Omniscience Receives Trademark for “Computational Insurance” – A Term to Describe the Way Enterprises Will Come to Manage Their Insurance Businesses

PALO ALTO, Calif.--(BUSINESS WIRE)--Omniscience today announced it has received the trademark for the term “Computational Insurance™.” This term is a description of the future model of insurance.

“At Omniscience, we have reimagined the insurance company of the future based on the concept of Computational Insurance™, which positions Industry leaders to offer services in a completely new way,” said Sunil Rawat, co-Founder and CEO of Omniscience. “Computational Insurance humanizes your company by automating and optimizing data-crunching and leveraging the expertise and insights of your most valuable resource — your people.”

A key element of Computational Insurance is the ultimate goal of cross-organization mutual-optimization. This means that underwriting, risk, capital management, business, and other decisions take into account what’s best for the company, not just an individual department. Moreover, because Computational Insurance ties all of the business elements together, each business step has complete “explainability,” which is critical in regulatory and business discussion.

Tying together all of the pieces of the insurance organization — from data gathering to actuarial and underwriting through investment decisions — ensures that the entire company has far more accurate business models over the long term.

Omniscience is using this Computational Insurance model to develop across-the-board products.

About Omniscience

Omniscience (www.omniscience.com) is the first company to enable the Computational Insurance™ business. Because of unique breakthrough distributed technology that can process many layers of business and data complexity completely and rapidly, Omniscience customers can approach their businesses in entirely new ways. Instead of this complexity inhibiting good decisions, insurance customers can use the vast amounts of data from inside and outside sources to make good business decisions that continuously improve the entire company while increasing transactional speed. Ultimately, Omniscience Computational Insurance solutions optimize insurance and financial services companies grow market share, save on costs, boost return on equity, and increase regulatory compliance. Over time many additional Computational Enterprise markets will benefit from Omniscience to handle the chaos in their environments. Based in Palo Alto, CA, investors in Omniscience include Guardian Life Insurance Company of America, TD Bank, Translink Capital, and others.

All trademarks and registered trademarks are those of their respective companies.