(Image credit: Michael Bußmann.)
Omniscience, aPalo Alto, Calif.-based creator of a computing platform utilizing artificial intelligence and machine learning, has announced that RGAX, LLC (Chesterfield, Mo.) and Guardian Life Insurance Company of America (New York) have made equity investments in the company.
“Machine learning and AI have the promise to solve many insurance industry challenges,” comments Chandra Reddy, Head of Japan, RGAX. “Through the Omniscience platform, we are currently working to solve some of those challenges in Asia.”
Omniscience describes its offering as a platform for processing all the data presented in a problem set rather than just basing analysis on approximations. When this 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, a vendor statement asserts.
“As data continues to proliferate and increase in complexity, the need to utilize advanced computing and machine learning capabilities accelerates,” comments Tom Olds, Senior VP, Head of Enterprise Data Analytics, 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.”
Life Insurance a Promising Early Market
RGAX and Guardian Life join financial investors including Translink Capital (Palo Alto, Calif.) and others in a $12 million A round funding.
“Life insurance is a great early market for us,” comments 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.”