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Learn about the advantages of the IoT for insurance companies

Do you have any notion or idea what the Internet of Things is about? Anyway, if you don’t have much idea, stay in the article, and we will show you what this is all about, let’s get started!

What is the Internet of Things (IoT)?

The Internet of Things, or IoT for its acronym in English (Internet of things) is a key factor and part of insurers in the transformation to the digital Age, since the study and analysis of this field is what will define what it is what is important to people.

It is about technology that connects our household objects to the internet, those that are for daily use and that are ordinary. However, not only is this internet connection enough, the IoT tries to connect objects to each other.

In this way, various objects can interact with each other as part of a program. For example, the alarm clock may be synchronized with the coffee machine, and once it activates the alarm, the coffee machine can simultaneously start brewing the coffee.

Another example would be that the blinds are programmed to close when a certain level of darkness is detected in the environment, and that this in turn activates the interior and exterior lighting of the house.

All this seems out of the question of insurance companies, but it shows how traditional objects are now much more expensive than before, of course, with amazing functionalities, which are surely the object of being insured.

The ioT as a key for the Insurance Companies

People are surrounded by many objects in their day to day, it is estimated that a human being can be surrounded by between 100 and 5000 objects in their homes, including smart devices of course.

Now, can you imagine being able to have more precise control over these things around you? It would be much easier if you could know the exact location of a lost object.

Or if, on the contrary, the use it has had if it is a household appliance. There are industries that are responsible for the study and development of this type of technology, without we are talking about smart homes.

The inclusion of some small device in each object would allow its tracking and complete communication with each other instantly.

So the question is, what does this have to do with Insutech and startups? Very easy. The Internet of Things makes it clear which have become the new priorities of people, those that they always want to be close to and that, if they lose them, they will want to recover them.

Imagine that you have an object of value insured and that it is lost. Obviously the insurer will pay for it, however, if you could know the exact location of it, recovering it would be a palpable reality.

Likewise, if during a trip you take a private transport that you have hired by the insurer and leave an object when you get off, the combination of IoT and Insurtech will allow you to know where you left the object, and by knowing its location and being a insurance vehicle, the object may be returned to its owner. Do you realize how everything connects?

Startups and Insurtech are revolutionizing the insurance market at devastating steps, and more and more elements are playing an important role in this, such as the Internet of Things, Blockchains, and more.

Insurance is always in people’s lives, that is why it is important as a company in the sector, to know how to respond to customers in a satisfactory way, with changes based on good measures and reliable results.

Getting on the train of change and the revolution in the insurance industry will represent a bright horizon full of great harvests, which will not always be so abundant, but which will surely, under the startup model, be much larger and exponential than traditional companies.

At LISA we are committed to the revolution of insurers through avant-garde technologies to leave behind their traditionality, which only stagnates and makes it less efficient. If you want to know more about us, contact us through our form by clicking here.

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How can I prevent a fire at home?

Fires are one of the most common accidents and where mostly human carelessness is the one that produces the accident, although some can occur sporadically due to situations that are not visible to the naked eye, others can be prevented, so it is important to consider all the possible measures so that our home is safe from this type of accident, what can we do?

  • When you suspect or smell gas, do not turn on the light, this will avoid a spark that could cause a fire. The first step is to open the windows immediately, if you notice a gas leak immediately call the fire department.
  • The kitchen is the most frequent place of fire, the most common accident is when a pan catches fire, when it happens you just have to keep calm and cover it with its respective lid, in this way the fire will be reduced due to the lack o oxygen.
  • Since the kitchen is the most susceptible to these accidents, never have fabrics near the stove, as well as containers with flammable liquids.
  • Never leave matches or lighters in the hands of children, always keep them in a place that they cannot reach.
  • Check the electrical and gas installations at least once a year, to make sure they are in good condition and avoid a possible short circuit.
  • A common accident is leaving the iron on because they have called us on the phone or at the door, no matter what the case is, make sure to disconnect it before going to answer that call, you do not know how long it could take.
  • If you witness a house fire that originates from an electrical appliance, do not extinguish it with water because you could make things worse.
  • Whenever you are away, make sure that all the kitchen keys are closed, even when you go to sleep.
  • If there are smokers at home, repeat that whenever they go to empty the ashtray, make sure that the cigarettes are out. One that falls lit into the trash can could start a fire.

