Omniscience in the News

Press Releases

OMNISCIENCE RECEIVES PATENT FOR OCR ENGINE USING MAJOR ADVANCES IN APPLIED MACHINE LEARNING

Enables Digitization of Hand-Written and Diverse Forms in Many Languages far better than More Generic Approaches

Palo Alto, CA – May 4, 2021 – Omniscience today announced it has been granted a patent for technology that creates a breakthrough engine for Optical Character Recognition (OCR). Using innovative machine learning technology enables products based on this patent to handle a broader array of forms than more generic extraction tools such as those from Amazon, Google, or others.

This Omniscience technology uses many learning strata to rapidly extract and digitize hand-written forms and tabular data from virtually any source, regardless of its complexity. It is first being applied to difficult problems in insurance underwriting and, over time, will be made available for business process outsourcing (BPO), financial, national security, and other applications. Because of the speed and accuracy of the results of this advanced technology, complex decisions can be handled with much less risk.

The patent is called "Systems and Methods for Machine Learning based Content Extraction from Document Images." Manu Shukla, Omniscience co-founder and Chief Technology Officer explained the fundamental breakthrough: There is no limit to how many machine learning strata that can stack for data extraction, but each additional stratum makes coordination much harder; Omniscience has addressed this through algorithmic distribution, which allows vast amounts of data to be processed rapidly and completely.

Examples of problems that can be deciphered by this technology include low-resolution, faxed or copied data in character-based Asian languages like Japanese and Chinese. These challenges appear often in many industries. Currently, this OCR Engine technology is being used in Omniscience Customer Intelligence products which handle material such as hand-written health and personal forms for insurance applications, reports from many different labs and in many languages, insurance treaties, claims, credit card receipts printed on thermal paper, credit card images, IDs, among others.

Explaining how this technology is different from what has been available to date, Shukla said, “More generic extraction tools from companies like Amazon, Google, or others are not able to scale to different types of forms in a template-agnostic way and keep accuracy very high.” This means that most digitization technologies end up with a human in the loop and a high need for data correction along the way. Omniscience focused on the harder problem of digitizing forms and materials without prior-known templates, and without humans in the loop.

“With all of our technology and product development, the goal is to push the limits of both applied and original machine learning and artificial intelligence to speed enterprises to faster, more accurate, and ultimately more useful business -- regardless of the complexity or volume of data and data sources,” said Shukla. “In addition to the technology in the OCR engine patent, we are currently also working on several types of innovations: AI that enables ubiquitous parallelization of deep learning and leads to very fast processing of many layers of complexity and AI for new kinds of simulations of catastrophe modeling including wildfire danger and risk assessment for capital management and other financial markets.”

DAISUKE IWASE, DIGITAL PIONEER IN THE INSURANCE INDUSTRY NAMED A SENIOR ADVISOR TO OMNISCIENCE

Palo Alto, CA – January 30, 2021 – Daisuke Iwase, Managing Partner at Spiral Capital, has been named senior advisor to Omniscience Corp. of Palo Alto, CA. Iwase has had extensive experience in helping to redefine the life insurance industry throughout Asia.

“Omniscience has the opportunity to redefine the life insurance industry with its revolutionary technology that brings new levels of speed and accuracy to decision making processes,” said Mr. Iwase. “Companies that leverage this technology can capture a multidecade compounding advantage.”

Daisuke is a well-respected pioneer and leader in digital innovation within the insurance sector. He co-founded Lifenet Insurance Company, a publicly listed digital life insurance company where he served as Representative Director and President. He also served as Group Chief Digital Officer and Member of the Group Executive Committee at AIA Group, the largest independent publicly listed pan-Asian life insurance group operating in 18 markets. He is currently Managing Partner at Tiger Gate Capital, a strategic advisory firm based in Hong Kong serving fintech and healthtech venture companies, and Managing Partner at Spiral Capital, a general venture capital firm in Tokyo. Daisuke started his career as a strategy consultant with the Boston Consulting Group and was engaged in technology venture capital and private equity before attending Harvard Business School, where he graduated as a Baker Scholar.

