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Does health insurance treat serious ailments?

On many occasions we have heard that Health Insurance is for illnesses not as complex as flu and those things and the truth is that yes, but not only does it stay there but it also deals with more serious and complicated ailments. Therefore, we will leave you an argument to analyze:

Based on the data of the insurance companies, we divide Life Insurance clients between healthy 21.29% (those who throughout the year cause an expense of less than $ 700 between tests and services) and on the other hand, the serious 51.46% (between $ 680 and $ 6,800) and very serious 27.25% (over $ 6,800).

It should be noted that a third of the health facilities for serious illnesses are installed in private hospitals and that from the above figures we find that clients with minor problems make up 21% of all healthcare services; the one of serious ailments suppose one of every two health services that are provided in the private insurance and finally the very serious, a quarter.

Health care does not rest, that is why every hour of the year, Health Insurance invests around $ 410,000 in the health of people whose ailments are serious and about $ 217,000 for people with very serious illnesses.

Understanding the above, we can conclude that Health Insurance does care for serious pathologies and that is why people currently rely more on it to prevent or mitigate complex diseases.

Through LISA and the technology used, we settle the insured’s health claims, guaranteeing a high experience and customer loyalty. Trust LISA!

Do you want to know more about LISA Insurtech? Contact us by clicking here.

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4 Basic insurance concepts you should know

In the current time where we live, having insurance is essential since we can not only protect our personal and real property, but also be supported in the event of an accident or illness. It is for the above, that contracting insurance becomes necessary and of great importance, but what concepts should we have clear before contracting any insurance? Here we explain it in a simple way:

What is an Insurance Premium?

It refers to the amount of money that the insured pays for the risks that he is transferring and this is usually paid in installments for a year, monthly, semi-annual, weekly or all at once.

The value of the premium will depend on factors such as the probability of an accident occurring or the frequency in which this can happen. When paying the premium, the insurance company must comply with the coverage stipulated in the insurance policy.

What is a policy?

It is the document that certifies the support that the insured person accesses when they pay a premium for this.

What is a deductible?

It refers to the sum of money established in the particular conditions of the policy, which will be the responsibility of the insured in the event of any claim.

In the case of having contracted some deductible coverage, the insurance company will be responsible only for the amount that exceeds it. On the other hand, if the deductible is agreed as a percentage of the loss, this will be applied to the final net loss, that is, in the sum of all the disbursements and expenses incurred less I recover them.

What are coverages?

These are the risks that the insurer will assume in the event of a claim. In addition, there are different types of coverage in insurance contracting, so you should analyze and choose the ones that best suit your needs.

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What are the Life Insurances?

This type of insurance is responsible for covering the risks of death, disability and survival. Life insurance is part of personal insurance and guarantees that a person in the event of their own death can grant financial compensation to their immediate family or beneficiaries.

The sum of money received will be stipulated in the insurance contract, which will have a series of conditions for its payment.

Who can take out the life insurance?

Anyone, in fact, for those who carry out high-risk activities and / or jobs, is more than recommended, especially if it is the only family support.

The main mission of life insurance is to protect the insured through compensation (insured capital), whose method of payment can be from financial income or through a single payment for an agreed amount.

Types of Lifes Insurances

  1. Its duration: They can be Temporary or for Whole Life.
  2. For the Premium: Level premium or risk premium.
  3. Number of Insured: Individual or Group Insurance.

The insurer agrees to pay through a policy, the payment of the agreed compensation and the insured must pay a monthly fee that guarantees coverage, so that, in the event of an unfortunate event, the people who have been chosen as beneficiaries are
financially protected.

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Learn about the Insurance Industry opportunities as a result of Covid-19

The appearance of the Coronavirus and all that this has brought with it, has made the insurance sector think of new products and services that adhere to current needs.

La problemática que se vive en la actualidad no solo cambió la vida cotidiana de las personas sino también hizo posible la reformulación de la manera de trabajar de miles de empresas alrededor del mundo. Uno de los sectores que aprovechó las circunstancias fue el de los seguros.

Un ejemplo de ello, es el desarrollo de productos nuevos cuyo objetivo es darle respuesta a las necesidades de protección, respaldados por coberturas y beneficios adicionales de gran utilidad:

  • Home Office Insurance: The purpose is to insure workers and companies that are currently telecommuting. The coverage is arranged 24 hours a day for the worker and the technological equipment he uses.
  • Covid-19 Life Insurance: this being a product of the collective Life branch, which provides coverage exclusively for Coronavirus.

