PriyaPatel
TLDR:
- Applied Systems has acquired Planck, an AI company for the insurance industry.
- The acquisition will enhance Applied’s AI capabilities and create more value at every stage of the insurance lifecycle.
The latest M&A news from the USA reveals that Applied Systems has acquired Planck, the leading Artificial Intelligence (AI) company for the insurance industry. This strategic move aims to significantly expand Applied’s AI capabilities, accelerating its vision for the next generation of the digital roundtrip of insurance and creating more value for agencies, carriers, and their clients.
Applied Systems CEO, Taylor Rhodes, believes that now is the time to take bold steps in leading the insurance industry in implementing the benefits AI has to offer. By acquiring Planck, Applied will invest in a world-class team of AI and Data Science experts to apply leading AI capabilities to insurance workflows. This acquisition will provide a significant opportunity to create AI-driven value throughout the insurance lifecycle, helping clients know more, do more of what differentiates them the most, and win more often.
Over the past 18 months, Applied has released AI-powered features in select products and experimented with various AI capabilities through its Applied AI Lab. These use cases have highlighted opportunities for the insurance industry to reduce inefficiencies and unlock the value of data. Through leveraging AI capabilities, Applied aims to enhance critical business processes such as marketing, sales, underwriting, renewals, servicing, and advisory services.
The acquisition will expand opportunities to harness AI’s value in secure and practical ways, delivering intelligent automation throughout the insurance lifecycle. Planck’s CEO, Elad Tsur, expressed excitement about partnering with Applied to extend the power of AI to the agency and broker distribution side of the market, building on the success of delivering industry-leading AI capabilities to carriers.
With Hellman & Friedman as Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and capitalG, this acquisition marks a significant step in Applied’s journey to lead the insurance industry in AI innovation.
