The insurance industry has long had a progressive data leakage; however, there are now ways to collect and use data to detect claims in real time, such as LISA TMT.
We are likely to see more product innovation around telematics offerings for those who work more from home, which may include cyber insurance and the Internet of Things (IoT).
Partnerships with insurtech, online platforms and mobile network operators will be key to meeting the growing demand for digital solutions.
Ok, sohow can I use this technology?
Es una plataforma de telemetría que brinda una capa apificada para recibir mensajería a tiempo real a través de dispositivos electrónicos de tipo IoT.
El propósito es brindar a la industria de seguros toda la factibilidad técnica para la implementación de nuevos servicios conectados entre sí, así como nuevos productos para prevenir y detectar siniestros en tiempo real.
«With LISA TMT we implement a world of intelligent options and services, with the ability to detect and prevent claims at all times, guaranteeing value and a unique experience to policyholders, leading to real-time insurance.»
Discover the Benefits of LISA TMT
Allows you to provide fully customized «Insurance On Demand» services.
Guarantees the reduction of service costs, providing better offers to policyholders.
Stores data in real time, collecting all behavioral information from policyholders.
Improve service quality by processing requirements from start to finish in real time.
Sends real-time notifications of any suspicious behavior through IoT devices.
It contributes directly to the prevention of accidents.
Dare to transform your insurance company with LISA Insurtech! It is very easy, leave everything in our hands and you will see how your customers will be very satisfied.
What do you think would happen if instead of dealing with so many claims and losses, the insurance industry would focus on preventing these types of events? Is it profitable and possible today?
Thanks to telemetry and IoT, it is possible!
The insurance industry has been slow to take the step to transform itself, however, it is now easier to see it with the intention of doing so in order to alleviate the contingency we live in and to meet the demands of today’s average policyholder.
What is telemetry?
Telemetría is a remote communication system that allows permite collecting, processing and transmitting information from one electronic device to another. All this is possible thanks to sensors that measure physical or chemical magnitudes such as temperature, vibration, pressure, voltage, speed, time, among others.
Thanks to telemetry and the interconnection between all ioT elements, it is possible for insurance companies to work on claims prevention and will also be able to:
Perform real time monitoring of various values and variables, being able to collect all the metrics and characteristics of an asset in an accurate way, which are are sent to the system operator.
In the same sense, its use allows the optimization of processes and actions on which the correct operation of a business depends.
Fun fact: Did you know that it is estimated that there will be up to one trillion connected devices by 2025?
The avalanche of data that will be collected thanks to thousands of connected devices will make it possible for insurance companies to use it to their advantage to meet a wide range of needs of their policyholders.
Ability to make good decisions based on measurements and analytics.
Know in time the events and alarms of processes and assets.
What problems can you solve with telematics?
It is known that in the insurance industry there has been a leakage of data for a long time, which causes a loss of value for the processes of revolution of the same and the impediment to be able to create new products and services for existing customers and those of this more digital age who ask for something more innovative.
On the other hand, we have the increase in claims and their operating cost, whose figures meant claims ratio in 2020 of 59.5% and 66% by 2021.
The culture of loss prevention is just beginning to germinate in some insurance companies, but the truth is that the “normal” thing has been to act when the loss has occurred, instead of seeking methods of prevention.
Curious fact: In the vehicle industry alone, it is possible that telemetry, based on a behavioral evaluation, can reduce 57% of road accidents.
Another curious fact is that this technology is capable of providing early warning of mechanical failures, criminal acts and other ailments that may put policyholders at risk.
At LISA Insurtech we have developed a telemetry solution to avoid data leakage, which allows us to prevent claims in the various lines of business.
Want to know more? Don’t miss our next article where we will explain everything.🤓
The future for data mining looks very promising as moment by moment, data is only increasing. Did you know that during 2020, accumulated digital data will grow to around 44 zettabytes and 1.7 megabytes of new information is created per second for every person around the world?
Just as mining techniques have evolved thanks to improvements in technology, so have those technologies that extract valuable information from data. Once upon a time, only organizations such as NASA could use their supercomputers to analyze data; the cost of storing and computing data was too high.
Companies are currently doing all sorts of interesting things with machine learning, artificial intelligence and deep learning with cloud-based data lakes. That’s the case of LISA Insurtech!