Likewise, to the basic coverage of compensation for death are added additional ones such as a daily income for hospitalization and daily income for hospitalization in intensive care.

  • Technical Insurance: which covers computers or notebooks in case of breakage, damage or theft.

Reinventing yourself has always been an indispensable option to avoid limitations and stagnation. Not only has the current health crisis been able to create innovative scenarios, but the search for new alternatives is conducive to each situation and that is why it will depend on each company developing despite the circumstances in order to walk outside the comfort zone.

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The Impact of Sandbox on the Insurance Banking

Do you know how useful a Sandbox can be? In general terms, this “sandbox” is an open place that is used to experiment with new technologies or products that, by consuming banking and insurance services, provide a dynamic space of added value offer for new players in the segment, satisfying the particular needs of customers.

From the aforementioned, we can point out that this allows companies to test and test different products, services and technologies without being afraid of the errors and failures that may arise from experimentation.

LISA Gateway + Sandbox

Within our new and wide digital ecosystem, LISA Gateway, there are various functionalities, one of them, the Sandboxes. In this way, a total technological ecosystem can be effectively implemented within the company, which allows a completely open technology integration between the parties involved in a traditional insurer (broker or sponsor, bank and insurer).

It is important to emphasize that LISA Gateway has other innovative functionalities such as: Automated Subscription, Integration of a CRM, Business Intelligence, Issuance of Policies, Claims, Payments, Renewal, Products and Quotes. From the aforementioned, we can affirm that starting from the pains of the insurance industry, we have sought to innovate and remedy through totally differentiated and automated ideas.

The idea of these “experiments” is to validate new products and services and scale them to other companies, giving them the opportunity to grow and update.

What impact does the Sandbox have on Insurance Banking?

  • Improve service quality by processing requirements in real time.
  • Reduces Time2Market, which generates customer loyalty.
  • It enables free technologies to test new integrated products.
  • Manage frauds integrated into all transactions.
  • Guarantees a greater data acquisition to add future value to prices.
  • It provides more efficiency and preparation for the culture of innovation and speed.
  • You have immediate access to the stored data and obtain great benefits.
  • Save settlement costs and fixed costs.

At LISA, we understand the importance of transforming the insurance industry in order to correct its latent pain, despite being a challenge for the present rudimentary level, we are driven by the need for change and innovation to seek customer loyalty and saving operating costs. If you want to know more about LISA Gateway, contact us by clicking here.

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7 Characteristics of insurance companies

Insurance companies are older than you can imagine, in fact their creation dates back to the Ancient Age since they sought to protect the personal interests and interests of existing communities, but what is their profile like today?

First of all, we must define them; Insurers are companies that specialize in insurance, whose economic activity is based on offering a security service, covering certain economic risks (which are insurable), the economic units of production and consumption.

Know the 7 characteristics of insurers

1.- Its activity is focused on an operation to accumulate wealth through the contribution of the insured and thus guarantee financial support in the event of an unfavorable economic event.

2.- Follow the principle of mutuality, seeking solidarity between a group subject to risks, that is, creating a heritage that copes with risks.
The unfavorable effect of the risks considered as a whole is diminished because for the insurer the individual risks are compensated since there are few insured who suffer it, compared to the many who contribute to the payment of coverage.

3.- Insurance companies can be of different types depending on their legal constitution: mutual companies, corporations, cooperatives and social security mutuals. Furthermore, all of them share the essential characteristics for marketing insurance.

4.- They can operate in one or multiple branches (automobile, accidents, fires, civil liability, among others), as long as they comply with the necessary authorization from the regulatory body.

5.- They must have sufficient financial resources and solvency, so the legislation imposes many restrictions on them.

6.- The activity of insurers cannot be carried out by natural persons, since legal regulations seek permanence and stability in this sector.

7.- They are constantly regulated by the State to allow the highest level of trust to be reflected between the insured and investors, therefore they are under his protection and vigilance.

Protecting our assets and being financially supported in the face of some unfortunate event is a benefit that we can all count on and that is also necessary as we obtain insurable assets.

Insurance companies have a long history of their work and although they have not changed much since their inception, nowadays and thanks to the appearance of new technologies they have evaluated possibilities of change to innovate and satisfy their clients and new future clients.

At LISA we love to innovate and for this we have decided to be the perfect ally to accompany insurers in the independence of their processes in order to create a different and unique impact. If you need to know more, contact us by clicking here.

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What are Home Insurances?

The insurance companies have offered from their origins, a large list of insurances that adjust to the needs of each person, this time, we come to tell you about the role and importance of Home Insurance, but … What are they?

