Applied Systems Acquires AI Firm Planck for Enhanced Insurance Services

Applied Systems, a leading insurance software provider, has acquired Planck, an AI company specializing in the insurance sector, to enhance its AI capabilities. The acquisition will integrate AI into Applied's global product portfolio, streamlining underwriting processes and leveraging real-time data for better risk assessment. Planck, founded in 2016, has about 80 employees and has raised over $70 million in funding. Applied Systems, with backing from private equity firm Hellman & Friedman, aims to improve efficiency and data value for agents and brokers.