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What are the Personal Insurances?

Personal insurances are those that are in charge of covering the risks that may affect the health or integrity of the insured person. Having suffered an accident or suffering from an illness are some situations that make possible various solutions with this type of insurance, through compensation, provision of private medical services, among others.

What are the types of personal insurances?
  • Life Insurances: They are the insurances that cover the death of the insured of a critical situation such as total disability due to an accident. At the time oof contracting this type of insurance, an insured capital is estabished, which will be paid to the beneficiaries in the event of an unfortunate event.
  • Personal Accident Insurance: In this type of insurance, the insurer agrees to compensate with an economic amount, as a result of the insured suffering an accident that disables him to carry out his work activity or even causes death. These insurances are normally contracted by professionals who carry out activities that are risky.
  • Health Insurance: These insurances are one of the most contracted and are responsible for providing the holder and their family members with coverage in the event of suffering any illness or disease.
  • Dependency Insurance: They are some of the least known and are based on guaranteeing compensation in the event that the insured suffers an illness or accident that prevents them from leading a normal life and fending for themselves. The compensation for this insurance may be collected in the form of a monthly annuity for life or as capital paid in just one term.

Did you know about these insurances? Within the insurance world there are many concepts and words, which without the necessary information become complicated, however, once understood, we can learn more about what it is like.

Through LISA you will be able to settle claims in general, in an automated way and with all the security from the beginning to the end of the entire process. Know more about us!

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Everything you need to know about Underinsurance

The term underinsurance refers to the situation that occurs when an insured object has a value greater than the insured amount, in simple words, if a claim occurs, the compensation to be received will be less than the value of the insured objective.

Why does underinsurance occur?

This happens when the property covered by the insurance is incorrectly valued and a lower premium has been paid than that which should have been paid if the property had been correctly valued.

The underinsurance situation does not usually arise when insuring motor vehicles, that is, cars or motorcycles, since the insurer itself is the one that values ​​the asset that is the subject of the insurance.

Underinsurance usually occurs when home insurance is taken out, since in most cases the value of the property owned at home is not known exactly. Likewise, it also usually occurs when goods are acquired that have not been included in the insurance contracted.

Underinsurance vs Overinsurance

We already know that underinsurance is when a good is insured below the real value, but on the other hand there is the overinsurance that refers to insuring above the real value of the good. In the event that there is a claim, the insurer must compensate for all the damage caused, however, overinsurance has the problem that the policyholder will be paying a higher premium than he should.

As a conclusion, we recommend that you carry out a good inventory and review it annually in case of changes, since if a high-value good enters your home you must report it to avoid an undersurprise.

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Know the 4 most common accidents in the home

Being insured is one of the most important backups nowadays, since claims can happen unexpectedly and if it comes to events at home it can represent a big problem. In this article, we will share with you the four most frequent accidents that can occur at home and those that generate a high cost.

  1. Water Damage: This is one of the most common events and is closely linked to the pipes, in fact, leaks cause more than two million parts of the insurance per year, with a bill of at least USD $ 2,547,660 per day. It should be noted that the leaks of a house affect nearby properties, causing at least a cost of USD $ 212,929 per day.
  2. Assistance: These types of claims cover a wide spectrum and range from problems that require professionals to be sent home (to carry out reforms, appliance repairs or some DIY service), to mishaps that require DIY, restoration, among others. Its daily cost ranges around USD $ 190,000.
  3. Broken glasses: The daily cost of this event represents about USD $ 769,831. where more than a million crystals are damaged annually.
  4. Electrical damage: being in the dark and knowing how little we can do without electricity is reason enough to avoid and correct this event, which has a daily cost of at least USD $ 572,907 and more than 600,000 incidents per year.

It is important to mention that one of the claims that generates the most costs are fires, however they occupy the tenth claim in frequency. The damage of this type of event is among the most expensive, since it affects other goods, with a value of at least USD $ 653,000 per day.

Having a home insurance can protect you against these unforeseen events and through LISA Claims the settlement of your claims will be automated and safe. Do you want to know more? Get in touch with us by clicking here.

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How can we prevent a claim?

Did you know that more than 1,500 people lost their lives in traffic accidents in Chile? This death toll remains stable despite the increase in car accidents in the last decade, which has gone from 57 thousand in 2008 to around 90 thousand in 2017.

According to the World Health Organization (WHO), each year more than 1.2 million people have died as a result of accidents on public roads. In Chile, there were 89,983 traffic accidents in 2019 with a balance of 1,617 deaths, a figure that had an increase of 7.3% compared to 2018.

Factors that stimulate claims

These factors are diverse in nature, specific to the car, road, visibility and weather conditions, but the human factor is the main responsible in 88% of claims. Most of the people know the preventive measures to avoid traffic accidents, however, few adhere to them. Examples:

  1. Only 16% of children travel sitting in special car seats.
  2. About 105 of the people use the phone while driving and 15% while crossing the street.
  3. 30% de personas no usa el cinturón de seguridad en la ciudad.