The Internet of Things and wearable technology have turned people and devices into data-generating machines that can generate unlimited knowledge about people and organizations. This is how companies can collect, store and analyze a wealth of information.
Cloud-based analytics solutions will make it more practical and cost-effective for organizations to access massive data and computing resources. Cloud computing helps companies quickly gather data from sales, marketing, Internet, production and inventory systems, and other sources, and act on it to improve the bottom line.
What should companies look like to get the most value from data mining? They should select a platform that:
Incorporate best practices for the industry or type of project. Healthcare organizations, for example, have different needs than insurance companies.
Manage the entire data mining lifecycle, from data exploration to production.
Align with enterprise applications, including BI, CRM, ERP, financial and other enterprise software with which it must interoperate for maximum ROI.
Integrates with leading open source languages, providing developers and data scientists with the flexibility and collaboration tools to create innovative applications.
Meets the needs of IT, data scientists and analysts while serving the reporting and visualization needs of business users.
Why is data mining so important for the insurance industry?
One of the most important assets for the insurance industry is your information and what we can do with it.
We can analyze, understand and implement plans to offer better products, services and personalized attention to each and every customer.
Understanding that industries are changing with the current technological avalanche, forces us to move quickly to keep up with what our old and new customers want. LISA Insurtech has the necessary experience to accompany traditional insurance companies in theirdigital transformation.
Hi! We are glad to have you back on our blog 💜. In fact, we are excited for you to read the second part of the previous article on Big Data.
In today’s quote we will take a look at some examples of Big data. Are you ready? Let’s get to it. 😎
Where does the data come from?
In the previous article, we talked about what Big data is and some of its characteristics, but we didn’t mention an important point, the data! Where does it come from, or where do we get it from?
Data is basically generated from everywhere. Especially if you are connected to the internet, where it is possible to capture every click given (and every click not given), as well as all the texts that are generated. From this we save that there is structured and unstructured information.
On the other hand, IoT (Internet of Things) is a great source of data collection. Currently almost all products of daily use, such as cars, watches, cameras, voice assistants, among others, can be connected to the Internet (so they can generate data on each person in real time).
Nike has a line of products that monitor the data generated from exercise. Apple has something very similar with the Apple Watch.
Fields of application of Big Data.
According to Platzi’s article, there are an infinite number of fields of Big Data application, so, let’s see how your company can benefit from it:
In the digital world, all information can be recorded and processed in real time. So from user information, personalized offers can be displayed for groups with common behaviors.
User behavior analytics to create and improve the functionalities of a platform according to what the user does.
A very interesting application is to avoid fraud in things like identity theft or card cloning.
A well studied field is text mining for natural language processing (NLP). From this there are a lot of applications such as: sentiment analysis in marketing or the automatic classification of problems in the customer support department, with each complaint reaching the appropriate team.
Calculate the commercial potential of different geographical areas in order to open new stores without affecting the sales of others. In the same sense, it also works the other way around to know when to close a store.
For banking, many risk analyses are made to know which clients can be admitted or rejected, which credits can be approved or not, and even the analysis of the clients’ portfolio to constantly analyze the aforementioned in case something changes in their credit history.
In a call center it could help to know which customers to call, at what times and what kind of promotions can be made to them.
It is easy to make a very precise customer segmentation to send them personalized campaigns, build customer loyalty and prevent them from leaving the company.
It is also possible to identify problems before they happen and take actions to solve them before they even exist.
Big data + Insurance industry
At LISA Insurtech, we are specialists in the use of the most current and innovative technology😎 This with the aim of offering the insurance industry the impetus to evolve.
Our application cases contemplate almost all of the above list:
We record all the information of the insured in real time to guarantee the insurance company possible customizable offers.
We track how the client acts in front of the platform in order to improve it according to how the insured «moves».
NLP is one of our greatest foundations, with it we make follow-ups and analysis to make decisions.
We contribute to risk and fraud analysis.
We are able to identify problems before they occur, which leads to a decrease in claims thanks to telemetry.
Impressive, isn’t it?
We cordially invite you to learn more about our LISA Claims product and allow your insurer to benefit from big data and all the technology we have for you.
