(Image source: Percipience website.)
Percipience (New Orleans), an InsurTech data and analytics software provider, has announced the immediate availability of a new version of Data Magnifier platform, which the company describes as an industry go-to for enabling global insurance organizations to organize, access, utilize, and monetize existing and new or third-party data.
“Initially, it was important to us as insurance data people to not only make Data Magnifier core system agnostic, but to introduce true out-of-the-box functionality that gets insurers up and running on the platform in a way that they can quickly build a modern data architecture starting on Day One,” comments Bruce F. Broussard Jr., managing director, Percipience. “The enhancements in this release will keep our customers running ahead of the pack with more self-service and custom analytics capabilities, as well as integration with cutting-edge generative AI applications that are penetrating our space today.”
The new release of Data Magnifier includes several self-service focused, customer-requested enhancements, such as the following, by the vendor’s description:
Self-Service Enablement and Documentation: Continued expansion of the online documentation by adding dashboards which provide detailed data lineage at the attribute level. This significantly extends the self-service capabilities of Data Magnifier and makes it easier for customers to identify where data originates, as well as allowing for the rapid creation and customization of new reports and dashboards.
Generative AI Integration: Data Magnifier’s IDA (Insurance Data Assistant) is a direct integration that allows subscribers to get answers to natural language questions, such as those related to policy, claims, and more, without having to search for a report or write a SQL query and regardless of whether there is an existing report or dashboard with that information.
Administration Console for Control: Data Magnifier’s Admin Console provides a consolidated set of browser-based application management capabilities to make Data Magnifier administration even more efficient. Now, subscribers can:
- Manage users and access rights;
- Configure, manage, authorize, and schedule integrations;
- View and manage integration validation errors;
- View and manage integration files at any status;
- View completed integrations and results; and
- Create and manage lists for custom values and validation.
Workflow Management: The addition of a new data mart, and multiple dashboards for workflow management and analytics supports underwriting and claims processes while increasing process transparency and team productivity.
Percipience describes Data Magnifier as built on industry standards and performs independently from all third-party core administration (policy, billing, and claims), reinsurance, accounting, MDM, CRM, and other software packages. “At a time where maximizing existing technology investments is critical to profitability, Data Magnifier is helping insurance organizations avoid expensive rip-and-replace initiatives by delivering previously inaccessible, siloed data to underwriters, actuaries, CXO, and operations leaders via dashboards which provide insights into performance against SLAs and process bottlenecks,” a vendor statement says.