Insurance is all about data – it is the key enterprise asset.

Insurers must effectively manage policy, premium, and claims data, but differentiate themselves with ever more detailed classifications, demographics, external and benchmark data to exploit new opportunities, cross sell, price, and manage risk.  Magnitude provides a solid yet agile foundation to allow companies to effectively manage, govern, and deliver high-quality reporting and analytics in the context of a changing business.

Key analytics insurers want to understand include:

  • Which customers and which products are most profitable?
  • What can be done to improve customer retention?
  • Are we effectively managing our agent/broker channels?
  • Have we considered all the risks and how do they change over time?
  • Are we in compliance with regulations?

Using Magnitude, insurers of all types – from P&C to Life to Health to Reinsurance – can deliver timely, accurate and complete views of their customers, products and risks across the entire organization.

The Magnitude Solution

Magnitude offers a software solution for data management that addresses the primary areas of concern with respect to an insurer delivering data that is complete, accurate and appropriate in their internal model.

Data Framework

Magnitude offers a business-model-driven end-to-end process for capturing requirements, storing and processing data without gaps in how the data is sourced, controlled, defined and used. A data policy approach delivers a governance capability that allows you to develop data quality rules and standards, and monitor data quality compliance to policies over time. A master data management capability ensures consistent identifiers for claims, insured parties, locations, products, etc. used across multiple actuarial, claims, policy administration and broker systems, which delivers high-quality data used in calculations. A workflow-driven process enables governance over the policies and rules as well as authorization and approval at the necessary management levels for your program.

Data Warehouse

Magnitude includes a data warehouse automation capability that is driven by a pre-built insurance business information model that you can customize for your precise needs. Both the model and the data are governed to ensure integrity. Developing and maintaining the data warehouse is done in an automated way, minimizing manual effort, enhancing agility and speeding time to value. Magnitude also includes a capability to automatically generate and maintain the metadata to feed Business Intelligence reporting tools commonly used to deliver reports and analyses.

Data Dictionary

The Magnitude business information model (BIM) acts as a common data dictionary and language between IT and business people, enhancing collaboration and understanding among both constituencies. Magnitude BIM includes an ability to make annotations that serve as explanation and commentary on assumptions. The entire model serves as documentation as to what is in the data warehouse. Furthermore, Magnitude BIM directly maps to and drives the end-to-end process so that there is consistency and transparency for information management. As requirements mature and change, the business information model allows you to rapidly adjust the content so that your efforts to keep current with changing requirements are done with the least effort and the most accuracy.

Data Quality

Your input data to the internal model will come from multiple source systems and it is likely that it will be different in each source. For consistency, it is critical to develop data policies that dictate the level of data quality needed and to ensure a process is in place to track and measure compliance with those policies. If invalid data is found, it is then important to have a process in place to remediate that bad data so it does not infect your models. Magnitude offers capabilities to create and manage data policies at any level in the organization, operationalize the process of governing the data to conform to the policies, and measure and improve compliance with the policies. To remediate bad data, Magnitude offers a master data management capability that allows you to set data validation rules, match data from multiple sources, and route invalid or mismatched data via workflow alerts to your data stewards for remediation. The process is fully configurable and can include multiple levels of approval and authorization, as well as escalations to ensure timely resolution. Additionally, an intuitive business user interface enables easy access to master data by non-technical participants so they can easily participate in the process of ensuring consistent, accurate and appropriate data.

IT Systems

The Magnitude solution provides a business-model-driven, end-to-end process so insurers have a coordinated, structured solution for data management. Magnitude can enable companies to consolidate their spreadsheet-based data into a single environment to deliver enhanced control and governance over the data content and quality while minimizing the risk of bad data infecting the compliance process. Additionally, reports can still be delivered in Excel and other environments familiar to business users. Using Magnitude as the data management platform will deliver a more coordinated overall data management strategy that can increase an insurer’s ability to provide trusted, consistent and accurate information to comply with their directive.

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More Solutions

See more details on Insurance solutions for:

Life Insurers
Solvency 2

© Copyright 2017-2018 Magnitude Software, Inc. All rights reserved. Magnitude Software is a registered trademark of Magnitude Software, Inc. in the U.S. and other countries. All other product and company names mentioned herein are used for identification purposes only and may be trademarks/registered trademarks of their respective owners

Chris Ney

Chairman and
Chief Executive Officer

Chris oversees Magnitude Software’s overall corporate vision and strategic direction.

As Chairman and CEO, Chris leads Magnitude Software’s corporate vision and strategic direction, driving the company’s acquisition, integration and growth strategies to extend the company’s global reach. Under his leadership, Magnitude Software has developed an unparalleled customer experience, strengthened its culture of innovation, and greatly increased profitability and shareholder value. In September 2014, Chris successfully secured up to $100 million in capital to further build Magnitude Software through product innovation, organic growth and strategic acquisitions.

Ney was previously Co-Founder and President of Silverback Enterprise Group, where the team completed the strategic acquisition of nine industry-leading enterprise software companies and leveraged their synergies to build two powerful new entities: Magnitude Software and Upland Software. Magnitude Software offers a family of award-winning solutions for enterprise performance management, master data management and data connectivity. Upland Software (Nasdaq: UPLD) went public in late 2014 and is a leading provider of cloud-based enterprise work management software with over 2,000 active enterprise customers and more than 235,000 active users in more than 50 countries.

Prior to co-founding Silverback, Ney was CEO of a series of Trilogy/Versata portfolio software companies. He previously served as Chairman of the Board, CEO and Founder of CoreTrac, a financial services CRM software company. Ney began his career working for investment banking firms Lehman Brothers and UBS.

