5 Mega-Services to Revolutionize the Industry
At Omniscience, we have reimagined the insurance company of the future based on the concept of Computational Insurance™, which positions Industry leaders to offer services in a completely new way. Computational Insurance humanizes your company by automating and optimizing data crunching, and leveraging the expertise and insights of your most valuable resource — your people. It is the humanity of your business that ultimately drives your company’s future, builds customer loyalty and identifies opportunities for growth.
One of the most essential elements of the Computational Enterprise is the ultimate goal of cross-organization mutual-optimization.
The mutual-optimization of the five mega-services that make up Computational Insurance help you reach unprecedented levels of cooperation and effective decision making. With Computational Insurance, your interrelated goals of increased revenue, lower claims, higher customer satisfaction, long term financial stability and adaptation to an ever-changing world are considered when making every decision, with a clear view of how each will impact the other elements of your organization.
The diagram above illustrates how the teams within your insurance company inform your business. An underwriting system that only uses underwriting data to train a machine learning system is destined to repeat the mistakes of the past. We incorporate claims data to include the ramifications and results of underwriting decisions. Actuarial guidance directs and guides the company towards its future, carefully integrating predictions of impairment prognosis or other changes in longevity into the decisions that build your business portfolio. Capital management puts the guard rails on the system, ensuring that decisions are made in compliance with business policy and regulatory constraints. Finally, Customer Intelligence guarantees that each decision is made with the most thorough and accurate profile of the customer. When all of these insights are aligned and optimized in real time, your organization can create a new operational paradigm to achieve greater success.