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Percipience Consulting (New Orleans) launched today by industry veterans Bruce F. Broussard and Ajay Kelshiker (see related story here) announced the debut of its Data Magnifier insurance-specific data and analytics solution. Deployable on premise or in the cloud, Data Magnifier uses industry standards to modernize, collect, organize and analyze insurance data, according to a Percipience statement. The solution is currently being implemented to support enterprise regulatory reporting, book of business analysis and creating a 360-degree view of policyholders and producers.
Percipience describes the solution as an insurance enterprise data model supporting both property/casualty and life/annuity companies. Data Magnifier is designed for insurers who have multiple policy, billing or claims systems and want to make that and external data available in a comprehensive, consistent and consumable structure that can be effectively leveraged by both IT and business users. Based on industry standards, Data Magnifier is extensible and allows insurers to implement the solution as an operational data store, data lake, data warehouse and/or data marts. It provides insurers with the option of supporting it internally without dependence on a software vendor, making it ideal for those who wish to take control of their data future, the Percipience statement says.
Deployable on AWS, Azure and Google
The company characterizes Data Magnifier as the only enterprise data and analytics solution serving both the property/casualty and life and annuities insurance market that is also available on all three of the major public cloud platforms: AWS, Microsoft Azure, and Google. It can be deployed in the cloud with a traditional license structure or in a SaaS model. Percipience reports that Data Magnifier has been successfully delivered with an insurance software vendor, and a pair of implementation projects are currently active with a Tier 1 Midwest property/casualty insurer and another property/casualty insurer in the Forbes 300. Following completion of these implementations, the Data Magnifier platform will be supporting over $15B in annual premium.
“We are confident that Percipience Consulting and its Data Magnifier solution will quickly differentiate itself as a premier partner for insurance companies of any size and at any stage of their data and analytics journey,” comments Ajay Kelshiker, co-founder, Percipience consulting.