RGAX and Guardian Life invest in Omniscience
Omniscience announced that both RGAX and Guardian Life have made equity investments in the company. The two companies joined financial investors including Translink Capital and others in a $12 million A round funding.
Founded in 2014, Omniscience helps financial services and insurance companies with underwriting automation, capital management, and customer profiling. It is “the first company” to handle and decipher complex, hyperdimensional data sets without any approximations. The platform is able to pull and digitize data “from the most complex and even dirty forms,” and is capable of integrating with numerous data sources. By analyzing extensive documentation and with the help of algorithms based on its machine learning, the platform presents the critical risks to an underwriter. In addition, the platform provides explanatory trail required by regulatory audits with the entire book of business being audited, not just samples which is customary today.
“Machine learning and AI have the promise to solve many insurance industry challenges. Through the Omniscience platform, we are currently working to solve some of those challenges in Asia.” – Chandra Reddy, Head of Japan, RGAX.
“As data continues to proliferate and increase in complexity, the need to utilize advanced computing and machine learning capabilities accelerates. 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.” – Tom Olds, Senior Vice President, Head of Enterprise Data Analytics, at Guardian Life.
“Life insurance is a great early market for us. It is very complex because of fundamental changes; its business structure is growing and evolving in new and strategic ways.” – Sunil Rawat, cofounder and CEO of Omniscience.