One of the highlights of Ivans Connect '24 was a panel discussion I participated in with Leandro DalleMule, the global insurance head of Planck, and Elad Tsur, the co-founder of Planck and chief AI officer at Applied Systems. In it, we unpacked the latest advancements in generative AI solutions within the insurance industry. While AI is a new concept for many, Elad and Leandro helped us envision the significant benefits AI will bring to agents and carriers with groundbreaking innovation and integration possibilities.

Here are a few key expert insights from our fireside chat.

How did Planck get started?

In 2015, as we integrated Salesforce with our previous startup, we noticed the rapid evolution of artificial intelligence (AI) and computing power. By 2020, we anticipated to have enough computational power to innovate within the insurance sector. Motivated by this, we launched a startup to merge insurance with AI.

That’s how Planck came into being. We aim to combine artificial intelligence’s ever-evolving knowledge with deep insurance expertise and integrate this into existing platforms, bridging the gap between AI and insurance.

How do you see AI impacting insurance?

There are several ways that this will happen. One is the ability to process a vast amount of data quickly. Another is that AI can predict trends much faster than humans. Third, automation is vital in efficiently handling repetitive and low-value tasks that can be processed quickly. It can also produce more user-friendly and human-like text than ever before.

Overall, what does it mean for the insurance industry?

It means lower customer acquisition costs, improving the time spent doing complex underwriting, doing your risk research, and trying to find relevant information. You'll spend hours on Google, whereas AI will just go to what matters quickly. In claims processing, a similar capability is being explored, and you can customize that experience to your customers because now you understand more about them and can get up-to-date information about them.

How will AI help alleviate industry pain points?

Everyone at Planck wants to ensure we are building the next generation of AI in a way that alleviates your biggest frustrations. For example, ingesting, digesting, and digitizing documents has always been an obstacle. Agents have highlighted the need to digitize PDFs, spreadsheets, and customer emails to understand their needs and pain points. This has been the number one issue we have heard about, and we are committed to addressing it.

For carriers, we’re looking at underwriting efficiency and reduced processing time. This is especially important due to increasing regulations, expanding product lines, and the need to sell more while keeping expenses in check. In the future, having a smart underwriter or producer to provide guidance and recommendations will be crucial. With the help of AI, we aim to significantly lower expense ratios for both distribution and carriers while also maintaining or even reducing loss ratios.

Another key aspect is transparency. AI is your new employee, and you need to trust it. It's our responsibility to ensure that you can trust it and that it provides transparency, expandability, and trustworthiness so you can truly rely on this new addition to your workplace environment.

See You at Ivans Connect 2025!

That's right. We're already planning Ivans Connect 2025! Look for registration details, and we hope you can join us at the Aria Resort in Las Vegas on October 4-5, 2025.