(Image source: Coaction homepage.)
Percipience, an InsurTech data and analytics software provider, is pleased to announce Coaction Specialty Insurance Company has selected the company’s platform independent data and analytics solution, Data Magnifier, to establish a new enterprise data hub.
Based in Morristown, New Jersey, Coaction Specialty is a wholly owned subsidiary of Coaction Global (Coaction), a B Corporation-certified insurance holding company focused on specialty property/casualty coverages. Coaction Specialty seeks to differentiate itself from competitors through an emphasis on underwriting expertise, focused distribution, and a commitment to providing innovative products and services with true customer value. At the end of a digital transformation initiative, Coaction Specialty needed a data model and reporting solution which could be implemented quickly and efficiently.
“Percipience offers an end-to-end solution that provides speed to delivery, comprehensive data insights in the insurance space, and a vehicle to govern our data,” comments Bill Hart, CTO, Coaction Specialty. “Data Magnifier provides the guard rails to deliver robust insurance solutions with the flexibility for our company-specific data needs. You can definitely tell insurance experts were in the room when designing this product. Data Magnifier follows insurance industry standards, but organized in a manner that facilitates rapid implementation and development.”
Enabling Insurers to Leverage Existing Technology
Percipience’s Data Magnifier is designed to help insurance organizations leverage existing technology and systems instead of engaging in an expensive rip-and-replace initiative to deliver needed, relevant data insights to underwriters, actuaries, CXO, and operations leaders, according to the vendor. Coaction Specialty says is leveraging its existing technical stack investments by deploying Data Magnifier on Amazon Web Services (AWS) and the PostgreSQL open-source database and is implementing the product themselves following less than one week of training from Percipience.
“Specialty insurance is a strong segment for Percipience and Data Magnifier,” comments Bruce F. Broussard Jr., managing partner at Percipience. “Part of the reason Coaction selected us was a desire to own their data solution, and we are proud that the product and documentation are allowing them to join the group of our clients who are implementing and controlling their solution end-to-end. While supporting them if needed, we’ll continue to focus on expanding the product to add more value for Coaction Specialty and all our clients.”