Mr. Iwase will have the opportunity to help Omniscience in its penetration of Asian markets.

About Omniscience
Omniscience 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.

FUMIAKI IKENO, MEDTECH AND DATA EXPERT, JOINS OMNISCIENCE AS AN ADVISOR

Palo Alto, CA – January 15, 2021 – Omniscience today announced that Fumiaki Ikeno, Program Director (U.S) Japan Biodesign, Stanford Biodesign, Cardiovascular Medicine, Stanford University, has joined the company as an advisor. In this role, Dr. Ikeno, an expert in a wide variety of medical devices, will help the company define and tailor its computational insurance and other health-related artificial intelligence applications.

“Omniscience has some of the most advanced artificial intelligence available to the insurance industry and other parts of the health technology realm,” said Dr. Ikeno. “I am pleased to contribute to the unique insights the company’s technology can bring to customers.”

OMNISCIENCE RECEIVES KEY PATENT FOR FIRST USE OF AUGMENTED REALITY (AR) FOR THE COMPUTATIONAL ENTERPRISE

Palo Alto, CA – July 31, 2020 – Omniscience today disclosed that it has been granted a patent for the first use of Augmented Reality (AR) for a key Computational Enterprise™ enabling application. The Computational Enterprise is a next-generation model for modern businesses.

This patent allows businesses to capture and process hand-written or typed material using a cell phone or mobile device. With this capability, end-customers and consumers can provide substantial information to insurance companies or other businesses that need information about their customers. This data-liberation advance is one of many technologies that underpin the Omniscience platform.

OMNISCIENCE TECHNOLOGY CHOSEN BY MAJOR JAPANESE LIFE INSURANCE COMPANY

Palo Alto, CA – July 9, 2020 – Omniscience today disclosed that Sompo Himawari Life Insurance Company has adopted Omniscience artificial intelligence (AI) technology as part of a new consumer service. This Omniscience technology is an important onramp for Computational Insurance™.

OMNISCIENCE LAUNCHES FIRST LIFE INSURANCE UNDERWRITING AUTOMATION SUITE DESIGNED FOR TODAY’S HIGHLY COMPLEX BUSINESS ENVIRONMENT

PALO ALTO, CA – APRIL 20, 2020 – Omniscience today 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.

OMNISCIENCE ADDS NEW EXECS FOR ASIA

Palo Alto, CA – December 10, 2019 – Omniscience today announced that it has added two top executives for Asian markets. Sakuya Morimoto is VP for Japan and Akihiko Katayama has been named VP for Hong Kong. The company’s initial focus is to bring its advanced computing and AI to the insurance and financial services industries, where the challenges of capturing new, high-value opportunities are very complex on many dimensions.

OMNISCIENCE ADDS ORACLE EXECUTIVE AS VP OF ENGINEERING AND EXPERIENCED ENTREPRENEUR AS VP OF PRODUCT

Palo Alto, CA – November 21, 2019 – Omniscience today announced that Nandu Jayakumar has joined the company as VP of Engineering and Tom Niermann joined as VP of Products. Omniscience technology and products use the company’s unique next-generation computing models and advanced AI to enable complex business decisions based on all the data in real time.

OMNISCIENCE NAMED TOP-10 UNDERWRITING SOLUTION PROVIDERs - 2019

December 2019 – Omniscience was named one of the Top 10 Underwriting Solution Providers of 2019 by Insurance CIO Outlook.

OMNISCIENCE NAMED TOP-5 AI SOLUTION 2019

April 2019 – Omniscience was featured as one of the Top-5 AI solutions of 2019 by the Center for Financial Professionals in their 2019 FinTech Leaders Report.

OMNISCIENCE FEATURED IN THE WORLD ECONOMIC FORUM REPORT

August 15, 2018 – Omniscience was featured in a new report published by the World Economic Forum detailing the game-changing impact of AI on the financial landscape.