IAG says there is potential the cutting-edge technology of US insurtech Planck will be embedded in its CGU and NRMA Insurance brands.

The underwriting automation platform uses artificial intelligence (AI) and machine learning algorithms for real-time data analysis and risk assessment.

Named after Max Planck who originated the concept of quantum theory, the insurtech says it "superpowers” underwriter efficiency and facilitates automation and better-informed decisions.

IAG has invested in New-York-based Planck via its venture capital arm Firemark Ventures. Six top commercial insurance carriers in the US are signed up to the platform, as are insurers in Europe and Japan. Chubb, AIG and Sompo are among its customers.

"Planck’s proven technology ... could revolutionise our underwriting processes and drive efficiency for our business,” IAG Firemark Ventures General Partner Scott Gunther said.