Coterie Insurance Opens New Markets with AI Insights from Planck
NEW YORK, May 23, 2023 (GLOBE NEWSWIRE) -- Planck’s innovative AI platform is helping Coterie Insurance and its partners deliver instant business insurance — without taking on unanticipated risk exposure. A partnership-focused MGA, Coterie leverages data and technology to provide instant quoting and issuing of small business insurance policies.
Commercial insurance for small businesses requires expert underwriting and a thorough understanding of the unique challenges facing each business. Due to the high-risk and high-touch nature of underwriting this segment, writing small businesses has been historically unprofitable and untouchable.
“Through Coterie, our distribution partners can now access millions of small businesses because it finally makes sense to write small commercial insurance,” says Coterie Insurance Co-Founder and CEO David McFarland. “With our proprietary mix of data insights from vendors including Planck, we ask for just business name and address to deliver a bindable quote, cutting the quote to bind time by 98%.”
Planck’s AI allows Coterie to instantly identify knockout qualifiers that automatically decline businesses that are out of risk appetite. Coterie also uses Planck’s insights to identify acceptable risks and develop appropriate pricing for the policies they write. With Planck providing underwriting insights at the top of the funnel, Coterie can confidently decline, accept and bind policies in under a minute.
Planck’s pltform quickly collects commercial insurance risk data in real time and uses AI and machine learning models to build accurate insights that can’t be found anywhere else. And these insights are fully customizable, based on the specific needs of the carrier and underwriting strategies.
“Underwriters use more than raw data to make decisions,” says Planck CEO Elad Tsur. “They need answers, and those answers aren’t always readily available. Planck’s platform automates the generation and accurate prediction of those answers. We were able to develop specific, applicable insights for Coterie in just a few days.”
About Coterie Insurance
For more information about Coterie Insurance and the digital transformation of small business insurance, go to https://coterieinsurance.com.
Planck was founded by a team of relentless entrepreneurs with extensive backgrounds in insurance and technology. The company has raised $71 million to-date led by 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8 and Eight Roads.
For more information, visit www.planckdata.com.