Omniscience Launches First Life Insurance Underwriting Automation Suite Designed for Today’s Highly Complex Business Environment
Summary
PALO ALTO, Calif.--(BUSINESS WIRE)--Omniscience today announced a new software suite that will, for the first time, automate life insurance underwriting decision-making by taking into account the many layers of complexity, breadth of data, and need for immediacy that modern providers face. Specifically, by using new underlying technology from Omniscience, this suite can accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result. Up until now other software options, including rules engines and expert systems, have not been able to handle high dimensions of complexity or provide continuous business improvements. But up until now the broadly available technology used by insurers (as well as most mid-sized and large businesses) has been unable to handle these systemic changes: there are simply too many datasets that need to be analyzed immediately and on an ongoing basis for current software and services. Based in Palo Alto, CA, investors in Omniscience include Reinsurance Group of America, Guardian Life, TD Bank, Translink Capital, and others.