agencies, carriers, and their clients.
Over the past 18 months, Applied has released AI-powered features in select Applied and EZLynx products and has experimented with various AI capabilities through its Applied AI Lab. These initiatives, conducted in collaboration with some of the industry’s largest agents and carriers, have demonstrated significant opportunities for reducing inefficiencies and unlocking the value of data.
Applied said that by leveraging AI, it aims to enhance critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services. The acquisition of Planck will further expand opportunities to harness AI’s value, delivering intelligent automation throughout the insurance lifecycle.
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“By acquiring Planck, we will be investing behind a world-class team of AI and data science experts to accelerate the application of leading AI capabilities to insurance workflows,” said Taylor Rhodes (pictured above), CEO of Applied Systems. “With our unique set of insurance technology assets that span both the agency and carrier sides of the market, our investment in Planck will deliver a significant opportunity to create AI-driven value throughout the next generation of the digital roundtrip of insurance in ways that will help our clients know more, do more of what differentiates them the most, and win more often.”
Elad Tsur, CEO and co-founder of Planck, expressed enthusiasm about partnering with Applied.
“We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market,” Tsur said.
Hellman & Friedman, a global private equity firm, has been Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and CapitalG.
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