This type of insurance is responsible for protecting the property or home of a person, against a possible risk of damage of various kinds, safeguarding real estate in case it is affected.

Did you know that only 8% of the Latin American population has home insurance? Despite the diversity of natural risks, theft or damage that are also common in this continent, this low percentage is due to the high costs compared to other products.

The penetration of home insurance in Latin America remains low compared to other regions of the world, even below other lines such as automotive or medical expenses.

What damages does this insurance cover?

Insurance coverage is based on protection in the event of fires and what this entails, nature risks: volcanic eruption, floods, tsunamis, structural damage (such as broken pipes). In addition to the above, it is possible to expand the risks to be covered by the insurance, such as protection against theft, broken glass, civil liability (for damages caused to other people from the home, such as floods), among others.

It is important to take into account when insuring a home, the term “underinsurance”, which occurs when the value of the insured capital is less than the replacement value of the insured object.

In this insurance, the value of the building can be given, as well as the electrical appliances, where at the time of the loss, the expert will be in charge of verifying that the values ​​that appear in the policy of the insured are real, if not at the time of to compensate the claim the proportional rule would apply.

The proportional rule stipulates that in the case of underinsurance at the time of a claim, the compensation will be reduced in the same proportion as the capital is insufficient. An example of this could be a home with insured content of $ 30,000, if a theft occurs and the value subtracted includes $ 5,000, in theory the compensation should be for that amount, however, if the real value of the home were $ 40,000, the underinsurance would be 25%, whose proportional rule applied to the compensation will be stipulated in the payment of 75% to the insured, being $ 3,750.

There is no doubt that at present the erroneous perception of the client about home insurance must be changed, which is why for this the service and good communication of the insurers with their clients will be essential.

Through LISA Claims, you will be able to process automatically and digitally, the settlement of household claims of your policyholders. Do you want to improve the liquidation processes of your company? Get in touch with us!

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Discover the value of NPS in the Insurance Companies

Before explaining in depth the topic to be presented, it is good that you know the meaning of the acronym NPS or “Net promoter score”, which refers to a quantitative indicator, which was developed to measure customer loyalty, in the year 1993, by Fred Reichheld.

The NPS is measured through a scale that goes from 1 to 10, from 0-6 is negative (detractors), 7-8 neutral (passive), 9-10 positive (promoter). It is important to clarify that the Net promoter score can be enriched with valuable comments, which can help the company’s interaction methods with the client.

Its value

The customer experience can be measured and improved thanks to their analysis, also, the data will always be important, since customer loyalty is one of the factors that most influences the growth of companies. Based on the above, if the insurance company has a positive NPS (9-10), it means that there are people recommending it, which, on the contrary, is located within 0-8 within the scale.

Customer loyalty is crucial for any industry, because in a competitive environment like today, it is easy to replicate strategies, products and even prices, but really making a difference and denoting it, is something that companies continue to seek to thus achieving in a sustainable way the enhancement of its growth and profitability over time.

At LISA we settle claims and delight policyholders with a high-level experience, lowering operational cost and increasing the level of customer satisfaction. Contact us!

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Protect yourself! Learn how to prevent fraudulent activities

The Frauds has always been a problem in the insurance companies, since irregular collections have generated millions of losses, favoring a reduction in their operating costs to maintain profitability.

This problem has led to the loss of valuable resources, which could be used to prevent and identify activities associated with fraud. The challenge for insurers is based on improving the skills associated with detecting irregularities using technologies such as Big data and its analysis.

Through a survey conducted in 2014 of various insurers, it was revealed that in seven out of ten insurance companies, it was stated that claims had increased in three years. This, further supports the importance of preventing fraud.

How can you prevent them?

1.- Using artificial intelligence to find patterns: with this the detection of scammers will be fast because it processes the information, drawing conclusions.

2.- Analyzing fraud networks: through data analysis, helping to detect chains of organized actors for fraudulent collections.

3.- Using business rules adjusted to customer behavior: thanks to this, previously made (fraudulent) claims were compared in the various types of insurance, thus allowing the generation of alerts for a new claim similar to those historically stored.

Thanks to technology, fraud can be prevented through data analysis, which will allow the protection of insurance companies’ resources. The digitization of services has made companies more vulnerable, which is why it will be a priority to avoid fraud to guarantee the monetary care of insurers and their profitability.

Through our service, LISA Gateway, you will be able to manage and manage the integrated fraud management in each of the transactions. For more information about the service, contact us by clicking here.