The only way to reduce the level of accidents and injuries is by respecting and being aware of the necessary protection measures when driving or walking on the street, respecting the traffic signs and the maximum speeds allowed.

Consequences of a claim

Traffic accidents represent disabilities in young people and generate high health costs. According to WHO data, at a motor and psychological level, the consequences of an accident affect more than 95% of the people who suffer it; the most frequent emotional disorders are: loss of confidence, depression, anger, panic attacks, anguish, among others.

How to prevent claims
  • Make sure to place head restraints in the car as it can protect you from injuries associated with trauma to the cervical spine that can leave a quadriplegic person.
  • Do not drive under the influence of alcohol or psychoactive substances.
  • If you go on a motorcycle, wear your helmet.
  • Maintain your car or motorcycle regularly to make sure you can ride safely.
  • If you go by bicycle or on foot, make sure to respect the traffic lights and cross the streets on the corresponding lines and do not use the telephone.

It is important to note that an accident can occur to all of us and it is of utmost importance to follow the rules and regulations when traveling to keep ourselves safe. Just by wearing a motorcycle helmet, you can reduce the risk of death by 40% and serious injury by more than 70%.

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Covid-19: opportunities for digital Transformation

There have been few measures that companies have taken to adopt what the Digital Transformation has brought with it, however, the current contingency of Covid-19 made this change possible in a very short time, because in the case of Argentina, before the confinement 16% of workers worked infrequently from home and less than 3% did so permanently.

On the other hand, the penetration of the internet and its related has increased significantly in Latin America and in the last decade. In the case of Chile, although 90% of SMEs have this service, it is only limited to being used to send and receive emails, where 40% have a website and only 27% have electronic commerce.

Today, companies are immersed in the challenge of digitizing their business, not only in terms of their products but also in the way their teams communicate and work to ensure the monitoring of their activities and contact with their customers. in order to offer you a good experience.

In the case of insurers, a milestone has been established, a before and after. Insurance companies have been governed by their traditional system, however, the current world situation has made them have proposed to improve their work system, to something more digital, fast and easy.

Some of the significant changes they might consider are:

  1. Automation of your processes: in order to free up personnel, obtain better response times to requests and processes.
  2. Teleworking: in order to protect workers and continue operations.
  3. Enable digital channels: to avoid risks in the offices, so that customers do not have to leave home.
  4. Use of technologies such as AI or Blockchain: In order to avoid frauds.

This current scenario does not pose a threat, rather it is an opportunity for insurers and any company that wants to create a better foundation for its growth through the digitization of its business and innovation.

Companies that had already adapted to this technological wave, have better coped with the impact than those that have not, which is why it is the perfect opportunity to grow and develop traditional companies.

LISA Insurtech facilitates the digital transformation of insurers with technology, automating each of the traditional processes of the industry, reducing costs and settlement times with the promise of making the company independent of its manual processes. In this way we facilitate independent work, and telework within the company. You want to know more? Contact us by clicking here.

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Does Health Insurance Cover Covid-19?

The appearance of the Coronavirus was accompanied by a lot of fear, crisis and a lot of uncertainty, but currently there are many people infected worldwide, who have been fighting for their lives, even in very serious conditions. It is for this reason that many people have wondered if their Health Insurance covers this disease or what to do to make it possible. In this article, we will answer many of your questions.

Which insurance policies are covering Covid-19?

There is an important point within this question, since the policies exclude the declaration of a pandemic in all contracts of the insurance industry, however, some companies have decided to cover the benefits derived from Covid-19.

According to data from the Insurers Association, 93% of the people who have complementary health insurance, if they are covered for the Coronavirus, where also some catastrophic ones have incorporated it and all the CAEC (Additional coverage for catastrophic illnesses), cover it.

What do we recommend? Check the policy with the insurance company as the conditions vary according to the contracts.

Can you buy a health insurance if you tested positive for Covid-19?

Yes, you can, but most health insurance does not cover pre-existing diseases, so if you were diagnosed with Coronavirus before hiring the insurance, it will not have coverage for the disease.

What is the best option to cover the treatment of Covid-19?

It depends a lot on the situation of each insured, the coverage and the diagnosis revealed. In the first place, each person must operate in the public or private health system and then the adjacent insurances that are available; In any case, when in doubt, it is important to request the necessary guidance from the insurance company, Isapre or Fonasa.

As a closing of the article, it should be noted how important it is to have health insurance, since in the unforeseen current scenario, one is essential due to the high costs of treatment or hospitalization that may be required in case of contagion. Remember that life is priceless, insurance does, and it is not that expensive.

At LISA we care about clients and their satisfaction throughout the settlement process, which is why they will be able to obtain a resolution in record time regarding their health claim with LISA Claims.