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OMNISCIENCE RECEIVES KEY PATENT FOR FIRST USE OF AUGMENTED REALITY (AR) FOR THE COMPUTATIONAL ENTERPRISE

Palo Alto, CA – July 31, 2020Omniscience today disclosed that it has been granted a patent for the first use of Augmented Reality (AR) for a key Computational Enterprise™ enabling application. The Computational Enterprise is a next-generation model for modern businesses.

This patent allows businesses to capture and process hand-written or typed material using a cell phone or mobile device. With this capability, end-customers and consumers can provide substantial information to insurance companies or other business that need information about their customers. This data-liberation advance is one of many technologies that underpin the Omniscience platform.

“The future of nearly all enterprises is to be able to use the vast amounts of data – from consumers, information agencies, medical sources, regulators, and the entire company – regardless of its original format or medium -- to tailor the services offered to individual customers,” said Manu Shukla, Co-Founder and CTO of Omniscience. “The capability made possible by this patent makes it easy for customers to provide their personal information in a private, digitized manner and is a critical entry point for our vision of the Computational Enterprise.

One of the breakthroughs in this patent is to use principles of augmented reality to digitize the data from each form, regardless of its complexity, at the source. These techniques have been used in the past for mapping, check deposits, and games but never for multifaceted business forms.

About Omniscience

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, TD Bank, Translink Capital, and others.

OMNISCIENCE TECHNOLOGY CHOSEN BY MAJOR JAPANESE LIFE INSURANCE COMPANY

Sompo Himawari Uses Omniscience Artificial Intelligence as Part of new Consumer Service

Palo Alto, CA – July 9, 2020Omniscience today disclosed that Sompo Himawari Life Insurance Company has adopted Omniscience artificial intelligence (AI) technology as part of a new consumer service. This Omniscience technology is an important onramp for Computational Insurance™.

“An entirely new business model is needed for the insurance industry which faces challenges and stresses from more directions than ever before,” said Pallavi Ramnarain, Omniscience Vice President of Business Development & Strategy. “The ability to use, verify, and manipulate every piece of information digitally is an important element of Computational Insurance.”

The Omniscience AI being used by the newly announced Sompo Himawari Linkx Health Tri service provides the ability to retrieve Japanese language health screening data from images – giving Sompo Himawari a way to better understand its customers. This Omniscience capability complements its systematic suite of Computational Insurance products and technologies currently being launched by the company.

“We are very proud to be working with Sompo Himawari in Japan,” said Sakuya Morimoto, Omniscience Vice President for Japan.

About Omniscience

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, TD Bank, Translink Capital, and others.

OMNISCIENCE LAUNCHES FIRST LIFE INSURANCE UNDERWRITING AUTOMATION SUITE DESIGNED FOR TODAY’S HIGHLY COMPLEX BUSINESS ENVIRONMENT

Covid-19 Pandemic Underscores the Life Insurers Challenges

PALO ALTO, CA – APRIL 20, 2020 – 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.

The issues facing life insurance underwriting have grown exponentially over the past few years. These result from the constantly updated availability of data from diverse sources, the evolving regulatory environment in each country, and market growth. Simultaneous to this, the number of experienced underwriters has not grown at the same rate. The Covid-19 pandemic 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.” This change in demand has put unexpected pressure on carriers.

Moreover, according to The Wall Street Journal on March 11, 2020, the pandemic has created new, unanticipated and sudden pressures: “US life insurers have taken it on the chin during the novel coronavirus epidemic. But . . . the unprecedented collapse in bond yields is the financial risk that investors and analysts are fretting over. . .” This means life insurers are impacted by investment losses, policy losses, and other business pressures in addition to the systemic pressures that have been emerging over the past few years.

“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.”

About the Omniscience Life Insurance Underwriting Automation Suite

Simply put, Omniscience Life Insurance Underwriting Automation Suite can handle both the breadth of data from many sources and the new, multifaceted demands of today’s life insurance providers. Until now, life Insurance software has only handled some of the data and very few of the many layers of business issues providers face. This new underwriting suite was designed to accomplish the following:
• Replicate the judgement and decision skill of senior underwriters;
• Dramatically speed (1000 times or more) accurate new customer underwriting, review, and acceptance – even where broad arrays of complex medical or alternate (i.e. fluidless) data is used;
• 90% cost reduction per decision;
• Continuous improvement of risk selection and explainability;
• Continuous identification of new, previously unseen opportunities for product development.
This summary of capabilities is differentiated from existing life insurance underwriting software. 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. (See Chart.)

