Percipience LLC, an insurance data and analytics platform provider, and insurtech Concirrus have announced a new partnership aimed to expand data capabilities for insurers.
According to the announcement, this partnership brings together the best of breed data analytics and Artificial Intelligence (AI) capabilities.
It combines Percipience’s comprehensive insurance data and analytics platform with Concirrus’ big data and machine learning capabilities to provide an even more compelling value proposition for insurance organisations.
“Now more than ever, data and analytics need to be at the core of how insurers differentiate themselves in an increasingly competitive marketplace,” said Bruce F. Broussard Jr, Managing Director for Percipience.
“Unfortunately, most insurers struggle to drive value from the data buried within all their applications. Data Magnifier puts insurers in control of their data by establishing a comprehensive data platform and delivering meaningful business insights.
“Our partnership with Concirrus adds AI analytics and digital capabilities to Data Magnifier, greatly increasing the power of the platform while also reducing the total cost of ownership.”
Percipience offers the only insurance data solution available on all major cloud and data platform offerings, including AWS, Microsoft Azure, Google Cloud, and Snowflake, the company explained.
Concirrus’ Quest delivers pricing and operating efficiency benefits. The platform accesses and interprets wide-ranging datasets, combining them with submissions data, historical claims information to reveal the behaviours that correlate to claims.
The results enable insurers and brokers to quantify risk more accurately, as well as reduce losses and boost profits. Quest also makes new, powerful, and differentiated product propositions a reality.
Andrew Yeoman, CEO at Concirrus commented: “Partnering with Percipience allows us to efficiently gather information from an insurer’s back-office platforms and provide a far more powerful and integrated technology solution.
“Data Magnifier greatly expands the data available for Quest to leverage in driving improved risk and claims management for our clients. We’re looking forward to working with Bruce and the Percipience team to help our clients exploit their data assets.”