US-based firm Omniscience has introduced a new software suite to automate life insurance underwriting decision-making process.

The new software suite is designed to take into account the complexities that modern insurer providers faces and subsequently facilitates decision making process.

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According to the company, the new solution will also help the companies tackle the recent complexities and risks related due to Covid-19 pandemic.

Omniscience co-founder and CEO Sunil Rawat said: “Our customers, many of whom are in Asia, are reporting that they are experiencing a dramatic increase in their workloads.

“There are both many more claims due to the pandemic and more applications for life insurance than in the past.”

Omniscience Life Insurance Underwriting Automation Suite can manage data from multiple sources, unlike other software.

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The company noted that the solution is devised to replicate the judgement and decision skill of senior underwriters swiftly.

Furthermore, it helps in reducing cost and improves risk selection.

Rawat added: “We hope that our many years of work on this new product suite can be combined to be helpful to customers facing the unanticipated complexities of today’s pandemic as well as their long-term business demands.”

Based in Palo Alto, California, Omniscience focuses on decode and interpreting hyper-dimensional data sets without any approximations.

With this working model, it aims to support the customers to make better business decisions and identify opportunities.