Digital transformation: The revolution of the Insurance Industry

The increase in the digitization of households and production processes, combined with the growth of digital industries, has resulted in a growing impact on economic development, in addition to opportunities for business transformation. According to research by Katz and Callorda, a 10% increase in the digitization index generates a 0.75% increase in GDP per capita for a sample of 150 countries and 2.42% in the GDP of OECD countries ( like Chile and Mexico).

136/5000The development of the insurance industry has been supported by the progressive digital transformation process and has impacted in two ways:

Events that reflect new risks, such as cyber attacks, gave rise to various types of coverage. According to Accenture’s “Insurance the future 2018” study, worldwide, 45% of security breaches suffered by the industry go undetected in less than a week and 9% in more than a month.

Nicolás Deino, director of Financial Services at Accenture Chile, plans and claims that cyber attacks have become more pronounced and it is of utmost importance that companies invest capital in technologies such as artificial intelligence and automation.

The second impact that we found is that technological advances provide new mechanisms to facilitate the manufacturing and marketing processes of insurance products.

Currently, various companies dedicated to the insurance market use various technologies that have better developed the business: artificial intelligence, the Internet of Things, blockchain, chatbots, being some of the tools that came to stay and revolutionize.

The above phenomenon is known as Insurtech, a model that uses technology as a foundation to improve the insurance business system. In Chile, progress has already been seen in this area.

This technological innovation will allow significant improvements in the process of policyholders to products that best meet their coverage needs.

The detection of fraud in the management of claims is one of the most important problems in the insurance industry. LISA, through its technology, is capable of detecting any risk during this process.

With LISA, you can prevent fraud effectively in each of the phases of the insurance settlement process, through our technology we also improve and automate each of the stages of settlement in an easy and digital way. Digitally transform your company, communicating with us by clicking here.

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