What does Insurtech mean?

The accelerated growth of new technologies under the eaves of traditional businesses has been generating acronyms that end in “Tech”, Ex. Health technology businesses are called HealthTech, financial technology businesses are called FinTech, this is how the technology businesses of The insurance industry is called Insurtech. Many times the Insurtech being a relatively new segment are protected under the umbrella called Fintech.

In this regard at the DIA Amsterdam 2019 event, Mckinsey launched 3 mega-trends, where the third one points directly to the aforementioned paragraph, the call for collaboration between traditional insurance companies and technology companies with specific work within the chain of value of insurers. Ref. Megetrends.

Today the Insurtech are growing by leaps and bounds especially because of the advantages they generate to the business or insurance company that adopts them, in this regard at LISA Insurtech we see a general dismantling of the insurance value chain. As this happens, new partnerships and collaborations should be formed to meet the best needs of customers. An example of this is the association between insurtechs and traditional players. Many Insurtech’s are focusing on specific functions throughout the value chain and are achieving higher profitability levels for these specific functions, which makes them active collaborative partners.

In the case of LISA, Insurtech has specialized since its inception in the automated management of claims, reducing 80% of the settlement time and saving 60% of the handling cost. You want to know how, contact us!

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Machine Learning in Insurance

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!