Kumar Patel, Founder & CEO
"What if one could easily compare quotes from different insurance companies and choose the best deal from all of the options?” Examining varied insurance quotes provides customers with a good idea of what is available, and which one would best fit their requirements and budget. This is the exact idea that dawned on Kumar Patel, an entrepreneur with vast knowledge and a strong set of skills in developing smart technologies, when he realized the strenuous efforts he had to put in to get insurance for his new car. Driven by the zeal to streamline the time-consuming process and reduce the complexity for individuals that experienced similar situations, Patel’s brainchild, Omnidya, came to be. An emerging CA-based startup, Omnidya is revolutionizing the services industry by leveraging AI to help customers find the best deals in insurance as well as travel. While there are a great number of people out there hesitant about incorporating AI, Omnidya wants to help them realize that AI is not an ominous future. “We want people to understand that the benefits of AI outweigh its drawbacks,” says Patel, the founder and CEO of Omnidya. To that end, the company has created a smart platform and two chatbot applications—OmniBot and Consumer Bot—which together automate the entire process of matching individuals with the best insurance and travel arrangements.
While it earlier took between 20 to 35 minutes for a company to come up with a single quote, Omnidya can provide quotes from 15 different insurance providers in less than 60 seconds.
The smart platform created by Omnidya seeks to increase the efficiency in the services industry by bridging the gap between enterprises and consumers with features such as live time counter, live negotiating, and smart relationship management profile. A customer looking to find an apt deal has to fill out a quiz that would help Omnidya gauge the information they need and line up the best available plans. “The more information we collect from the consumer, the better we are able to serve them,” says Patel. The platform features a smart relationship management profile that makes it easy and effective for enterprises to generate customized offers for each consumer based on their requirements. The live negotiations make it easy for companies to efficiently target customers in real time.
Assisting the Omnidya platform in parallel are OmniBot and Consumer Bot. OmniBot effectively communicates with each user, asking them questions and guiding them through the entire process. Consumer Bot, which is tailored to each individual customer’s demographic, utilizes machine learning to analyze consumer data and search for the best deals. While it earlier took between 20 to 35 minutes for a company to come up with a single quote, Omnidya can provide quotes from 15 different insurance providers in less than 60 seconds. This is one of the aspects that truly differentiates the company among peers. Furthermore, in order to ensure consumers’ privacy, Omnidya refrains from sharing unnecessary information with the companies that a consumer purchases insurance from.
While, currently the platform is used for home insurance, Omnidya is looking to expand its capabilities to auto insurance and wireless services as well. “Our primary aim is to develop a symbiotic relationship with our clients that create a win-win scenario for enterprises and consumers,” states Patel. Omnidya is looking forward to their initial fundraising round and forging more strategic partnerships with insurance companies and travel providers. The company is also coming out with a new and revamped version of their Omnidya platform that will further enhance the user experience.