Home fires can be terrible and bring great economic losses to those who suffer from it, so it is always advisable to have insurance that covers these types of accidents and be vigilant in the measures to prevent them, we can be aware and avoid them!

Currently, due to Covid-19, home claims have been in high demand and the process has slowed down enormously due to the manual work of insurers, that is why through LISA we support the insurance industry in automated settlement . Learn more about us!

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How important is cybersecurity in insurance companies?

When we think about this concept, we probably agree at first that it is based on keeping the network secure, however, it goes beyond just this. Its definition also covers information security (it makes up all the elements of data security).

On the other hand, industrial cybersecurity is understood as the protection of information through the supervision of possible threats, which can put at risk the data contained in the computer systems of any company.

Threats could be classified into:

  1. Destruction of information.
  2. Information theft.
  3. Identity theft, personal data, confidential data, among others.
  4. Theft of money or scams.
  5. Cancellation of the operation of the systems.

Why you should implement cybersecurity in your insurer?

More than half of cyberattacks cause financial damage, resulting in lost revenue, opportunities and customers. This 54% is more than enough to leave out a company that is not prepared.

It is essential to its entirety, the implementation of cybersecurity in any company. Focusing on insurers, since their creation, they have generated valuable data and it has been stored, processed and transmitted; any eventuality that compromises the assets of the organization will directly interfere with its activity. It is important to apply backups or backups, in order to achieve the most efficient measure for data protection.

Information will always be the most important part of companies and will be the perfect target for theft, viruses, among others, which is why ensuring its permanent protection will be a crucial challenge for the organization.

"Overconfidence works against it: many entrepreneurs believe that their business would not be a profitable target for cybercriminals. The reality is very different."
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LISA obtained the title of “Best Insurtech in Latin America”

Last Monday, September 15, was carried out online and presented by Insurtech Connect (ITC), Digital Insurance Agenda (DIA) and Latin America Insurance Fund (LAIF), the Latam chapter where the winner of the challenge would be announced. I was looking to get the best insurtech in Latin America.

After seeing the presentations of different insurtechs that participated in the competition, the jury announced us as winners of the “Latam Challenge Pitch Competition”, where we will then have to present ourselves in the ITC Global Pitch competition. We were, one of the five finalists of the contest along with Clupp, MUTUUS, RegTech and WeeCompany, which are undoubtedly tremendous exponents of the segment.

We are very proud and happy to have been able to compete with other high-caliber companies and be selected as the most innovative insurtech in LATAM. Now our promise is to keep innovating and working hard to be the innovative support that so many insurance companies need.

Eduardo Iglesias, LAIF co-founder and Managing Partner of LAIF, added: “It was a wonderful experience for me to share ideas, work experiences and knowledge together with Caribou Honig, John Swigart, Sabine VanderLinden, Juan Mazzini, Karlyn Carnahan and Manuel Escobedo. Insurtechs are clearly transforming the insurance industry. “

On the other hand, Manuel Escobedo, president of Grupo Peñaverde, highlighted how his company approaches innovation with the aim of optimizing its entire value chain from sales to underwriting and claims processing.

Sabine Van der Linden, Founder, CEO and Partner at Alchemy Crew, explained how startups could play various roles in the digital transformation process for different players bringing open innovation to the insurance industry.

According to Karly Carnahan, from Celent, less than 33% of small businesses that buy offline today would be happy to be able to do so digitally, which leaves an important market that can be worked on in the future.

