Coterie Insurance Opens New Markets with AI Insights from Planck
/Planck’s platform provides rapid insights that change the game for commercial insurance underwriting
NEW YORK, May 23, 2023 (GLOBE NEWSWIRE) -- Planck’s innovative AI platform is helping Coterie Insurance and its partners deliver instant business insurance — without taking on unanticipated risk exposure. A partnership-focused MGA, Coterie leverages data and technology to provide instant quoting and issuing of small business insurance policies.
Commercial insurance for small businesses requires expert underwriting and a thorough understanding of the unique challenges facing each business. Due to the high-risk and high-touch nature of underwriting this segment, writing small businesses has been historically unprofitable and untouchable.
“Through Coterie, our distribution partners can now access millions of small businesses because it finally makes sense to write small commercial insurance,” says Coterie Insurance Co-Founder and CEO David McFarland. “With our proprietary mix of data insights from vendors including Planck, we ask for just business name and address to deliver a bindable quote, cutting the quote to bind time by 98%.”