New Omniscience Solution Optimizes Life Insurance Risk Selection
Ultrafast Acceptance Decisions lead to Rapid Customer Acquisition and Long-Term Compounding Successes for Insurers
PALO ALTO, Calif.–(BUSINESS WIRE)–#Insurance–With the launch of its new OmniExtract customer intelligence solution, Omniscience makes it possible, for the first time, to make automated, rapid, and sophisticated life insurance underwriting decisions about new customers, regardless of whether the potential insured has a straight-forward or complex history. Up until now, only life insurance customers with simple health and personal data have been able to be acted upon quickly. More complex customers have required extended and nuanced decision-processing because the challenges of taking on high risk insureds could prove very costly to a life insurer.
OmniExtract digitizes data from scanned or faxed forms, photographs, and other formats. Content can be accurately extracted from diverse layouts and designs, low resolution documents, complex and varied tabular data; moreover, Chinese, Japanese, English, and bi-lingual forms are handled just as rapidly. In the past, this input has had to be manually transcribed, which is time-consuming, expensive, and error prone. OmniExtract is transformative for life insurance companies because speed of customer decision-making and acquisition is critical but can only be as fast as accurate data is available.
The fundamental benefit of OmniExtract is optimized risk-selection; all the factors influencing a prospective customer decision can be immediately known and considered. For example, an insurer can know immediately if a candidate for life insurance is healthy or has various health issues. Though both can be accepted for life insurance plans, each insured must be assigned the appropriate risk rating. This means that a company can both capture new business rapidly and make sound risk decisions for the long term.
“We are committed to enabling insurers to add new business quickly and without increased risk,” said Sunil Rawat, co-founder and CEO of Omniscience. “Since each new insured person represents an extended opportunity, OmniExtract serves as the onramp to a multidecade, compounding opportunity.”
Integrated with Full Computational Life Insurance Suite
OmniExtract is one element of the complete Omniscience Computational Life Insurance suite. All the components of this solution — underwriting, claims, customer intelligence, and many others — are integrated together. Therefore, every decision or action at every phase of the life insurance business process mutually optimizes every other action.
Omniscience (www.omniscience.com) is the first company to enable the Computational Insurance™ business. Because of unique breakthrough distributed technology that can process many layers of business and data complexity completely and rapidly, Omniscience customers can approach their businesses in entirely new ways. Instead of this complexity inhibiting good decisions, insurance customers can use the vast amounts of data from inside and outside sources to make good business decisions that continuously improve the entire company while increasing transactional speed. Ultimately, Omniscience Computational Insurance solutions optimize insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional Computational Enterprise™ markets will benefit from Omniscience to handle the chaos in their environments. Based in Palo Alto, CA, investors in Omniscience include Guardian Life Insurance Company of America, RGAX, TD Bank, Translink Capital, and others.
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