To end the competition, Iglesias assured that the event returned a very positive vision of insurtech in Latam, on which it is necessary to continue growing towards new business models, with more technology and innovation.

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Protect yourself from road accidents

Claims are part of life, although many of us flee from them or believe that we cannot suffer an accident, the truth is that at some point we could be the protagonist of one of them.

Accidents can range from a burn at home to a traffic accident, both share certain characteristics despite being so different from each other: Damage can be prevented and minimized, but how can we do it?

What is loss forecasting about?

They are a set of preventive measures that are taken in order to be able to avoid an accident, or in case it happens, that the consequences of the accident are the minimum possible.

These measures can be applied from home to work environment, recreational to work or health.

How can we prevent road accidents?

This type of claim is one of the most frequent, which usually has the worst consequences for the people involved. Although they are one of the most dangerous and with the highest mortality rate, experts assure that a large percentage of them are avoidable if special care is taken to preventive and road safety measures.

Road accidents are one of the accidents that involve the greatest material losses, in some cases you can even suffer a total loss of the vehicle, which can significantly affect the quality of life of the person involved.

If you are a driver:

  • Do not drive if you are under the influence of alcohol, call a taxi if you need to move around or ask a friend to drive for you.
  • You should always wear a seat belt, in the event of an accident, this will help minimize the blow.
  • Do not use a cell phone while driving.
  • When carrying children, place them in the back seats always wearing the seat belt, if they are under 5 years old, use child seats.
  • Respect the speed limits.
  • Be aware of road, weather, and traffic conditions to adjust speed as necessary. If you are on a bumpy road, don’t go at a high speed.
  • Check the in the tires from time ot time, especially if you go on a trip.
  • When making long trips, it is wise to make stops at least every 2 to 3 hours to stretch your legs and relax a bit, as well as to rest when necessary.
  • The number of occupants allowed by the vehicle must be respected, if it is exceeded, the necessary safety elements (belts) cannot be applied.
  • Motocyclists and cyclists must use the case in a mandatory way, in addition to respecting all the signs and speeds allowed. Being the most vulnerable at the time of an accident, it is important to take special care at crossings.

If you are a pedestrian:

  • Be attentive and respect the corresponding signs.
  • Walk on the sidewalk and do not cross in places where it is not allowed.
  • Always use the designated crosswalks and pedestrian bridges.
  • Be attentive when crossing any road and not be distracted by the cell phone when doing it.

Whether you are a driver or a pedestrian, it is always helpful to have at your disposal an insurance to count on that allows you to act in these unforeseen situations and abide by the recommendations and rules when going out on public roads, remember that life is one!

Regardless of what type of claim you want to protect yourself from, do not hesitate to consult your trusted insurer, companies have a large number of policies that cover all types of situations. Do not forget to ask them about LISA, we automate the settlement of claims in record time through an integrated platform.

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Why is it so difficult to reduce fraud in insurance companies?

Frauds in the insurance world have existed forever, that is why we can talk about how regular and common they are, but why do they continue to occur and there is no better control to avoid them? Stay reading and know which are the vertices that make it difficult to reduce fraudulent activities.

Although various measures have been implemented to reduce the amount of frauds in the insurance industry, there are many factors that prevent the percentage from being significantly reduced:

  • Insurers that do not report: although the main problem is being able to identify fraud in time, the second step is the report, which is not carried out by the insurance companies, not all companies have a zero tolerance policy because they prefer to pay small claims, even if they are fraud, than to go to court and pay the costs of this process.

Also adding to this problem is that many insurers prefer to make a quick agreement in order to avoid multi-million dollar lawsuits. In these cases, it is vital that the figure of the investigator provides the necessary information to the company to be able to fight and defend the cases in court, however, those traditional companies, tied to manual processes and that do not bet on technological advances, are more vulnerable and susceptible to losing the cases they decide to report.