Surely many questions are going through your mind right now: What is Big data? What are its functions? How do I apply it?
But… Don’t worry, in this article you will learn everything you need to know about Big data to be able to apply it in real life and in business.
Let’s get started!
What is Big data?
It is a concept where we refer to large volumes of data that are varied and fast (in fact they are very difficult to capture and process with traditional methods).
Thanks to Platzi’s article, we know that for us to be able to say that something is Big data, the data must comply with the 5v:
The storage of the massive amount of data can be collected from multiple sources such as websites, social media, IoT, etc.
Data is generated in real time thanks to interactions with the aforementioned sources, so it must be processed with the same speed.
All types of data, whether structured or unstructured, could be tables, text, images, videos, audio, databases, etc.
It is the quality and reliability of the data. When arriving from different sources, it becomes complex to clean them to avoid using incorrect values.
The data must be able to provide value or benefit to the company that is using it.
In this same sense, when there is a large amount of data, structured or unstructured, that is arriving very fast, in real time and is very varied, it is impossible to analyze all the information on a single machine. That is why the information must be split into small parts, among several machines.
From what size is it considered to be working with Big Data?
The truth is that it is not something that is fully defined. Some people in the industry say it can vary from 30 Terabytes (TB) to several Pentabytes (PB).
It is possible to do analytics or Data Science without using Big Data, in fact, it is the most common. Also, the term Big data has been used by many companies since it became popular for marketing, but it is not really used.
Hasn’t it ever happened to you that you are browsing social networks and you get an advertisement for a product you’ve been wanting to buy? It sounds creepy and maybe we feel spied on, but the truth is that this is possible thanks to Big data and the capture of a large amount of data by a company.
How big data works
The simplest explanation is that, if you have a lot of information that cannot be processed in a single computer or server, it is divided into several chunks (smaller pieces of information) and then sent to many smaller machines.
In this way, each node is in charge of solving only its corresponding part and then the information from all the nodes is joined again and a single unified output (result) is launched. All these nodes work and are connected in parallel and are known as clusters.
What is Big data for?
Big Data is very useful, both for companies and for improving people’s quality of life. That is why it helps to understand problems, give them a solution and even predict what could happen in the future (in alternative scenarios).
The importance is not in the amount of data we may have, but in what can be done with it. By mixing Big Data with Data Science, predictive analytics (predicting the future, or at least its probability) can be done.
After all that you have seen, Big Data can be summarized in a series of benefits for companies:
Significant cost reduction, better decision making based on real-time data, increased profits, reduced time, customized services and much more.
With our flagship product, LISA Claims, it is possible to achieve all of the above. This, with the purpose of revolutionizing the insurance industry and making the insurance industry, a more innovative sector 😎.
Want to know more about Big Data? Don’t miss our next article! 💜
Article 4.- The COVID-19 Occupational Health and Safety Protocol was born as a result of the mandatory insurance COVID-19 LAW N°21.342 and is applicable to each company which shall contain at least:
Daily testing of the temperature of personnel, clients and other persons entering the company’s premises.
Contagion testing according to the norms and procedures determined by the health authority.
Measures of safe physical distancing in:
The work stations, according to the characteristics of the activity.
Locker rooms, change rooms, restrooms and showers, dining rooms, and circulation routes.
4. Availability of soap and water, easily accessible, and certified alcohol gel dispensers close to the work stations.
5. Periodic sanitization measures of work areas.
6. Means of protection made available to workers, including certified multipurpose and reduced environmental impact masks, and, when required by the activity, gloves, goggles and work clothes.
7. Capacity definition and control, which must include a counting procedure that includes both workers and the public, as well as measures to prevent crowds in places where the public is present.
8. Definition of shifts, ensuring differentiated entry and exit times, different from the usual ones, to avoid crowds in public passenger transportation.
9. Other measures as provided by the health authority in use of its regulatory powers, in accordance with the evolution of the pandemic.
Article 6°.- The companies, in no case, may charge the workers, regardless of their contracting modality, the value of the inputs, equipment and conditions of the measures adopted.
What are the transitional measures?
Article 7°.- Companies that do not have a COVID-19 Occupational Health and Safety Protocol, under the terms indicated in Article 2°, may not resume or continue the on-site work activity.
