Percipience, an InsurTech data and analytics software provider, and Coaction Specialty Insurance Company (Coaction Specialty), a subsidiary of B Corporation-certified insurance holding company Coaction Global, have partnered.
Coaction Specialty will utilise Percipience’s platform independent data and analytics solution, Data Magnifier, to establish a new enterprise data hub.
The partnership is driven by Coaction Specialty’s need for a quick and efficient data model and reporting solution as part of their digital transformation initiative. Based in Morristown, New Jersey, Coaction Specialty specialises in specialty property and casualty (P&C) coverages. The company differentiates itself through a focus on underwriting expertise, focused distribution, innovative products and services, and a commitment to providing true customer value.
Percipience provides a core-system agnostic Data Magnifier platform that 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. Percipience helps insurance organisations leverage existing technology and systems to deliver relevant data insights to underwriters, actuaries, CXO, and operations leaders.
Coaction Specialty is a wholly owned subsidiary of Coaction Global. It provides a range of property and casualty solutions to customers across the United States through its insurance company subsidiaries. Coaction Specialty has chosen to deploy Data Magnifier on Amazon Web Services (AWS) and the PostgreSQL open-source database, utilising their existing technical stack investments. The company is implementing the product themselves following less than one week of training from Percipience.
Bill Hart, CTO for Coaction Specialty, said, “Percipience offers an end-to-end solution that provides speed to delivery, comprehensive data insights in the insurance space, and a vehicle to govern our data. Data Magnifier provides the guard rails to deliver robust insurance solutions with the flexibility for our company-specific data needs. You can definitely tell insurance experts were in the room when designing this product. Data Magnifier follows insurance industry standards, but organised in a manner that facilitates rapid implementation and development.”
Bruce F. Broussard Jr., managing partner at Percipience, said, “Specialty insurance is a strong segment for Percipience and Data Magnifier. Part of the reason Coaction selected us was a desire to own their data solution, and we are proud that the product and documentation are allowing them to join the group of our clients who are implementing and controlling their solution end-to-end. While supporting them if needed, we’ll continue to focus on expanding the product to add more value for Coaction Specialty and all our clients.”
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