  • Fragility of the health system: in all countries one of the preferred targets by scammers, professionals or not, is the health system, this due to the large number of patients and treatments that exist that insurers must process, such as Information in this area is extensive, it is difficult for insurance companies to analyze and detect possible cases of fraud. Another factor is cost control, which causes some doctors or health establishments to lend themselves to fraud to recover lost profits or obtain the money to cover maintenance fees.
  • Immigrants are an easy target: Many scammers take advantage of the arrival of immigrants to deceive them, taking advantage of the fact that many of them do not speak the language of the country they have arrived in or do not have knowledge of how the movement of certain topics is. Because they are in an unfamiliar place, scammers know that gaining their trust is not such a difficult task and they have them as one of their preferred targets when running a scam.

Nothing else in the US there are states that do not have specific laws against insurance fraud, a reality that is reflected in several countries around the world, that is why many prosecutors do not dare to take these cases to court because legally they have few tools to win complaints, which can cost insurance companies a great deal of money.

Insurance fraud is a crime that everyone pays for, from businesses to consumers, from lawyers to doctors, from the wealthiest to the humblest citizen. The only way to reduce this crime and prevent citizens from paying very high premiums, consequences.

Insurance fraud is a crime that everyone pays for, from businesses to consumers, from lawyers to doctors, from the wealthiest to the humblest citizen. The only way to reduce this crime and prevent citizens from continuing to pay very high premiums, consequences of this crime, is for everyone to be aware that fraud is a serious crime and that everyone who commits it must pay for it. Crime will only decrease when criminals can see that it is an easy way to end up in jail and not a way to make money without consequences.

LISA’s commitment is to support insurers in all their settlement processes in order to prevent fraud from the beginning to the end of all procedures, since we know that ailments of this type are very representative for policyholders and companies.

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Learn how the insurane frauds affects policyholders

Normally we believe that fraud only damages the affected person, in this case the insurance company, the truth is that this painful event brings with it a series of consequences that affect beyond, discover them throughout the article!

Unfortunately, fraud can affect the honest citizen who has not even been involved in said fraud, in fact the problem is more serious than we think and some results are:

  1. Loss of savings: investment insurance scams are the most common in these cases, where the main target is the elderly who are affected by losing their life savings.
  2. Higher premiums: Insurers tend to keep auto and home policy prices high because they pass the high costs of insurance fraud on to policyholders, so the higher the amount of fraud the higher the insurer’s premiums.
  3. Higher prices: Many establishments increase their prices in order to have the money necessary to cover the cost of the medical and commercial insurance premium, part that ends up being payd the clients in some way.
  4. Health at Risk: There are many scammers on the market who offer health care policies that do not exist, or do so unnecessarily in order to increase illegal health insurance claims, putting the health of citizens at risk.
  5. Involvement of innocents: many citizens are involved in accidents or violent situations in order that someone can collect the insurance of some establishment, good or that of someone’s life.

We can summarize that if the common citizen thinks that insurance fraud only affects insurance companies, he is totally wrong. This problem has a large number of consequences that affect beyond what is seen at first glance, affecting the honest citizen and leading many businesses to bankruptcy.

As exaggerated as it may seem to some, allowing insurance fraud perpetrators to act freely can cause a chain of consequences that could even affect a country’s economy.



		
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Know the different types of insurance scammers

We have all known at some time that fraud in the insurance industry is one of the most common crimes, which not only affects insurers but also represents a significant loss of millions of dollars annually in countries and small and medium-sized companies.

In this article, we’ll explain the most common types of scammers, which are classified into three groups:

  1. The opportunist: is the person who at first had no intention of committing fraud, however, some circumstances allow him to change his mind and take advantage of the opportunity to commit the crime, even repeatedly. It is easier for the insurance company to identify whether or not there was fraudulent activity, since the person acted on the fly and may have made betraying mistakes.
  2. The professional: has technical knowledge on the subject and is dedicated to looking for the vulnerabilities of an insurer in order to take advantage of them through fraud. This type of scammer tends to be very cautious.
  3. Criminal organizations: these are groups that have specialists in various areas in order to commit fraud to the insurance industry. They tend to partner with professionals in order to make the most of the weaknesses of the insurers, and their work is usually more organized, comprehensive and with the help of several people.