The Omniscience Risk engine is at the heart of the entire suite. It ingests data from many possible sources, including health records and APS. Among the components of the suite are digitization of all available data, a fully customizable third-party data collection and integration tool, and underwriter decision support and audit tools.

Unique Omniscale Technology Foundation Makes this New Computational Insurance Suite Possible

Several years ago, Omniscience saw that many decisions in modern and future businesses cannot be based solely on the facts of a discrete transaction and its impact on a specific business unit or line of business. Many decisions must integrate the complexities of both the individual transaction and the needs of the entire business both in the near term and long term.

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. Omniscience’s core Omniscale® Technology is designed to handle the new, vast amounts of data across many datasets and can accommodate the complexities of Computational Insurance.

Explained Rawat, “We hope that our many years of work on this new product suite can be combined to be helpful to customers facing the unanticipated complexities of today’s pandemic as well as their long-term business demands.”

About Omniscience

Omniscience (www.omniscience.com) is the first company to handle and decipher complex, hyperdimensional data sets without any approximations. This enables customers to make accurate business decisions, and find new, well-timed opportunities. The Omniscale computing model combines mathematical transformations, advanced AI and unique distributed computing to help insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional markets will also be able to use Omniscience to decipher the chaos in their environments. 

INSURANCE INDUSTRY LEADERS MAKE STRATEGIC INVESTMENTS IN OMNISCIENCE

RGAX and Guardian Life Invest to be Well Positioned for the Future

Palo Alto, CA – March 9, 2020Omniscience today announced that both RGAX, LLC and Guardian Life Insurance Company of America have made equity investments in the company. Omniscience’s breakthrough computing platform and artificial intelligence (AI) are assets for these investors and the
insurance industry.

“Machine learning and AI have the promise to solve many insurance industry challenges,” shares Chandra Reddy, Head of Japan, RGAX. “Through the Omniscience platform, we are currently working to solve some of those challenges in Asia.”

Omniscience offers a platform for processing all the data presented in a problem set rather than just basing analysis on approximations. When this unique capability is combined with Omniscience AI technology and applications, insurance customers can transform their business more rapidly by speeding and automating risk decisions, deploying capital more efficiently, and finding new business opportunities that have previously been overlooked.

“As data continues to proliferate and increase in complexity, the need to utilize advanced computing and machine learning capabilities accelerates.” said Tom Olds, Senior Vice President, Head of Enterprise Data Analytics, at Guardian Life. “Omniscience’s ability to use machine learning to run models against increasingly large data sets at scale enables Guardian to make more accurate predictions across core and emerging businesses. Our investment in Omniscience solidifies our commitment to using these capabilities to better serve our prospective customers and current policyholders, make more informed decisions and be a data-driven organization.”

RGAX and Guardian Life join financial investors including Translink Capital and others in a $12 million A round funding.

“Life insurance is a great early market for us,” said Sunil Rawat, co-founder and CEO of Omniscience. “It is very complex because of fundamental changes; its business structure is growing and evolving in new and strategic ways.”

About Omniscience

Omniscience (www.omniscience.com) is the first company to handle and decipher complex, hyperdimensional data sets without any approximations. This enables customers to make accurate business decisions, and find new, well-timed opportunities. The Omniscale computing model combines mathematical transformations, advanced AI and unique distributed computing to help insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional markets will also be able to use Omniscience to decipher the chaos in their environments. Based in Palo Alto, CA, investors in Omniscience include Reinsurance Group of America, TD Bank, Translink Capital and others.

OMNISCIENCE ADDS NEW EXECS FOR ASIA

Asian Insurance and Financial Services Markets Growing Fast but Have Complex Business Problems that need the Company’s Advanced Computing and AI

Palo Alto, CA – December 10, 2019 – Omniscience today announced that it has added two top executives for Asian markets. Sakuya Morimoto is VP for Japan and Akihiko Katayama has been named VP for Hong Kong. The company’s initial focus is to bring its advanced computing and AI to the insurance and financial services industries, where the challenges of capturing new, high-value opportunities are very complex on many dimensions.

