Data Dexterity Builds the Best Insurance Skyscrapers
May 15, 2024 — Before you build a skyscraper there are steps that must be taken. It’s common sense, right? Permits, site preparation, excavation, and foundation work are all on the to-do list before a single steel girder goes up. Just like corporations prepping for that skyscraper build, today’s insurance organizations are all evaluating ways to put generative artificial intelligence (GenAI) to work. But, unlike building a skyscraper, insurance organizations aren’t exactly starting from scratch. Unless we are talking about a greenfield insurance company or MGA startup, there are decades of disparate data strewn throughout a multitude of siloed systems both new and old to be navigated. As with the skyscraper, extensive site prep, excavation, and foundation work are all going to be necessary before generative AI can produce a business benefit while working around and with legacy and more modern data sources.
Celent’s Head of Insurance for North America and resident superstar Karlyn Carnahan recently commented that “GenAI is the hottest topic in the industry. Key to successful deployment is an investment in a holistic data strategy with access to all data across an insurer’s portfolio of solutions. An embedded data and analytics strategy with seamless integration into existing systems and workflows across applications broadens the value and impact of the types of analytics a carrier can deploy. The fast and effective implementation of advanced GenAI technology opens new possibilities for improving and optimizing insurance operations.” We couldn’t agree more.
Percipience’s Data Magnifier provides the fastest and most cost-effective path to establishing your AI data foundation. It is a functionality-forward data and analytics platform built on industry standards and is deployed on any cloud platform and toolset to align your existing architecture and stack. Data Magnifier is also independent from all third-party core administration (policy, billing, and claims), reinsurance, accounting, MDM, CRM, and other data sources; easily integrating with any data source and preventing vendor lock-in. At a time where maximizing existing technology investments is critical to profitability, Data Magnifier is helping insurance organizations organize, access, utilize, and monetize existing and new or third-party data. Data Magnifier is core system agnostic and capable of rapidly delivering previously inaccessible, siloed data to underwriters, actuaries, CXO, and operations leaders via dashboards which provide insights into performance against SLAs and process bottlenecks.
Percipience relies on decades of insurance data experience to build a modern data architecture and a solid foundation for integration with cutting-edge new GenAI applications starting on Day One.
Contact me to find out how Percipience can help you create a competitive advantage for your insurance organization!
Percipience is an insurtech data and analytics software provider, whose core-system agnostic Data Magnifier platform quickly transforms siloed data from multiple sources into a competitive advantage. Data Magnifier’s comprehensive integration, data management, and reporting components can be deployed on any cloud platform and database. Delivered with the detailed documentation of an in-house developed application, insurers have full control of the solution and are empowered to own their data. Percipience’s “start where you are” approach provides flexibility to preserve the investments made in existing assets and select only the Data Magnifier components needed to “fill in the blanks” for a comprehensive data platform. For more information, please visit www.percipience.com.
