Palo Alto-based firm Omniscience has announced a new software suite designed to automate life insurance underwriting decision-making.
By using new underlying technology from Omniscience, this suite is designed to accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result.
Omniscience notes how the issues facing life insurance underwriting have grown exponentially over the past few years.
The COVID-19 pandemic, meanwhile, has multiplied the factors companies need to account for in their current environment.
“Our customers, many of whom are in Asia, are reporting that they are experiencing a dramatic increase in their workloads,” said Sunil Rawat, Co-founder and CEO of Omniscience.
“There are both many more claims due to the pandemic and more applications for life insurance than in the past.”
“In reality,” explained Tom Niermann, Omniscience Vice President of Product. “The level of complexity facing life insurers has grown in many dimensions over the past few years.
“These pressures, combined with the dramatic stresses from Covid-19, just makes this environment even more challenging.”