Applied Systems buys AI specialist Planck

Applied Systems Inc. said Tuesday it has acquired Planck Resolution Ltd.

Terms of the transaction were not disclosed.

The deal will expand Applied’s artificial intelligence capabilities, the technology company said in a statement.

Planck offers an artificial intelligence-based platform to generate automated underwriting insights for commercial insurers.

Applied said in a statement that over the past 18 months it has released first versions of AI-powered features in select  products while also experimenting with various AI capabilities.

“These use cases have highlighted significant opportunities for the insurance industry to reduce inefficiencies from redundant tasks,” the statement said.