LISA Gateway EN

Insurance industry: Impact of the current challenges

As we mentioned in our previous article, the only thing that is permanent is change and this was not going to be the exception for the insurance industry. Much of what we used to do traditionally, has been molded into: a digital communication capable of breaking time and space.

And what happened to the insurance industry?

The companies began to look for other options to help them emerge in a different environment.

From that moment on, one of the oldest and most rudimentary companies, the insurance industry, realized that if they did not look for other alternatives to innovate and meet their customers’ expectations, they would remain stagnant and with a huge value drain.

Knowing already the problem, we can talk to you about the current challenges impacting industries and their digitization:

  1. The strong aversion to change (Change Management).
  2. The difficult relationship of IT departments, which have had a hard time renewing themselves and usually we face companies that do not have an orientation to «apification» or business orchestration of technological micro-services.
  3. The technological and corporate integration of new platforms with dynamic and reduced teams, also from a macro corporate perspective, are seen as risky and the truth is that this is the key to overcome the challenge.
  4. A very strict governance oriented to large corporations is also seen by companies like ours as an active risk of No-Go, these points mentioned above become slowers for the deployment of new full digital services.

The intention of the management team must be aligned with the operational teams in order to be successful. A clear and mutually beneficial budget is also seen as a risk. The Startup will always be available to validate its business model, but it must have the joint corporate intention to bring the project to an objective and concrete industrialization. 

The most relevant information about LISA Gateway 

  • Platform proven in large industrial segments: Insurance and Banking.
  • Artificial Intelligence platform as a process accelerator, document analytics, fraud and econometric calculation.
  • Robust Orchestration engine customized to meet the different business needs and with rapid deployment enhancing the Time2Market.
  • Flexible technological architecture oriented to scalability and multiservice interconnection.

Do you want to wake up and evolve into the future with digitization and LISA Gateway?

LISA Gateway EN

LISA Gateway: customers, brokers, insurers free of friction

One thing we cannot doubt is that the only thing that is permanent is change, which applies to everything. More than a year after the COVID-19 pandemic, we have confirmed that ecosystems are a necessity that must be constantly nurtured and hence LISA Gateway was born.

According to a material shared by Mckinsey, which was published in 2017, it was estimated that by 2025 digital ecosystems were going to move an economic amount of at least $60 trillion, or what is the same, almost 30% of the estimated global GDP at this date.

Lets talk about LISA Gateway

It is a technological enabler that makes it possible to automate and create a digital ecosystem, integrating a wide range of interconnected services to streamline intermediation processes and enable more efficient communication.

Each link in the chain will be free of friction and barriers between the actors that participate and interact in an interconnected environment: clients, brokers, brokers, reinsurers, insurers, startups and regulators.

LISA Gateway, within its CORE design, can handle different processes in an agnostic way by managing tasks, responsible persons and times, under a microservices architecture.

By taking advantage of existing technology, it has been decided to pivot the solution towards other industries. In these industries, the concept of process orchestration can be reused for the digitization of new customer onboarding processes, and processes that require analysis and configuration of decisional workflows.

LISA Gateway provides a technological enabling framework to quickly and easily implement digital processes. Typically we are talking about workflows that require or use document processing, as well as rules and integration with core legacy systems, as well as technology satellites where you can connect to APIs or WS.

Some examples of workflows are:

  • Digital onboarding.
  • Customer commercial validation.
  • Product extension and sales.
  • Digital post-sales management. 

With all this we can see that in the insurance industry, most of the insurance companies and incumbents have a rigid CORE that manages the financial area very well, but then when it comes to bringing digitalization directly to the end customer, it does not behave in a very friendly way.

As a consequence, this results in the client feeling neglected by all the manual scaffolding needed to operate at the speed required by the insured (Immediacy). 

Have you ever thought about the challenges currently impacting industries and their digitization? I recommend you to follow the topic in our next article 🙂 In a few days it will be available!

LISA Gateway EN Technology

The importance of the Interoperbility

In a world where we are connected at all times, it is extremely necessary for companies to change the way they operate and grow through technology and its multiple benefits that also fall on customer satisfaction.

That is why one of the words with great connotation and relevance within this entire revolution is interoperability, but what is it about?

Interoperability is the ability of information systems and the procedures they support, to be able to share data and allow the exchange of information and knowledge among themselves.

In simpler words, it is about the communication capacity that exists between different systems and different data, so that information can be shared, accessible from various environments and understood by any of these.

Based on this definition, we can mention that this promising integration capacity may be an important point to consider within the insurance industry, which has begun to leave its traditionality thanks to technology.

What could they achieve with this?

  • Guarantee a communication without barriers between all the actors associated with a traditional insurance company: insurance banking, startups, brokers, brokers and the end customer.
  • Increased customer satisfaction.
  • Improvement in the quality of the service.

All of this is possible thanks to the use of technological enablers, tools that allow digital transformation to be possible within any industry.

We invite you to read our article Know Everything About the importance of the Technological Enablers (Read Here). so you can complement this topic.

Visit our website and learn how we promote interoperability within the insurance industry with LISA Gateway.