Insurtech Omniscience launches new life underwriting automation suite for COVID-19

Insurance software provider Omniscience has launched a new life insurance underwriting automation suite designed for the current complex business environment.

Omniscience said that the issues facing life insurance underwriting have grown exponentially over the past few years, but the number of experienced underwriters has not grown at the same rate. 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.

Additionally, the COVID-19 pandemic has multiplied the factors companies need to account for in their current environment.

“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,” said Tom Niermann, Omniscience vice president of product.

Sunil Rawat, Co-founder and CEO of Omniscience, added: “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.”