Berkshire unit teams with AI firm on commercial insurance platform

Berkshire Hathaway GUARD Insurance Cos. on Wednesday said it is partnering with New York-based artificial intelligence firm Planck Data on an AI-driven data platform for commercial insurance.

The partnership will allow GUARD to generate better quotes faster for its small and medium business segment, the Wilkes-Barre, Pennsylvania-based commercial property/casualty unit of Berkshire Hathaway Inc. said in a statement.

Planck’s AI technology utilizes all data available online and offline to more fully inform the underwriting process and streamline data discovery, the statement said.

“In the next few months, the time from submission to quote is going to be dramatically reduced,” Berkshire Hathaway GUARD President and CEO Sy Foguel said in the statement. “Planck’s unique combination of very high coverage of businesses and accuracy is one of the main keys for that.”

Online platforms are gaining traction within the insurance business, especially within the small and medium-size commercial segment.