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Percipience Consulting: Helping Insurers Own Their Data

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Bruce. F. Broussard, Jr. Co-founder, Percipience ConsultingBruce. F. Broussard, Jr. Co-founder
Data is currency in the insurance industry, and Percipience Consulting uses their ‘Data First’ strategy to deliver enterprise data and analytics solutions that empower insurers to take ownership of their data. Percipience’s Data First strategy puts data conformance, data management and data governance at the heart of any platform transformation and analytics initiative.

Unfortunately, the current reality for most insurers is that they still have colossal amounts of data spread across multiple disparate systems. Hence, they spend more than 80 percent of their effort extracting the data from those systems and trying to conform it into usable structures, and less than 20 percent of their effort generating business value from that data. Percipience enables insurers to flip that paradigm with products that make the data management processes routine and structures data in intuitive ways that insurance executives, actuaries, underwriters, and data scientists can all consume and translate into meaningful business insights.

Percipience arms insurers with the tools and capabilities required to gain a competitive advantage today and take advantage of the continually expanding data landscape in the future. The company’s co-founders, Bruce F. Broussard, Jr. and Ajay Kelshiker, have leveraged their decades of experience leading the development and implementation of multiple insurance data products to create a next generation data solution that is standards-based and independent from all vendor backend systems. Percipience’s solution, Data Magnifier, was introduced in 2019 to address a gap in the insurance data market, where most other products are either highly generalized and complex models requiring years to fully implementor are software products offered by core insurance software vendors that Percipience views as too closely tied to those vendors’ policy and claims products to provide insurers with a comprehensive and independent enterprise data solution.

Percipience’s flagship product, Data Magnifier, is based upon industry standards and supports both property & casualty and life & annuity insurers. It can operate on any platform, on premise or on anypublic or private cloud platform, including AWS, Azure, Google, and Snowflake. Percipience believes that Data Magnifier is the only insurance data solution that offers the flexibility to be implemented with any combination of integration, database, and visualization technologies. Broussard commented that “This unprecedented flexibility allows carriers to implement the solution using platforms and skills that they already have in-house, which accelerates their ability to support the system independently and reduces the total cost of their data ecosystem.” With implementations completed in months rather than years, Percipience believes that Data Magnifier offers the lowest total cost of ownership of any insurance data product.

Recognizing the continuous explosion of new data sources, Data Magnifier has been designed to be extended.

Ajay Kelshiker, Co-Founder
“The data available to insurers continues to expand rapidly, and we’ve architected Data Magnifier to be easily extensible so it can provide the enterprise data foundation that they need now and in the future,” commented Kelshiker. Percipience provides a full menu of consulting and support services but are increasingly finding that many insurers want the ability to operate independently and own their applications. Data Magnifier is built from the ground up to provide that option.

Our next-generation Data Magnifier platform allows insurers to own their data

Percipience Consulting’s team has led numerous successful implementations across the U.S., including data implementations at six of the ten largest U.S. property and casualty carriers and five of the ten largest life & annuities carriers. Data Magnifier implementations have realized savings in excess of 80 percent in data modeling and more than 50 percent in data integration. Thus, it should come as no surprise why Percipience is touted as a premier partner for insurance companies of any size and at any stage of their data and analytics journey.

Broussard and Kelshiker shared an instance when the company worked with a 12 billion dollars tier one property and casualty carrier, owning multiple insurance companies. With an expansive product range and countless policies, the insurer had failed on multiple attempts to create a data repository supporting their regulatory reporting capabilities. The insurer was in the middle of a complex modernization project that included consolidating their policy, billing, and claims platforms across all companies. Unfortunately, their existing reporting and analytics capabilities were not capable of supporting the new core platforms, and Percipience Consulting was selected to address the gap with Data Magnifier. “In their own words, it was the first successful data implementation that they’ve had in the last 20 years,” remarks Kelshiker.

In addition to Data Magnifier, Percipience also provides a wide range of end-to-end insurance data services. These services include complete data strategy support including objectives, architecture, and full business case and implementation plan development. Implementation services are also available for any insurance data project, regardless of the product involved. Percipience has deep expertise in integrating and extracting data form core systems, including historical data loads and reconciliations, and has integration experience with more than 100 different insurance applications. Percipience also works with insurers to improve the value realized through their reporting and analytics capabilities.

Basking in the success of their cutting-edge and first-of-a-kind insurance data platform, the company is now making Data Magnifier available on a pure SaaS basis and focusing on offerings that address specific challenges for insurers, such as regulatory reporting. For the road ahead, Percipience Consulting will continue to focus on their specialty area and be the go-to insurance data management and analytics solution provider.

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Top 10 Insurance Analytics Solution Companies - 2021
Percipience Consulting

Company
Percipience Consulting

Headquarters
New Orleans, LA

Management
Bruce. F. Broussard, Jr. Co-founder and Ajay Kelshiker, Co-Founder

Description
Percipience Consulting offers best-in-class insurance analytics platform that make the data management processes streamlined and structures data in intuitive ways that insurance executives, actuaries, underwriters, and data scientists can all consume and translate into meaningful business insights. Percipience’s flagship product, Data Magnifier, is based upon industry standards and supports both property & casualty and life & annuity insurers. It can operate on any platform, on premise or on any public or private cloud platform, including AWS, Azure, Google, and Snowflake. Moreover, Data Magnifier offers the flexibility to be implemented with any combination of integration, database, and visualization technologies