Overview
Data Magnifier is “Insurance Analytics in a Box”. It helps insurance carriers transform their businesses by creating immediate value from data. Simply pick your plan (see Plans and Pricing), provide the data, and start gaining deeper insights into your business! As a single platform offered as a service, Data Magnifier enables different insurance functions (including Underwriting, Actuarial, Policy Operations, Claims Operations, Audit, Accounting/Finance) taking advantage of the Azure Cloud to provide the performance and scale required by both large and small organizations.
Data Magnifier has pre-built reports, dashboards and analytic accelerators that allow you to quickly build a modern data architecture with our leading cloud data platform. It is architected to provide insurance organizations with secured and governed access to all data and eliminates the complexity, cost and constraints introduced with other approaches.
Data Magnifier supports a wide range of capabilities – from pre-built reports and analytics to data warehousing, data lake, AI and many others – allowing users to access as much data as they need with minimal effort from IT.
Key Features
OUT OF THE BOX FUNCTIONALITY - Data Magnifier covers more than 30 P&C lines of business and 10 life & annuities produts with pre-built reports, dashboards and analytic accelerators that allow you to quickly build a modern data architecture with our leading cloud data platform. It is architected to provide insurance organizations with secured and governed access to all data and eliminates the complexity, cost and constraints introduced with other approaches.
Data Magnifier supports a wide range of capabilities – from pre-built reports and analytics to data warehousing, data lake, AI and many others – allowing users to access as much data as they need with minimal effort from IT.
PLATFORM & TOOL INDEPENDENCE - Data Magnifier is architcted for the cloud and can be implemented on any cloud platform and with any combination of integration, database, and reporting/analytics tools. It has already been implemented by insurance organizations on AWS, Microsoft Azure, and Google Clouds, with databases including Snowflake, Microsoft SQL Server, PostgreSQL, and BigQuery. This independence allows insurance organizations to deploy Data Magnifier on the platforms where they already have resources and experience, dramitically easing adoption of the platform and reducing cost and complexity.
SaaS AVAILABLE - Data Magnifier is available in a pure SaaS model where Percipience manages the complete solution and could infrstructure so all you have to do is take advantage of the new insights into your business!
SELF-SERVICE ENABLEMENT AND DOCUMENTATION - A key differentiator for Data Magnifier is that subscribers get extensive documentation built into the product - data models, data dictionary, complete data mapping and lineage among other artifacts - that enable insurance organizations to manage their data directly and extend the product to meet their unique requirements. They can choose to complete extensions themselves or take advantage of services from Percipience or one of Percipience's consulting partners.
INTEGRATION EASE FROM ANY SOURCE - Data Magnifier is built upon industry standards to integrate with any insurance data source. It is independent of all vendor policy, billing, claims, reinsurance, accounting, MDM, CRM, and other software packages. As a result, Data Magnifier provides a true single source of truth, aggregating data from multiple sources and delivering a conformed and consistent platform to make all data available to the business when it is needed most. Data Magnifier's published JSON schemas provide well documented and easy to navigate targets to load data from any source. Subscribers have total control over and can choose to deliver data to Data Magnifier themselves or take advantage of services from Percipience or one of Percipience's consulting partners.
ADMINISTRATION CONSOLE PROVIDES CONTROL - Data Magnifier's Admin Console allows subscribers to control all aspects of the operation, from configuring users and permissions to controlling data integrations. On data integrations, the Admin Console allows subscribers to control what data is loaded and when it is loaded, as well as view the results of data that has been loaded or has failed to load because of any user configured rules.
ADVANCED ANALYTICS, ML, & AI SUPPORT - Data Magnifier establishes an enterprise data platform that makes reconciled data readily available for use by a wide array of uses from customer service and agent portals to advanced analytics, machine learning (ML), and artificial intelligence (AI) applications.
ChatGPT INTEGRATION - Data Magnifier's Ida (short for "Insurance Data Assistant") is a direct integration with our partner, Microsoft's, ChatGPT platform that allows subscribers to get answers to natural language questions about their insurance data. Questions on policy, claims, and any other area are answered quickly without having to search for a report or write a SQL query. Examples include where data has been loaded including what the written premium is over a period by line of business, or state, or distribution channel, or agency.
Key Benefits
1) LOWEST TCO - Data Magnifier's out of the box capability, self-service enablement, and platform and tool independence combine to provide Data Magnifier with the lowest TCO of any insurance data solution.
2) CORE SYSTEM AGNOSTIC - Data Magnifier supports structured data from any core insurance application (policy, billing, claims, reinsurance), accounting/financial system, CRM, MDM, or any other source. Data Magnifier enables insurance organizations to leverage best-of-breed strategies for core systems and still get the benefits of an integrated suite by consolidating and conforming all of the data in a single source regardless of how many source systems are in use.
3) PLATFORM AGNOSTIC - Deploy Data Magnifier on your strategic cloud platform and with the tools where you already have experience to leverage your existing investments and eliminate the obstacles to solution adoption.
4) CONTROL YOUR DATA - You always have complete control of your data solution with Data Magnifier, including the ability to extend the product to add data attributes and tables to the data model and databases, update integrations, and add new reports, dashboards, ML and AI applications. Data Magnifier is delivered with the same full documentation that you would have if you had custom built the solution yourself.
