Applied Systems Acquires Planck
2024年7月23日 - 10:00PM
Applied Systems (“Applied”) today announced that it has acquired
Planck, the leading Artificial Intelligence (AI) company for the
insurance industry. This strategic acquisition will significantly
expand Applied’s AI capabilities, accelerating its vision for the
next generation of the digital roundtrip of insurance and creating
more value at every stage of the insurance lifecycle for the
benefit of agencies, carriers and their clients.
“We believe the time is now to take bold steps to lead the
insurance industry in discovering and implementing the benefits AI
has to offer,” said Taylor Rhodes, CEO of Applied Systems. “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. 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.”
Over the past 18 months, Applied has released our first versions
of AI-powered features in select Applied and EZLynx products, while
also experimenting with various AI capabilities through our Applied
AI Lab in collaboration with some of the industry’s largest agents
and carriers. These use cases have highlighted significant
opportunities for the insurance industry to reduce inefficiencies
from redundant tasks and unlock the value of data, creating a more
accurate and comprehensive view of business operations to fuel
additional growth. By leveraging AI capabilities, Applied aims to
enhance the speed and quality of critical business processes,
including marketing, sales, underwriting, renewals, servicing, and
advisory services. This acquisition will further expand
opportunities to harness AI's value in secure and practical ways,
delivering intelligent automation throughout the insurance
lifecycle.
“We started Planck with the belief that access to real-time data
to get a full picture of a business is more crucial than ever when
identifying the actual risk factors that are core to insurance,”
said Elad Tsur, CEO and Co-Founder of Planck. “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.”
Hellman & Friedman, a preeminent global private equity firm
with a distinctive focus on investing in high-quality growth
businesses with a long-term approach, has been Applied’s majority
shareholder since 2014, alongside minority shareholders Stone Point
Capital, JMI Equity, and capitalG.
For more information on this acquisition, please click here.
The Applied products and logos are trademarks of Applied
Systems, Inc., registered in the U.S.
About Applied Systems
Applied Systems is a leading global provider of cloud-based
software that powers the business of insurance. Recognized as a
pioneer in insurance automation and the innovation leader, Applied
is one of the world’s largest providers of agency and brokerage
management systems, serving customers throughout the United States,
Canada, the Republic of Ireland, and the United Kingdom. By
automating the insurance lifecycle, Applied’s people and products
enable millions of people around the world to safeguard and protect
what matters most.
About Planck
Planck provides an AI-based data platform for commercial
insurance, working with top US insurance companies and helping them
increase premiums while reducing loss and expense ratios. Its
mission is to empower commercial insurers by generating insights
that streamline the commercial underwriting process, enabling
insurers to instantly and accurately underwrite any policy. Planck
was founded by a team of serial entrepreneurs with an extensive
background in insurance and technology.
Lauren Malcolm
Applied Systems
678-438-5093
LMalcolm@appliedsystems.com