For the three groups, there is no particular type of fraud, so you can find any of them committing one in the area of ​​auto, life, business or other insurance.

At LISA we specialize in offering technology to provide insurers with protection and thus avoid painful fraud. The security of the insurers is the most important, contact us and discover how we apply our technology in fraud detection by clicking here.

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How does machine learning influence Insurtechs?

Before delving into one of the most relevant topics of today, it is necessary to establish as a first point the difference between Machine learning (ML) and Deep learning (DL) and their influence on insurtech.

On the one hand, Machine learning or machine learning is a discipline of Artificial Intelligence that uses mathematical formulas and decision trees to identify complex patterns and learn automatically.

On the other hand, Deep learning or deep learning is part of AI and it works through neural networks that work in a similar way to that of the human brain.

Both forms of AI refer to two technologies capable of learning by themselves and emitting the human being’s way of learning, however, both use different algorithms.

The use of the technologies explained above is of utmost importance for insurtech (a sector that groups traditional insurance companies, technology companies and startups) since thanks to this it will be possible to offer customers a product or service according to their needs , automating processes, validating requests and requesting information to carry out settlement processes, among others.

It is indisputable that insurance companies have stagnated in their traditional system, barely betting on a change, but we reaffirm the importance of trying to carry it out, this will mark innovation and competition against other insurers.

At LISA Insurtech, we apply cutting-edge technology in each of the traditional processes of the insurance industry. The application of artificial intelligence and machine learning allows us to revolutionize the industry by reducing its operational costs and reducing its settlement times. Do you want to know more about LISA? Contact us by clicking here

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Discover the characteristics of Startups

Did you know that every company that operates as Insurtech was initially a startup?

On the one hand, insurtech take advantage of technological innovations and apply them to insurance services, when we speak of startup we refer to a human organization with great capacities for change that is responsible for developing highly innovative products and services required by the market where in addition, its design and marketing are customer-oriented.

From the above, we can affirm that both terms include companies that have 3 fundamental characteristics:

  1. Temporality: they are companies that are starting, regardless of how long they have been operating, there is talk of beginning in the world of the digital Age. All the big Big data companies that we know today such as Facebook, Instagram, Apple, among others, at the time were considered as Startups, to be today large companies.
  2. Potential Growth: the project itself must be promising, and full of grat potential that will make it a viable company over time and that will not fall in less than two years. By definition, the entire insurance industry has potential growth, and much more today, since more and more things that people want to insure and the ways of insuring them have changed, making the process more dynamic and in demand.
  3. Exponential Growth: obviously the support of Big Data companies plays a very important role inthis process. Making use of the information that these companies have about their users, it is possible for an Insurtech company to know the preferences of its market, that ism of its customers, what they need most and how much they pay for it. Thus, reaching more end users withour so many intermediaries that make the insurance customer feel far away. All of this is a palpable reality in 2020 and in the immediate and not so distant future for what the future is today.

Startups are having more and more success in the Latin American region, and of course, globally, especially in those regions where insurance services are more valued such as the United States and some Asian giants such as China that cannot be absent.

These companies, by scaling so fast, allow for an incredibly fast payback on the money invested in transformation. New companies or startups grow at a much greater speed than a traditional company in the same sector, which is why so many insurance companies have scaled so quickly today, leaving large traditional insurance companies behind or behind in a few years.

At LISA Insurtech we have strived to keep the insurance industries innovating every day through cutting-edge technology and reinforcing their main focus, the policyholders. Learn more about us! Contact us by clicking here.