Legal Name: Omnidiya Inc.
Founded: Jul 1, 2017
Founder(s): Kumar Patel
Social Media: 91 Likes on Facebook, 291 Followers on Twitter, 801 Instagram
INDUSTRY – Machine Learning
Size: $1.29Bn (2016) (Source: “Global Machine Learning Market Trend, Analysis and Forecasts to 2025”)
Projections: $39.98Bn by 2025
Omnidya is an insurance platform that uses machine learning and personalized information to help you select the plans and prices that are right for you. The platform requires each person to fill out a quiz, one that takes into account personality, risk-averseness and general lifestyle. Once this is done, the data is analyzed using AI technology, allowing you to select insurance deals tailored to you, specifically. Data is collected through tracking the consumer, taking into account everything from email habits to information collected in their online calendars. This is done so that research time is transferred from the consumer and onto artificial intelligence.
Omnidya uses questions to determine your personality, lifestyle and your chance of risk in any given situation. For instance, you could be asked about your demographic information, such as household income, mortgage about, etc. and then be asked if you would rather choose to receive a million dollars, or take the one-in-a-thousand chance of winning one billion. All these questions help determine what plans are appropriate to your personality and lifestyle. The quotes will be generated in around 60 seconds.
The platform uses artificial intelligence in three forms: the platform, the Consumer Bot and the Omnibot. The platform itself allows you to compare insurance offers by uploading a copy of your own insurance to see which is best. This is determined by the results of your quiz. The Consumer Bot (i.e. “the Clone”) is made to mimic your virtual habits, syncing with your calendar and emails in order to analyze your actions. To the Omnibot (i.e. “the Friend”), you can ask any questions you may have related to your situation. It is essentially a chat box that uses data collected from the Consumer Bot.
All of this is created so that you can plan trips, determine an insurance plan and negotiate with businesses in seconds, without needing hours of research.
Origin and Founding Team
Omnidya was founded by Kumar Patel, alongside co-founders David Thrash and Askhay Vacchani. Patel now leads the company as CEO. Patel has a background as a venture capitalist with KNVP Ventures where he worked in trading enterprises and tech start-up funding. Co-founder David Thrash has a background in tech consultation and has worked for twenty-five years focusing on implementation and performance tuning. Vacchani’s experience lies in data analytics – he is currently the Executive Director of Data & Analytics at Morgan Stanley. In the past he has worked on cloud migration and machine learning, and prior to that his work had been relegated towards real estate management and investment.
Omnidya has partnered with a number of insurance companies such as Matic, a four-year-old home insurance company which it began working with in 2018.
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