Omniscience Underwriting Automation
Chosen by visionary insurers transforming the industry
Insurance has always been an actuarial based business, but the complexity of the business is expanding with medical, environmental, organizational and investment complexity. Handling complexity that cuts across business silos is the advantage that separates leading and growing insurance companies from the pack. Omniscience delivers cross-silo decision making amidst hyperdimensional complexity.
ALL OF YOUR BUSINESS IN EVERY DECISION
For the first time, handle both the breadth of data from many sources and the new, multifaceted demands of today’s life insurance providers
The underwriting evaluation of applications creates the portfolio of business that defines any insurance product. With Omniscience Underwriting Automation Suite decisions are optimized by incorporating data from public and private data sources – the actuarial department, and claim, capital management and sales channels.
Each application is analyzed by the Risk Engine Megaservice to prepare a complete risk profile and assign the application to a best-match pricing category. The Risk Engine assesses risks hidden in the claims data and ensures those risks are considered when making underwriting decisions. By utilizing capital management criteria, the portfolio being accumulated maintains the risk margins highlighted by capital management.
UNLOCK THE FULL POTENTIAL OF YOUR UNDERWRITERS TODAY
Making profitable underwriting decisions has never been easier
Grow Your Book of Business: Omniscience provides an incredibly simple service to insurers that creates a better experience
for your customers and gives you greater access to the underinsured and uninsured. By reducing declines, your revenue climbs.
Improve Operational Efficiency and Margins: You simply load batches of unstructured documents, and you get back an instant decision – approve, refer or decline. With a 3x to 5x improvement in straight through processing of applications and a 90% reduction in cost per decision, Omniscience Underwriting Automation Suite dramatically lowers your costs and allows your business to rapidly scale.
Improve Risk Selection and Explainability: Omniscience more accurately models risk by analyzing thousands of data points from internal, public and alternative sources. We return you a risk rating with a complete explanation of the decision. We tune the algorithmic threshold of confidence to maximize processing and serve up valuable intelligence on any case.
Faster and More Accurate Underwriting: Omniscience delivers a 99% reduction in time required for each decision, while adhering to best practices for more accurate underwriting.
Identify New, Previously Unseen Opportunities: Omniscience Underwriting Automation Suite gives you a new lens on your business, allowing you to identify and focus on innovation and new opportunities to grow your business and best serve your customers.
AN INDUSTRY GAME CHANGER
Captures and understands your data accurately, at unprecedented scale
Omniscale is the only solution that combines machine learning, organizational expertise and rules to deliver accurate decisions against increasingly complex data sets.
Augmenting institutional expertise, Omniscience extends the capabilities of underwriters. Rules tackle simple cases quickly. Machine learning handles more complexity, learning from and operating against pre-loaded scenarios.
The combination allows underwriters to accurately predict and anticipate an emerging reality.
Applying its transformational technology to life insurance initially and expanding to other industries, Omniscience was named one of the Top 10 Underwriting Solution Providers of 2019. Omniscience empowers underwriters with technological advances using AI to streamline efficiency and precision.