Omniscience is a provider of commercialized distributed data-mining systems designed to provide data research services. The company's system uses open and internal data sources to generate clusters and apply proprietary algorithms to prove accuracy and scalability.
Omniscience's platform includes an approach to data distribution that allows vast amounts of data to stay intact and a platform that allows the platform to handle large volumes of data. Each piece of data is given its own coordinates in the platform. These data points are tracked for regulatory adherence and to improve the decisions. The platform includes organization-specific data ingestion paired with public cloud data.
To try and keep the platform accurate, the artificial intelligence and deep learning of the platform removes edge effect distortions. And the platform offers hypothesis testing through a data feedback loop.
The Omniscience underwriting suite is a system designed for underwriting decisions using domain-specific paradigms, such as a life insurance framework. The platform uses machine learning models with specific guidance from users to create an automatic underwriting decision system.
Through their customer intelligence, Omniscience offers users access to relevant customer data and the possibility for extraction for straight-through processing or triage underwriting.
Omniscience has developed their computational insurance platform, which offers automated services, which the company suggests is intended to be humanized. The platform automates data to offer cross-organization mutual-optimization. This includes the data from the customer intelligence and underwriting automation systems, incorporated with an organization's capital risk and optimization, actuarial guidance, and claims optimization profiles. This platform is intended to help automate business decision making while ensuring compliance with business policy and regulatory compliance.
Insurance Industry Leaders Make Strategic Investments in Omniscience
March 9, 2020