Magnifact
Simplifying Actionable Insurance Data through AgentVizion

Magnifact was established as a solution to a long-standing problem in the insurance industry, thanks to the expertise of Krish Krishnan, a seasoned veteran with experience on both the carrier and third-party administration (TPA) sides.

Agencies and distribution channels often find it challenging to access crucial data from carriers. Recognizing this gap, Magnifact introduced AgentVizion, a groundbreaking platform tailored to meet the needs of a diverse array of stakeholders, from TPAs and carriers to marketing organizations, agencies, and individual agents.

The necessity for such a comprehensive solution becomes apparent considering the intricate relationships that characterize the insurance industry. For example, a large insurance company may oversee multiple carriers because of its complex organizational structure. Similarly, an agency may collaborate with many carriers to secure the most competitive rates for its clientele.

Magnifact is engineered to cut through these complexities. The DataIntelligent℠ partner for the insurance industry, it aggregates data across various facets of the business—pre-sales, post-sales, commissions, payments, applications, and production data from multiple carriers—into a single, user-friendly dashboard.

“While some companies have developed their own specialized subsystems, we offer a more comprehensive approach that spans the entire insurance landscape. Our platform is not limited to serving just agencies or distribution channels, but it provides end-to-end solutions that cater to every stakeholder in the insurance value chain,” says Krishnan, founder and CEO, Magnifact.

This is not merely a feature but a philosophy that shapes the patented platform’s ecosystem.

For instance, rather than diverting resources to develop standalone CRM systems or payment gateways, AgentVizion prioritizes seamless integration. It is designed to work harmoniously with existing, standard CRM systems and platforms, and offers smooth interfacing with back-office applications, policy administration systems, and industry organizations like Swift, CMS, and DTCC.

AgentVizion also offers a seamless integration with the sponsor system through a Single Sign-On (SSO) feature.

The Magnifact Command Center (MCC), serves as the vigilant guardian of the platform. MCC offers real-time insights into file transmissions, conducts quality checks, and manages errors.

It accurately traces the origins of files, identifies inconsistencies, and ensures accuracy in every aspect. Whether a delay in file transmission, formatting discrepancies, or accessibility issues, the MCC promptly alerts the back office, facilitating immediate corrective action.

But, the core strength of AgentVizion lies in its dynamic data transformation, superior visualization, 100 percent automation, and real-time notifications.

This is seamlessly integrated with a suite of specialized tools: MagniBot ensures complete automation, MagniFyle guarantees file transformation and normalization, and MagniVizion elevates the user experience through advanced data visualization.

For added visibility, the platform also comes with a specialized companion mobile app, AgentVizion2GO. Powered by push notifications and real-time alerts, this app enables the stakeholders to access real-time data on production and performance metrics on the go.

The DataIntelligent℠ partner for the insurance industry, it aggregates data across various facets of the business—pre-sales, post-sales, commissions, payments, applications, and production data from multiple carriers—into a single, user-friendly dashboard

For instance, if a policy with a benefit of $2.5 million is nearing a lapse date, push notification alerts the concerned parties to take immediate action. Or, if an e-application is declined or has pending requirements, an SMS notification prompts the user log into AgentVizion to review the application’s status. This particularly benefits agents or agencies monitoring performance across multiple carriers at the touch of a screen.

The platform’s efficacy is further substantiated by compelling ROI statistics from clients. One case study revealed a 34 percent increase in sales, thanks to agent growth and being able to identify sales expansion opportunities. Another significant metric is the 75 percent boost in operational efficiency and a 35 percent improvement in data quality through automation, addressing the outdated information often resulting from traditional reporting methods.

AgentVizion has also proven to be a strategic asset for recruitment and retention, evidenced by a 58 percent year-on-year agent growth for one company. By offering a tool for continual business metrics measurement, carriers, and agencies attract and retain more talented agents.

Magnifact’s commitment to bringing a nuanced approach to insurance data analytics is driving the future of insurance data management, where data intelligence is not just automated but magnified.