PriyaPatel
TLDR:
- Applied Systems has acquired Israeli insurtech startup Planck for an estimated $300 million deal.
- Planck’s AI-based platform provides data-driven insights for commercial insurance companies, helping with risk assessment and underwriting processes.
Key Elements:
Applied Systems has recently made a significant acquisition in the insurtech industry, acquiring Israeli startup Planck in a deal estimated at around $300 million. Planck, known for its AI-based platform that provides data-driven insights for commercial insurance companies, will now become part of Applied Systems’ AI Development Center in Israel. This acquisition marks Applied Systems’ first acquisition in Israel and showcases the company’s focus on expanding its AI solutions in the insurance industry.
Planck, founded in 2016, has raised $73 million in funding and serves clients worldwide with its platform that assists in risk assessment, underwriting processes, and premium optimization. The acquisition by Applied Systems, a leading provider of cloud-based insurance software, will enable the company to further enhance its AI capabilities and create smart automation throughout the insurance lifecycle.
The founders of Planck, Elad Tsur, Amir Cohen, and David Schapiro, bring extensive experience in insurtech and AI to the table. The company’s AI product offers real-time access to business data, helping insurers tailor policy terms and improve financial efficiency. Applied Systems’ CEO, Taylor Rhodes, expressed enthusiasm for the partnership, emphasizing the value of AI in revolutionizing insurance workflows and creating AI-driven value for clients in the industry.
