Percipience LLC Company Profile

Background

Company Overview

Founded in 2020, Percipience LLC is an insurtech firm specializing in data and analytics solutions tailored for the insurance industry. The company's flagship product, Data Magnifier, is designed to transform disparate data sources into actionable insights, enabling insurers to enhance decision-making and operational efficiency. Percipience's mission is to empower insurance organizations by providing comprehensive, platform-independent data solutions that integrate seamlessly with existing systems. The company has been recognized for its rapid growth and innovation, being named one of the "30 Fastest Growing Companies to Watch in 2023" by Global Business Leaders magazine.

Key Strategic Focus

Core Objectives and Specialization

Percipience focuses on delivering data and analytics platforms that are agnostic to core systems, allowing insurers to leverage existing technology investments without the need for extensive system overhauls. The company's primary specialization lies in providing solutions that unify data from multiple sources, thereby enhancing underwriting, actuarial analysis, policy operations, claims management, and financial reporting.

Key Technologies Utilized

Data Magnifier Platform: A comprehensive data and analytics solution that integrates with any cloud platform and database, including AWS, Microsoft Azure, Google Cloud, and Snowflake.

Integration Accelerators: Pre-built assets that facilitate rapid integration with various insurance data sources, reducing implementation time and costs.

Primary Markets Targeted

Percipience primarily serves the property and casualty (P&C) insurance sector, offering solutions that cater to a wide range of lines of business. The company's products are designed to be scalable and adaptable, making them suitable for insurers of varying sizes and operational complexities.

Financials and Funding

Funding History

As a privately held company, specific details regarding Percipience's funding history are not publicly disclosed. However, the company's rapid growth and client acquisition suggest a strong financial foundation.

Utilization of Capital

Percipience has strategically invested in product development, expanding the capabilities of Data Magnifier, and enhancing its integration features. The company has also allocated resources towards expanding its global presence, including the establishment of an office in Pune, India, to support a growing client base.

Pipeline Development

Key Product Developments

Data Magnifier Enhancements: Continuous updates to the platform, including the addition of new reports, dashboards, and analytics applications to meet evolving client needs.

Actuarial Data Mart: Introduction of a specialized data mart to support advanced actuarial analysis and reporting.

Anticipated Milestones

Percipience plans to further expand the capabilities of Data Magnifier, with upcoming releases focusing on enhanced self-service functionality and support for generative AI applications.

Technological Platform and Innovation

Proprietary Technologies

Data Magnifier: A core-system agnostic platform that consolidates data from multiple sources into a unified repository, providing insurers with a comprehensive view of their operations.

Significant Scientific Methods

Machine Learning Algorithms: Integration of machine learning capabilities to enhance data analysis and predictive modeling within the insurance domain.

Leadership Team

Key Executives

Bruce F. Broussard Jr.: Co-Founder and Managing Director. With over 25 years of experience in insurance data and analytics, Broussard previously led IBM's global insurance data products and services and founded Insurity's Data Solutions Division.

Ajay Kelshiker: Co-Founder. Kelshiker has a distinguished career leading insurance data and analytics implementations at market leaders including PwC and IBM.

Leadership Changes

As of the latest available information, there have been no significant changes or appointments within Percipience's leadership team.

Competitor Profile

Market Insights and Dynamics

The insurance data and analytics market is experiencing significant growth, driven by the increasing need for insurers to harness data for competitive advantage. The adoption of cloud-based solutions and advanced analytics is reshaping the industry landscape.

Competitor Analysis

Key competitors in the insurance data and analytics space include:

Guidewire Software: Offers a suite of insurance software products, including data analytics solutions.

Duck Creek Technologies: Provides core system solutions with integrated data analytics capabilities.

Insurity: Delivers cloud-based software and analytics solutions for the insurance industry.

These competitors focus on providing comprehensive platforms that integrate core insurance operations with data analytics, aiming to enhance operational efficiency and decision-making.

Strategic Collaborations and Partnerships

Notable Partnerships

Concirrus: In May 2023, Percipience partnered with Concirrus, an AI insurtech firm, to integrate their software products. This collaboration combines Percipience's Data Magnifier with Concirrus' big data and machine learning capabilities, offering enhanced value to insurance organizations.

Operational Insights

Strategic Considerations

Percipience's platform independence and flexibility in integration provide a distinct competitive advantage, allowing insurers to adopt the solution without overhauling existing systems. This approach reduces implementation time and costs, positioning Percipience favorably against competitors that may require more extensive system changes.

Strategic Opportunities and Future Directions

Strategic Roadmap

Percipience aims to continue expanding the capabilities of Data Magnifier, focusing on incorporating advanced analytics, machine learning, and AI functionalities. The company also plans to extend its market reach by targeting additional segments within the insurance industry and exploring opportunities in international markets.

Opportunities for Expansion

Geographical Expansion: Building on the establishment of an office in Pune, India, Percipience is exploring further international markets to broaden its client base.

Product Diversification: Developing new features and modules within Data Magnifier to cater to emerging needs in the insurance sector, such as regulatory compliance and risk management.