Percipience, Concirrus: Data analytics meets AI capabilities
Percipience, an insurance data and analytics platform, has partnered with the artificial intelligence (AI) insurtech Concirrus, to help commercial insurance clients accelerate their digital strategies.
Combining data analytics and AI capabilities
The partnership between Percipience and Concirrus sees both companies’ software products integrated, combining Percipience’s insurance data and analytics platform with Concirrus’ data and machine learning capabilities.
Per the integration of both platforms, insurance organisations will be able to make use of Percipience’s data solution and Concirrus’ Quest platform from one source.
The Quest Platform delivers pricing and operating efficiencies by interpreting datasets, combining these with submissions data and historical claims information to reveal behaviours correlating to claims.
Concirrus says this allows brokers and insurers to more accurately quantify risks, thus reducing losses while boosting profits.
Meanwhile, Percipience’s data solution is used on major cloud and data platforms including AWS, Microsoft Azure, Google Cloud and Snowflake.
A “compelling value proposition”
Both Concirrus and Percipience say the integration of both proprietary solutions – combining data and analytics with machine learning capabilities – has created an even more compelling value proposition for insurance organisations.
Bruce F. Broussard Jr, Managing Director for Percipience, notes: “Now more than ever, data and analytics need to be at the core of how insurers differentiate themselves in an increasingly competitive marketplace.
“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.”
Concirrus CEO Andrew Yeoman adds: “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.”
