(Image source: Concirrus homepage.)
Percipience LLC (New Orleans), provider of an insurance data and analytics platform, has announced a new partnership with Concirrus (London), an artificial intelligence (AI) InsurTech dedicated to helping commercial insurance clients accelerate digital strategies.
The firms report that the partnership has already led to the integration of the two companies’ complimentary software products, combining Percipience’s comprehensive insurance data and analytics platform with Concirrus’ big data and machine learning capabilities to provide an even more compelling value proposition for insurance organizations.
“Now more than ever, data and analytics need to be at the core of how insurers differentiate themselves in an increasingly competitive marketplace,” comments Bruce F. Broussard Jr, managing director, Percipience. “Unfortunately, most insurers struggle to drive value from the data buried within all their applications. Data Magnifier puts insurers in control of their data by establishing a comprehensive data platform and delivering meaningful business insights. Our partnership with Concirrus adds AI analytics and digital capabilities to Data Magnifier, greatly increasing the power of the platform while also reducing the total cost of ownership.”
Percipience boasts that it offers the only insurance data solution available on all major cloud and data platform offerings, including AWS, Microsoft Azure, Google Cloud, and Snowflake. Concirrus’ Quest offers pricing and operating efficiency benefits. The Quest platform accesses and interprets wide-ranging datasets, combining them with submissions data, historical claims information to reveal behaviors that correlate to claims. The results enable insurers and brokers to quantify risk more accurately, as well as reduce losses and boost profits. Quest also makes new, powerful, and differentiated product propositions a reality, according to a joint statement from the companies.
Powerful, Integrated Technology Solution
“Partnering with Percipience allows us to efficiently gather information from an insurer’s back-office platforms and provide a far more powerful and integrated technology solution,” says Andrew Yeoman, CEO, Concirrus. “Data Magnifier greatly expands the data available for Quest to leverage in driving improved risk and claims management for our clients. We’re looking forward to working with Bruce and the Percipience team to help our clients exploit their data assets.”