He holds a Bachelor’s Degree in Economics from Texas A&M University.

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Kevin Mischnick

Senior Vice President,
Finance and Accounting

Kevin oversees global financial operations for Magnitude Software.

Bringing more than 25 years of financial experience to Magnitude Software, Kevin is responsible for a number of areas of the business, including Finance, Accounting, Legal and Information Technology.

Kevin’s background includes building and transforming financial teams into high-performing units, implementing systems and processes focused on cost savings and efficiency, and raising nearly $100 million in investor capital. He served as Senior Vice President of Finance for Multimedia Games Inc. and Capstar Broadcasting Corporation. Under his financial leadership, the market values of both companies increased more than tenfold.

Kevin is a certified public accountant and holds a Bachelor of Business Administration in Accounting from Texas Tech University.

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Laurie Dahlgren

Laurie Dahlgren

Global Vice President, People Operations

Laurie oversees HR strategy, talent acquisition, employee engagement and organizational development.

As Magnitude Software’s global people operations leader, Laurie drives initiatives that empower an engaged, high-performing workforce, in alignment with business goals and in support of rapid business growth.

Laurie brings extensive leadership experience across multiple industries and companies at different stages and sizes, including working with employees in 30 countries across 70+ locations. Prior to joining Magnitude, Laurie served as Vice President of People at Mirantis, a leader in open cloud infrastructure. Previously, she was Vice President of Human Resources at Meltwater, a global SaaS company engaged in media intelligence. She held leadership roles with several Silicon Valley venture-backed, technology companies before relocating to Austin, TX in 2017.

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Bill Stephens

General Manager, Magnitude Applications

Bill leads the Magnitude Applications business, driving strategic direction, product and service execution, revenue growth and customer engagement across Magnitude’s applications portfolio.

A seasoned IT and consulting executive with a 20-year track record leading teams to drive customer success across diverse industries, Bill previously served as BIAS’ Vice President of Services overseeing the successful delivery of solutions across the Public Sector and Commercial markets. Prior to BIAS, Bill served for over a decade at Oracle Corporation as an applications consultant, project manager, senior operations director, and consulting executive.

He developed the foundation of his leadership skills while serving as a Cavalry Scout in the Kentucky Army National Guard.

Bill holds a Bachelor of Science in Finance from the University of Louisville.

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Tony Fisher

General Manager, Magnitude Integration

Tony leads the Magnitude Integration business, driving strategy, revenue, product and operations as well as leveraging and integrating our Simba- and Innowera- based technologies for new Magnitude solutions.

An accomplished data management and big data marketplace leader, Tony previously served as the SVP, Business Development & Strategy at Zaloni, an award-winning enterprise data lakes management provider; prior to that role, he was Vice President, Data Collaboration & Integration at Progress Software, where he led the business line’s strategic direction and operations.

Prior to Progress, Tony was the CEO of Dataflux Corporation. He also served as Director of data warehouse technology at SAS. A key technology leader at SAS, Tony provided the engineering research and development direction that helped make SAS the market leader in data warehouse software sales.

Tony earned a Degree in Computer Science and Mathematics from Duke University.

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Darren Peirce

Chief Technology Officer

Darren spearheads the development, execution and management of strategic opportunities and key customer accounts across our portfolio.

As Magnitude’s technology guru and evangelist, Darren is critical to building on our position as a leading provider of software and services that help organizations tackle the challenges and opportunities inherent in digital information management.

Previously, Darren served as CTO and Group Vice President of Product Management at Kalido; prior to that role, he was the Lead Solutions Architect and Manager of Professional Services in the United Kingdom. He also worked in senior consulting positions for companies such as Royal Dutch Shell and British Telecom.

Darren received a degree in Management from Intec College in Cape Town, ,South Africa, and studied Economics at the University of Stellenbosch.

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Mihir Shah

Executive Vice President,
Corporate Development and Strategy

Mihir is responsible for Magnitude Software’s acquisition and organic strategy.

Mihir has over a decade of experience leading acquisitions and strategy. During this period, he led several public and private company acquisitions, divestitures, and minority and majority equity investments.

Previously, Mihir was M&A Executive for IBM’s Information Management Software division, executing IBM’s inorganic strategy through M&A and strategic partnerships. He also served as Operating Executive for private equity firm, Golden Gate Capital, and as Vice President for Corporate Development at Aspect Software.

Mihir holds an MBA from the University of Chicago Booth School of Business and Master of Science from Worcester Polytechnic Institute.

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Karen McPhillips

Vice President,
Marketing

The mind that opens to a new idea never returns to its original state

Karen McPhillips drives marketing strategy and operational execution to grow the company profile, revenue and market position.

Leveraging 20+ years of transformational marketing experience, Karen fuels Magnitude’s corporate and existing portfolio marketing, collaborating to maximize the company’s business strategy while also supporting integration of acquired products and services.

Karen has served on leadership teams of public and private companies of all sizes, transforming marketing functions and generating both tangible and intangible value. Most recently at PlumChoice, she and her team repositioned the brand and metamorphosed the marketing function in support of the company’s pivot from IT support provider to leader in the cloud services and Internet of Things spaces. At Iron Mountain and its technology arm, Iron Mountain Digital, she created new marketing functions, introduced the marketing operations discipline, and spearheaded a closed-loop leads-to-revenue framework coupled with a brand-to-demand communication platform that raised the bar on marketing’s revenue influence. Prior to Iron Mountain, Karen held marketing leadership roles with SaaS back-up leader, Connected Corporation (acquired by Iron Mountain), and SilverStream Software, contributing to the company’s IPO and acquisition by Novell.

Karen earned a Bachelor’s degree in Journalism from St. Michael’s College in Vermont.