(Image source: Omniscience homepage.)
Omniscience has launched OmniExtract, a customer intelligence solution that the vendor says makes it possible, for the first time, to make automated, rapid, and sophisticated life insurance underwriting decisions about new customers, regardless of whether the potential insured has a straight-forward or complex history. Historically, only life insurance customers with simple health and personal data have been able to be acted upon quickly; more complex customers have required extended and nuanced decision-processing because the challenges of taking on high risk insureds could prove very costly to a life insurer.
Omniscience reports that OmniExtract digitizes data from scanned or faxed forms, photographs, and other formats. The vendor says that content can be accurately extracted from diverse layouts and designs, low resolution documents, complex and varied tabular data; moreover, Chinese, Japanese, English, and bi-lingual forms are handled just as rapidly. In the past, this input has had to be manually transcribed, which is time-consuming, expensive, and error prone. “OmniExtract is transformative for life insurance companies because speed of customer decision-making and acquisition is critical but can only be as fast as accurate data is available,” an Omniscience statement says.
Omniscience says that the fundamental benefit of OmniExtract is optimized risk-selection; all the factors influencing a prospective customer decision can be immediately known and considered. For example, the vendor statement says, an insurer can know immediately if a candidate for life insurance is healthy or has various health issues. Though both can be accepted for life insurance plans, each insured must be assigned the appropriate risk rating. This means that a company can both capture new business rapidly and make sound risk decisions for the long term.
“We are committed to enabling insurers to add new business quickly and without increased risk,” comments Sunil Rawat, co-founder and CEO, Omniscience. “Since each new insured person represents an extended opportunity, OmniExtract serves as the onramp to a multidecade, compounding opportunity.”
Integrated with Full Computational Life Insurance Suite
OmniExtract is one element of the vendor’s Omniscience Computational Life Insurance suite. All the components of this solution—underwriting, claims, customer intelligence, and many others—are integrated together. Therefore, every decision or action at every phase of the life insurance business process mutually optimizes every other action, the vendor says.