Insurance Industry Leaders Make Strategic Investments in Omniscience
PALO ALTO, Calif.--(BUSINESS WIRE)--Mar 9, 2020--
Omniscience today announced that both RGAX, LLC and Guardian Life Insurance Company of America have made equity investments in the company. Omniscience’s breakthrough computing platform and artificial intelligence (AI) are assets for these investors and the insurance industry.
“Machine learning and AI have the promise to solve many insurance industry challenges,” shares Chandra Reddy, Head of Japan, RGAX. “Through the Omniscience platform, we are currently working to solve some of those challenges in Asia.”
Omniscience offers a platform for processing all the data presented in a problem set rather than just basing analysis on approximations. When this unique 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.
“As data continues to proliferate and increase in complexity, the need to utilize advanced computing and machine learning capabilities accelerates,” said Tom Olds, Senior Vice President, Head of Enterprise Data Analytics, at 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.”
RGAX and Guardian Life join financial investors including Translink Capital and others in a $12 million A round funding.
“Life insurance is a great early market for us,” said 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.”
Omniscience ( www.omniscience.com ) is the first company to handle and decipher complex, hyperdimensional data sets without any approximations. This enables customers to make accurate business decisions, and find new, well-timed opportunities. The Omniscale computing model combines mathematical transformations, advanced AI and unique distributed computing to help insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional markets will also be able to use Omniscience to decipher the chaos in their environments. Based in Palo Alto, CA, investors in Omniscience include Reinsurance Group of America, TD Bank, Translink Capital and others.
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PUB: 03/09/2020 08:00 AM/DISC: 03/09/2020 08:01 AM