Several trends have led to substantial growth opportunities in these industries in much of Asia: the increasing aging of the populations and rise of spendable cash. Today, Japan is the second largest life insurance market worldwide. Emerging Asian economies, most of which are served by companies in Hong Kong, are growing very fast as well.

“Capturing these opportunities is more complex than ever for potential insurers” said Sunil Rawat, co-founder and CEO of Omniscience. “There’s a vast amount of data coming from many sources for each business decision and not enough expertise and insight to capture and grow the opportunities. We are addressing these hurdles.”

Moreover, the opportunities are further complicated by diverse regulatory environments and cultural norms in each market. Traditional products and approaches serving these sectors cannot handle the vast, hyperdimensional data without making approximations to come up with business decisions -- and taking weeks or months. Omniscience, on the other hand, delivers underwriting and capital management decisions rapidly and accurately.

Sakuya Morimoto joined Omniscience from Honda R&D Innovations where he was Managing Director leading Honda’s collaboration and equity investments in startups. Previously, Morimoto was COO of Exvision, a spin-out of University of Tokyo Ishikawa Lab. Prior to this, he was Sr. Director of Business Development in Asia at Canesta, which was acquired by Microsoft. He also worked at Sony, McKinsey and DeNA. Morimoto received a BA in Economics from Kobe University and an MBA from Stanford University.

Akihiko Katayama joins Omniscience from PWC where he has been the China and Hong Kong Emerging Technologies Leader and Digital Banking Consultant. Prior to this he was a management consultant with Alix Partners and Head of Decision Science for HSBC. Early in his career he was with Fair Isaac, GE Capital and Citibank. Katayama holds a BS in Operations Research from Columbia University, and an MBA from Kellogg – HKUST (a joint program from Northwestern University and Hong Kong University of Science and Technology).

“Not only do our customers find that Omniscience brings them a dramatic speed advantage for business decisions,” said Pallavi Ramnarain, VP of Business Development & Strategy to whom both Morimoto and Katayama report. “But we are able to help them see new lines of business and profitability which can have long term impact.”

About Omniscience

Omniscience is the first company to handle and decipher complex, hyperdimensional data sets without any approximations. This enables customers to make accurate business decisions, and find new, well-timed opportunities. The Omniscale computing model combines mathematical transformations, advanced AI and unique distributed computing to help insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional markets will also be able to use Omniscience to decipher the chaos in their environments. Based in Palo Alto, CA, investors in Omniscience include Reinsurance Group of America, TD Bank, Translink Capital and others.

OMNISCIENCE ADDS ORACLE EXECUTIVE AS VP OF ENGINEERING AND EXPERIENCED ENTREPRENEUR AS VP OF PRODUCT

Building the Team to Create Breakthrough Technology and Solutions for Complex Business Problems that aren’t Handled Well by Today’s Computing Models

Palo Alto, CA – November 21, 2019 – Omniscience today announced that Nandu Jayakumar has joined the company as VP of Engineering and Tom Niermann joined as VP of Products.  Omniscience technology and products use the company’s unique next-generation computing models and advanced AI to enable complex business decisions based on all the data in real time.

“Today’s broadly available computing models are, at best, delivering ‘approximately the right answer’ for complex business problem solving,” said Jayakumar.  “While this is ok for some applications, it just isn’t good enough for sophisticated and layered business problems, as in financial services and insurance, where vast numbers of human lives and large amounts of money are at stake.  We are solving this at Omniscience.”

With a multi-decade engineering career in which he has both envisioned and architected next generation computing models, Nandu Jayakumar is leading the Omniscience engineering team to build out the company’s breakthrough data science and artificial intelligence technologies.  Most recently, he was VP of Software Development at Oracle Corporation with the team that took the company’s analytics platform and products into the cloud.  Previously, at Visa Inc., Jayakumar led a global team in building services and access methods to Visa's centralized data platform (10’s of petabytes scale) with stringent compliance and security requirements; among other things, he also headed the technical architecture work related to Visa's strategic "Data Replatform" initiative to transform the management of data at Visa, and more. Prior to this, as the architect for Yahoo's advertising and audience data assets, Jayakumar was instrumental in many of the technology advances that defined the last decade in digital advertising. With a bachelor’s degree in electronics engineering from Bangalore University and a master’s degree in computer science from Stanford University, Jayakumar has spoken and written in multiple venues on big data, data analytics, and distributed computing technologies.

