Meet the insurtech: Percipience
As the data landscape continuously expands, some insurers are opting to migrate their core systems to the cloud for more efficient data storage and retrieval. Legacy data solutions are often not architected to exist on a public cloud, however, which creates a challenge for effective data management as companies deal with the complexity of data integration from diverse sources.
“Exponentially expanding data sources create tremendous opportunities for insurers to improve decision making and the customer experience. And more and more carriers recognize that moving their data to the cloud is what gives them the scalability and processing power to utilize these new sources of data,” said Celent’s Karlyn Carnahan, head of insurance for North America in a statement. “But, while many insurers have begun to move their core systems to the cloud, their existing data solutions aren’t architected for the cloud. Consequently, a number of carriers are really struggling to take advantage of advanced learning, machine learning and AI. As carriers continue to expand their data capabilities, a cloud native, platform and tool independent solution can often move them faster and further along the path by deploying where they already have investments and experience through their core applications.”
Founded by Bruce Broussard and Ajay Kelshiker, Percipience, an insurtech data and analytics software provider, offers its Data Magnifier platform to address the challenges associated with siloed and disparate data sources. The platform, which includes comprehensive data integration, management and reporting via the cloud or other database platforms, converts isolated data from various sources and enables complete autonomy over the solution’s implementation.
“The reality is that most insurance companies have multiple different policy billing and claim systems. They very rarely have just one vendor, and so insurers are left with this challenge of whether to buy a package from one vendor and have challenges getting the data in from all those different sources, or to build their own that can bring in data from anywhere,” said Broussard.
Bruce Broussard, managing partner of Percipience.
Percipience
Data Magnifier is deployed on Google Cloud, Microsoft Azure and Amazon Web Services (AWS) and can be implemented in a matter of months, with some customers starting production within three to six months, according to the company.
“We’ve created a cloud-architected data solution that can take data from any policy billing, claims, reinsurance or accounting system, as well as from structured or unstructured external data. It brings it together to establish a platform that can make data available for advanced analytics, basic reporting, regulatory and compliance reporting and meeting all of the data needs that insurers have, without struggling with the challenges they have of trying to get data out of all the different sources that exist in in their enterprise,” said Broussard
The founding team wanted to create a system that was independent of other core applications and tools, and that insurers could choose to implement independently, seek support from Percipience or its affiliated partners or engage with any third-party of their choice.
“It’s extensible for our clients. The reality is that the number of sources that are available for data for insurers is not going to slow down right there. The opportunities for data usage continues to accelerate at a rapid pace. And so they don’t want to have to rely on any one vendor to kind of keep up with all of that. They want to be able to control and own the data solution themselves,” said Broussard.
Percipience most recently added integration with generative AI, an administration console that provides a web-based interface to manage users and data input and a variety of other solutions like workflow capabilities for claims and underwriting. The insurtech also announced in August that the Ascot Group selected the Data Magnifier platform for a data consolidation and advanced analytics project.
“In Percipience, we identified a top-tier vendor with a data and analytics platform that would enhance our existing tech capabilities by providing easy access to both the historical and current data in our core systems,” said Tim Gambocurta, vice president of information management for Ascot, in a news release. “Using Data Magnifier, we look forward to implementing a comprehensive insurance model and framework that has the flexibility to support our unique requirements and competitive differentiators and enables us to take a data-led approach to decision-making as we strategically expand our business.”
