THANK YOU FOR SUBSCRIBING
Insurance CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Insurance CIO Outlook
Ajay Kelshiker, Co-Founder and Bruce F. Broussard, Jr., Co-Founder The breadth and depth of data available today present unlimited opportunities for insurers to evaluate their business and spot market opportunities, but getting that data is often the biggest challenge. Wanting to be the owner and not just an enabler when it comes to their data solutions, most insurers attempt to build their own data assets and solutions. However, the approach needs to be cost- and time-effective, while providing value for the invested resources. Buying data software from a vendor is often the better alternative when it comes to ROI, but insurers want the freedom to enhance the software themselves without being trapped within its capabilities. It begs the question, is there an out-of-the-box working solution that also allows insurers to customize it?
Percipience answers the question with its Data Magnifier solution that represents a new generation of cloud native solutions for insurance companies that want to take full ownership of their data. “Data Magnifier is designed uniquely for insurers and is both a complete software solution and an accelerator for those who want to build more quickly with lower cost and risk,” says co-founder Ajay Kelshiker. It delivers the development materials and documentation of a self-built solution and is also an out-of-the-box working software with functionally aligned databases, staging areas, operational data stores, and data marts.
“Data Magnifier puts the full solution in the hands of our customers and empowers them to control how the solution evolves to take advantage of their unique products, capabilities, and priorities,” says Percipience co-founder Bruce F. Broussard, Jr.
By delivering all the software development artifacts with Data Magnifier, Percipience gives customers full control of a self-built solution. With 80 to 90 percent base capability out of the box, insurers can use Data Magnifier’s development materials to extend the product to differentiate and create a competitive advantage quickly and cost-effectively. The solution also greatly reduces the time it takes customers to learn the system and reduces the total cost of ownership.
A Potent, Multilayered Platform
New data sources and cloud-based platforms are constantly emerging in the insurance data market, and insurers are eager to take advantage of them. However, existing vendor packages offer little opportunity to keep up with those advances. With Data Magnifier, insurers can leverage their data on any platform, using the tools they prefer. Data Magnifier is independent of any backend core insurance system, which allows it to integrate with any data source, whether they are vendors, homegrown systems, or third-party applications and sources. It gives insurers the flexibility to use policy, billing, claims, reinsurance, or accounting systems that fit their business requirements without being constrained by the vendor or integration limitations of their data software.
Data Magnifier is offered in a way that uniquely solves a common problem for insurers. They often have some data components that work well for their business but they lack a complete data solution.
Data Magnifier’s components consist of three layers; the first a set of prebuilt and fully documented reports, dashboards, and analytics applications. The platform’s core layer includes data repositories in the form of data lakes, an operational data store, and data marts. Its final layer addresses integration with prebuilt assets and accelerators that can be leveraged in any integration tool, allowing insurers to work with the packages where they have the most experience and existing components.
In addition to the out-of-the-box reports, dashboards, and applications, Data Magnifier makes data available to third-party applications, enabling insurers to take advantage of the broader universe. While many vendors offer these capabilities across multiple software packages, Percipience offers insurers a complete data solution in Data Magnifier, delivering the supporting development assets and artifacts. Percipience has experience integrating with more than 100 different source applications and has accelerators to reduce the time and cost of connecting to many vendor systems.
Data Magnifier is already implemented on all major cloud platforms—Microsoft Azure, Google Cloud, and AWS—and on-premise. It is also implemented with a variety of database technologies, including SQL Server, BigQuery, and Snowflake. Clients can also use any data integration and data visualization tool, allowing them to deploy Data Magnifier on their preferred architecture to accelerate solution adoption. Percipience also offers a SaaS version of Data Magnifier for customers that want the functionality but prefer to have the application and environments managed for them.
Broussard and Kelshiker have worked together in the insurance data space for more than 20 years and were involved in multiple successful insurance data implementations.
That experience helped shape the idea for Percipience. Having witnessed firsthand the challenges that insurers face with traditional data solutions, they designed Data Magnifier to take advantage of the opportunities presented by an unlimited expanse of data. Their goal was to provide an easier, more cost-effective, complete, and flexible data solution for insurers.
As smaller insurers may not have the staff and capability to implement a full data solution, Percipience goes the extra mile for them by offering complete implementation services. Data Magnifier also helps larger insurers that need accelerators to help them build a full data solution. Percipience has had tremendous success with numerous clients who were able to completely implement the solution themselves after only two weeks of training.
Over the years, Broussard and Kelshiker have delivered more than 70 successful insurance data implementations, often for companies that had failed in multiple prior data projects. One example is a tier one insurer with multiple brands that had made three prior attempts to build a solution with the initial scope of consolidating their regulatory reporting across their brands. After a subsequent failure with a partner, the client approached Percipience, which helped them in the first phase, fully implementing their three lines of business and getting them into production with Data Magnifier. The client took ownership of the solution and completed the subsequent implementation phases themselves, including extensions to the Data Magnifier data models.
Data Magnifier Is Both A Complete Software Solution And An Accelerator For Insurers Who Want To Build
Reflecting their growth and continued investment in Data Magnifier, Percipience recently opened an office in Hyderabad, India to provide additional resource capacity as well as to provide cost flexibility for client implementations.
With Data Magnifier’s unique capability of allowing customers full control of their data solution, Percipience is truly ushering in the next generation of insurance data solutions.
|
Share this Article:
Tweet
|
Company
Percipience
Headquarters
New Orleans, LA
Management
Ajay Kelshiker, Co-Founder and Bruce F. Broussard, Jr., Co-Founder
Description
Percipience’s Data Magnifier represents a new generation of insurance data solutions and is the answer for insurance companies that want to take full ownership of their data. Designed uniquely for insurers, Data Magnifier is an end-to-end platform that is both a complete software solution and an accelerator to reduce the cost and risk for insurers that want to build.