“We are creating an entirely new foundation and product set to handle some of the most difficult business problems of the next decade,” said Sunil Rawat, co-founder and CEO of Omniscience.  “Nandu is one of a handful of technologists to both be able to see the future and lead our engineering team to make it a reality.”

At Omniscience, Tom Niermann is responsible for leading product definition for products. With a deep background in entrepreneurship, he has specialized in developing unique and innovative approaches and products for startup companies wanting to create a network effect in competitive markets. Niermann worked at Google where he directed a team of product managers creating new business partnerships and oversaw the syndication of Adsense, Mobile, YouTube, Gmail, TV, Android, Content, and Checkout at Google. In addition to Google, Niermann founded 3 venture-backed companies serving in the roles of CTO and VP of Engineering. Tom has a Ph.D. in Computer Engineering from the University of Illinois, where he also received his BS and MS degrees.

“Our goal is to create powerful technology and products for customers in the financial services and insurance industries where the complexity of their requirements has not been deciphered yet and the future of their businesses is often at stake,” said Rawat.  “Tom is able understand customer needs and technology capabilities to see all the puzzle pieces and put them together into an entirely new kind of solution.”

About Omniscience

Omniscience (www.omniscience.com) is the first company to handle and decipher complex, hyperdimensional data sets without any approximations. This enables customers to make accurate business decisions, and find new, well-timed opportunities. The Omniscale computing model combines mathematical transformations, advanced AI and unique distributed computing to help insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional markets will also be able to use Omniscience to decipher the chaos in their environments. Based in Palo Alto, CA, investors in Omniscience include Reinsurance Group of America, TD Bank, Translink Capital and others.

CIO Outlook

OMNISCIENCE NAMED TOP-10 UNDERWITING SOLUTION PROVIDERs - 2019

Insurance CIO Outlook Magazine talks Omniscience "empowering underwriters with automation" in story featuring CEO Sunil Rawat

December 2019 – Omniscience was named one of the Top 10 Underwriting Solution Providers of 2019 by Insurance CIO Outlook. The publication recognized that Omniscience is contributing groundbreaking technological advances using AI to streamline efficiency and precision within the insurance industry.

Accompanying the Top-10 article is a story featuring a conversation with CEO Sunil Rawat. The story highlights how Omniscience has built an AI-based underwriting suite to provide customers with more accuracy using its expertise in distributed data mining and machine learning. Insurance CIO Outlook noted the company's forward vision to bring its precision tools to other prospective economies in Europe and Asia following its success in the US, Canada, and Japan, and the importance of using AI to stay in step with fast changes in global demographics, economics, and technological advances.

Fintech

OMNISCIENCE NAMED TOP-5 AI SOLUTION 2019

CeFPro’s 2019 Global FinTech Research Report highlights Omniscience alongside IBM and FICO

April 2019 – Omniscience was featured as one of the Top-5 AI solutions of 2019 by the Center for Financial Professionals in their 2019 FinTech Leaders Report. The report compiles leading insight on "the interrelationship of technology companies, financial services firms and financial services solution providers."

Their 2019 report emphasizes that artificial intelligence and advanced analytics are the most important opportunities for financial institutions. Artificial intelligence in particular is seen as the tool that will revolutionize the future of business for these industries and ensure human survival. Omniscience is acknowledged as one company that is leading innovation to push the boundaries of traditional business in the area of Artificial Intelligence.

World Economic Forum

OMNISCIENCE FEATURED IN THE WORLD ECONOMIC FORUM REPORT

The New Physics of Financial Services – How artificial intelligence is transforming the financial ecosystem

August 15, 2018 – Omniscience was featured in a new report published by the World Economic Forum detailing the game-changing impact of AI on the financial landscape. On page 98, the report notes Omniscience's approach to streamlining underwriting and risk monitoring by creating faster model runs for insurers. The company's technologies have reduced costs in risk management and improved overall risk metrics.

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