Companies that, at the time this law enters into force, are performing face-to-face labor activities, must prepare the referred protocol and take the measures foreseen, within a term no longer thanten working daysfrom the date of publication of this law.
Work accident by Covid:
Article 8: «Companies that restart or continue work without having the COVID-19 Occupational Health and Safety Protocol, referred to in Article 2°, shall be subject to the provisions of the final paragraph of Article 68 of Law No. 16,744.
When the COVID-19 infection is due to the employer’s or a third party’s fault, letter b) of article 69 of Law No. 16,744 shall apply. Failure to comply with the rule contained in the first paragraph of article 2° of the present law, shall be aggravating in case it is determined that the contagion of a worker by COVID-19 was due to the employer’s fault.»
Article 68 final paragraph of Law No. 16,744: «The National Health Service is empowered to close factories, workshops, mines or any workplace that poses an imminent risk to the health of workers or the community».
Article 69 letter b) of Law No. 16,744: «The victim and other persons to whom the accident or illness causes damage may claim from the employer or third parties responsible for the accident, also the other indemnities to which they are entitled, in accordance with the prescriptions of common law, including moral damage.»
How is the issue of medical leave for Covid?
Article 9: «During the validity of this law, Article 14 of Decree with force of law No. 44, of 1978, of the Ministry of Labor and Social Welfare, shall not apply with respect to medical leaves of absence due to COVID-19 of any nature. The worker on preventive leave shall have the same rights he/she enjoys in temporary disability leaves.»
Article 14 of Decree with force of law No. 44: «The allowances shall be accrued from the first day of the corresponding medical leave, if it is longer than ten days, or from the fourth day, if it is equal to or less than ten days».
If you wish to expand the content, click here and learn about the Law N°21.342 of the Compulsory Insurance COVID-19. You can also download the complete material in our content library by clicking here.
The new compulsory individual insurance was created as a result of the COVID-19 health emergency and is for the benefit of all private sector workers with contracts subject to the Worker’s Code and who are carrying out their activities in full or in part on a face-to-face basis:
Protects all members of the National Health Fund (FONASA), belonging to funds B,C,D, as long as they are treated under the institutional modality, which considers 100% of the co-payment of hospitalization expenses in the public health care network.
Covers contributors of a Social Security Health Institution (ISAPRE), provided that they are treated in the Additional Coverage Network for Catastrophic Diseases (CAEC), considering a co-payment of 30 contributions of the affiliate with a minimum of UF 60 and a maximum of UF 128.
For both FONASA and ISAPRE, hospitalization and rehabilitation expenses for COVID-19 are considered, as long as they have occurred during the term of the policy.
In case of death, the indemnity will be UF 180 (regardless of the worker’s age).
Excluded from this obligation are those workers who have agreed to work their working day exclusively under the remote work or teleworking modalities.
The employer will have a term of 30 calendar days to contract the insurance, once the policy is deposited with the Financial Market Commission (CMF), this for workers existing at the time and 10 calendar days from the beginning of the work of workers hired in face-to-face mode.
The term of the insurance contract will be one year from the date of its respective hiring, regardless of whether the employee changes employer or is dismissed. Once the term has expired, the new employer must contract a new policy.
The value of the annual premium must not exceed UF 0.42 per worker, plus the corresponding value added tax, and it must be paid annually.
The insurance must be renewed if the health alert is maintained at the end of the year in which it is in force.
If you wish to learn more about this law, we invite you to download the complete material in our content library by clicking here.
Is there one injection that is better than another? These are some of the questions we all ask ourselves most frequently in the face of the uncertainty and stress we have been under since this whole movie nightmare began.
The reality is that there are currently different vaccines that, although they do not make us totally immune to the virus, have greater or lesser effectiveness and a totally different way of working.
What are the most commonly used vaccines today?
In the case of Chile, there are three vaccines approved for administration, Pfizer/BioNTech, Sinovac and Oxford/AstraZeneca, according to information shared by La Tercera on its website.
In the same vein, others used worldwide are: Moderna, Sinopharm and Sputnik V.
What are they like?
01. Sinovac: based on the injection of the inactivated virus into the body. It is known that this vaccine has an efficacy of 91.25% in view of the results obtained in the last phases of the trials carried out in China, as confirmed by the web portal www.vacunas.org.
