Once it has been understood that the future of the insurance industry lies in Digital Transformation, it is time to understand a series of new terminologies that are associated with it.
What is an InsurTech?
Etymologically, it is the union of the English words Insurance + Technology. Thus, it is the grouping of companies that move from the traditional business model to the model of the digital era where the Internet rules.
Insurtechs rely on a series of platforms and technological models that help them to reach their ultimate goal, massively expand their coverage and thus reach more and more clients in less time and with more attractive responses and proposals.
What are Startups?
Emerging or new companies that are in an initial phase of growth and development. It is a term that applies to any type of industry.
But what does this have to do with an insurer that has been in business for decades? Well, no matter how long a company has been around, it can become a startup. Why?
When a company moves from the traditional model to the digital era, it turns out that there are so many changes to be made that it is considered a new company from the digital point of view.
The greatest economic impact for a company that changes its way of operating is really at the beginning of the process, that is, at the moment of hiring new human resources specialized in the development of this type of business models.
Over time, there is a latent expense that will always exist because it requires a constant investment. However, the profits will be seen faster than with other types of traditional businesses.
How does LISA Insurtech contribute to the digital transformation of insurance?
With our flagship product, LISA Claims, we transform the slow and tedious claims process with our artificial intelligence solutions.
LISA Claims advantages
- Shorten the liquidation process by 80%.
- Reduces operating costs by 60%
- Increases NPS up to 20%.