Covid-19 Pandemic Underscores the Life Insurers Challenges
Omniscience announced a new software suite that will, for the first time, automate life insurance underwriting decision-making by taking into account the many layers of complexity, breadth of data, and need for immediacy that modern providers face. Specifically, by using new underlying technology from Omniscience, this suite can accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result.
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Omniscience new software suite can accelerate life insurance decisions 1000 times or more and integrate requirements impacting the whole company in every result.
The issues facing life insurance underwriting have grown exponentially over the past few years. These result from the constantly updated availability of data from diverse sources, the evolving regulatory environment in each country, and market growth. Simultaneous to this, the number of experienced underwriters has not grown at the same rate. The Covid-19 pandemic has multiplied the factors companies need to account for in their current environment.
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“Our customers, many of whom are in Asia, are reporting that they are experiencing a dramatic increase in their workloads,” said Sunil Rawat, Co-founder and CEO of Omniscience. “There are both many more claims due to the pandemic and more applications for life insurance than in the past.” This change in demand has put unexpected pressure on carriers.
Moreover, according to The Wall Street Journal on March 11, 2020, the pandemic has created new, unanticipated and sudden pressures: “US life insurers have taken it on the chin during the novel coronavirus epidemic. But . . . the unprecedented collapse in bond yields is the financial risk that investors and analysts are fretting over. . .” This means life insurers are impacted by investment losses, policy losses, and other business pressures in addition to the systemic pressures that have been emerging over the past few years.
“In reality,” explained Tom Niermann, Omniscience Vice President of Product. “The level of complexity facing life insurers has grown in many dimensions over the past few years. These pressures, combined with the dramatic stresses from Covid-19, just makes this environment even more challenging.”
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