02. Pfizer:it involves introducing a messenger RNA into the body, which will be responsible for encoding the virus. This vaccine has an efficacy of 95% and was to be applied in two doses. However, it recently became known that a third booster will be required, as reported by Ugur Sahin, co-founder of the German company BioNTech and reported in the BBC News portal.
03. Astra-Zeneca: it is based on the genetic instructions of the virus to build the spike protein and unlike the other two vaccines, this one uses double helix DNA. Simply put: the cell envelops the virus in a bubble and draws it into itself. This vaccine is 79% effective.
It is known that most Latin American countries have already started the vaccination process, but there are others where the doses have not even reached their territory. Some of these countries are: Uruguay, Cuba, Nicaragua, Honduras, Guatemala, this is what BBC News points out on its website.
To get vaccinated or not? It is one of the best methods to be more protected, that is to say, it does not mean that we will be totally immune to the virus but less compromised in case of infection. Even if you are vaccinated you should still maintain your protection with a mask, social distancing and constant hand washing.
The insurance industry has been characterized by offering in the vehicle branch, insurance based on linking the costs of these with the way in which a vehicle operates.
Equipment managers can benefit from telemetry data from their heavy duty trucks, as the data can be used to train operators and drivers to improve and change their behaviors:
It allows remote control of processes such as the location of a vehicle, fuel consumption, load status, performance, safety factors, among many others.
Fleets that reduce behaviors that lead to accidents may be able to reduce the frequency (plus associated costs) of accidents and eventually lower their construction equipment insurance premiums.
By collecting data using telematics, current and real-time feedback can be obtained to help identify risky driving behaviors and enable drivers to be trained to improve their performance.
Most relevant characteristics:
1. Contributes to the reduction of claims: by maintaining the interconnection of ioT devices with a main central, alerts of all kinds can be issued in the event of any suspicion. This favors both insurers and their policyholders.
2. Savings on supplies: the systems provide immediate information on the status of the truck, allow programing routes and monitor driving conditions to save fuel and prevent failures due to malfunctions.
The transport company may have precise data on the location, route and speed of the vehicle, fuel consumption, driving mode or stopping times. This will make it easier to manage operator performance.
3. Safety: telemetry is capable of reducing road accidents by 57%, making this technology a strategic ally to minimize costs and optimize processes.
Currently 84% of large companies use Artificial Intelligence and estimate that by 2020 the total number of companies will adopt Machine Learning as a user experience optimizer (UX).
In LISA Insurtech, this is one of our biggest challenges, to delight our clients (Insurers) and their clients (Insured), that is why we have a specialized area in UX, the previous thing since according to a study carried out by Tata Consultancy Services ( TCS) companies that have already invested in Artificial Intelligence, are now seeing the fruits, since they have increased their profits by 25% and reduced their costs by 20%.
Machine Learning is one of the applications of AI that gives systems the ability to automatically learn and improve the experience without having to be programmed, in addition to controlling at the top of the evaluation that avoid late analysis.
One of the main objectives of Machine Learning is to know in detail the behavior of users, and in this way to detect how to improve the user experience (UX or User Experience). In this article we will talk about 2 ways in which Machine Learning focuses on optimizing the user experience.
– Predictive data analysis
The recommendation systems based on Machine Learning algorithms offer a beneficial value for the users and, in the case of the insurance industry, they can predict their attrition rate, Fraud, purchase intention and others.
On the other hand, predictive analyzes help us to better understand the needs of users, which allows us to develop different products and services as it allows us to customize the offer to specific needs.
– Learn from the results
Machine Learning allows us to make changes in real time in the actions of the insured and anticipate their needs. On the other hand, learning from the results will allow us to grow and develop skills that will benefit us in the future.
Thanks to Machine Learning we can plan the company’s resources, develop predictive systems on customer behavior and customize communications, generating greater value in users.
In this era, technology is responsible for optimizing processes. What do you expect to integrate Machine Learning as a user experience optimizer (UX) to your company and increase your profits and reduce your costs?
In LISA we use this and other high-level technologies to add value to the industry, thanks to this type of tools we reduce the operating cost of claims management by 60%, do you want to know more ?, Contact us!