NEW YORK — Berkshire Hathaway GUARD Insurance Companies announced today a new partnership with Planck, an artificial intelligence (AI) driven data platform for commercial insurance. This partnership will allow GUARD to expedite its digital underwriting initiatives for its small and medium business segment.

As part of GUARD’s ongoing efforts to enhance its strong relationships with agents and provide the best fit for its customers’ needs, this initiative will allow GUARD to optimize its underwriting process, generating better quotes, faster.

The insights provided by Planck will allow GUARD’s underwriters to focus on quoting and underwriting the right risks, rather than spending time finding, gathering, cleansing and organizing data.

Planck’s AI creates accurate underwriting insights based on all data available online and offline, through its proprietary technology. With only a business name and an address as inputs, insurers can obtain the information necessary to evaluate the “right” risks and profitably grow and maintain their portfolio.

“As part of our continuous growth, we are always looking for innovative technologies that will give us an advantage,” said Berkshire Hathaway GUARD CEO and President Sy Foguel. “In the next few months, the time from submission to quote is going to be dramatically reduced. Planck’s unique combination of very high coverage of businesses and accuracy is one of the main keys for that.”

“What’s unique about our partnership is GUARD’s strategic, long-term vision about the value of dynamic, intelligent data platforms such as ours,” said Planck Founder and CEO Elad Tsur. “With over 90% coverage and accuracy of underwriting insights provided by our platform, not only can insurers expedite submission-to-bind times, but they can also positively impact key profitability drivers such as loss ratios and retention rates.”

About Berkshire Hathaway GUARD Insurance Companies
Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurer specializing in providing commercial and personal insurance products to businesses throughout the United States. Its primary lines of coverage include: Workers’ Compensation, Business Owners’ Policies, Commercial Auto, Commercial Umbrella, Professional Liability and Homeowners.

About Planck
Planck announced its first funding round of $12M in July 2018. 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. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads.

Founded in 2016, Planck is pioneering the commercial insurance data industry, providing an artificial intelligence driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck streamlines the commercial underwriting process by aggregating small and medium businesses’ digital footprints to help insurers acquire a comprehensive understanding of customer risk.

For more information, visit www.planckdata.com.

Media Contact
Omri Yacubovich
VP Marketing & Business Development
omri.yacubovich@planckdata.com
+1(212)203-5817

SOURCE Planck

Related Links

https://www.planckdata.com

Triple+, a leader in IoT technology solutions for water leak damage prevention, has announced a pilot project with Berkshire Hathaway GUARD Insurance Companies.

WILKES-BARRE, Pa.,Water damage is the second most common insurance property claim in the US after hail and wind damage, and billions of dollars are spent in claims and repairing damages annually. GUARD aims to reduce these costs for customers and the company through the utilization of unique end-to-end water leak damage prevention systems. Berkshire Hathaway GUARD and Triple+ have launched a pilot project that utilizes Triple+ devices powered with its cloud monitoring service.

According to Berkshire Hathaway GUARD CEO Sy Foguel, “We believe our ultimate goal is always to help our customers avoid damage to their property. We have entered into this new IoT (Internet of Things) technology pilot project in the hope of finding an important new way in which we might realize this objective for our customers.”

In the pilot project, GUARD will offer new and existing customers Triple+ product lines at discounted prices.

Included in the equipment offered are water flow sensors that shut off the main water supply, depending on the problem. The Triple+ CLM™ All-In-One automatically shuts off the main water supply when abnormal water usage is detected and upon detection of a flood. This system also includes remote management of the equipment via a smartphone app for event handling and water system management. The easy to use app will generate alerts for abnormal water use, device’s low battery levels, freezing temperature, and an indication of whether a valve is open or shut. Controlling equipment from remote locations is particularly useful for property owners away on vacation or property management companies that oversee multiple units, some of which may be vacant.

All Triple+ devices are wireless and installed in minutes with no need for any wiring.

“Our proprietary and unique technology allows for a groundbreaking opportunity for the insurance industry to drastically cut the number of claims that result from water damage. Customers will now have full control over their plumbing systems and will no longer be taken by surprise when pipes leak or burst. We commend GUARD on their vision and look forward to the positive results from our collaboration,” notes Michael Isakov, CEO of Triple+.

About Triple+
Triple+ was established in 2011 and is an innovative and leading manufacturer and marketer of products and services within the IoT (Internet of Things) arena. The Company offers solutions for averting property damage, injury, and financial losses due to water leaks in municipal, commercial, and domestic properties. Triple+ products are available in North America and Europe via leading nationwide distributors. http://www.tripleplus.io/

About Berkshire Hathaway GUARD Insurance Companies
GUARD is a property and casualty insurance specialist writing policies nationwide for over a quarter million policyholders. Headquartered in Wilkes-Barre, Pennsylvania, GUARD maintains eight offices throughout the country. http://www.guard.com

Contact: Elizabeth Hartman, AVP Marketing
570-825-9900, extension 8904 or e-mail Elizabeth.Hartman@guard.com

SOURCE Berkshire Hathaway GUARD Insurance Companies

WILKES-BARRE, Pa. — Berkshire Hathaway GUARD Insurance Companies is adding a Commercial Package product that will include coverages for Property, General Liability, Umbrella, and Employment-Related Practices Liability Insurance (EPLI). According to GUARD CEO Sy Foguel, “An early April Pennsylvania launch is anticipated with other states to follow. Our goal is to become a ‘One Stop Shop’ for our agents and their insureds, so we continue to expand our portfolio to supply our network of independent agents with quality products that enable them to grow.”

Executive Vice President Lyle Hitt explains that this new package product has been designed to complement the company’s current Businessowner’s Policy by “addressing the insurance needs of larger, more complex operations or businesses with multiple exposures.” Hitt also notes that “our initial target markets include light-to-medium manufacturing, wholesalers and distributors, truck stops/travel plazas, resorts, and country clubs, and we will eventually expand into new markets.”

According to Vice President of Commercial Package Ellen Hauser, “GUARD’s coverages are unique and built with a wide range of add-ons and industry-specific endorsements. We take a customized approach to expanding the limits and scope of traditional property and casualty insurance.”

GUARD’s Assistant Vice President of Marketing Elizabeth Hartman says, “We can provide a great service to agents. Our product is competitively priced with discounts available when two or more lines are purchased as well as additional discounts based on unique business characteristics.”

Berkshire Hathaway GUARD Insurance Companies Commercial Package will include: Commercial Property coverage with built-in equipment breakdown, Inland marine, and Crime coverage; General Liability with base limits of $1 million to $6 million with even higher limits considered; Employment-Related Practices Liability Insurance (EPLI); and Commercial Umbrella for added protection.

In October of 2012, GUARD was acquired by Berkshire Hathaway Inc. – an international holding company with diverse interests that include insurance and reinsurance. In 2013, GUARD unveiled a new identity as Berkshire Hathaway GUARD Insurance Companies.

GUARD offers a national footprint with a growing list of insurance products, including: Workers’ Compensation, property/liability via a Businessowner’s Policy, Commercial Auto, Umbrella, Professional Liability, Disability, and Homeowners. Each of the organization’s insurance companies is rated A+ (“Superior”) by A.M. Best – a leading source of independent rating information on the insurance industry.

Agents interested in learning more should visit www.guard.com/apply.