Find out what Claimstech is: Part 2

As we explained in the previous article, the most important moment for the insured is at the time of a claim since the level of commitment and responsibility of the insurer is checked.

The traditional system of the insurance industry has left much to be desired since it has had a huge impact on the dissatisfaction of the insured, however, at present and thanks to events such as the pandemic or the appearance of new technologies it is incredible to know that many They have chosen to revolutionize themselves outside of their comfort zones.

Continuing with the examples of how Claimstech technology can be used in the life span of a claim, we find:

  • Validación del siniestro: cuando hablamos de esta etapa hay varias opciones de Claimstech que permiten mejorar el proceso, desde la inspección del bien asegurado hasta la detección de fraudes.

An example of this is in the home sector. To detect whether a claim can proceed or not, it is possible to request that the claim be reported through a mobile application and that the insured person take charge of recording a video themselves reporting the situation.

This in order to evaluate through the use of various technologies, such as Machine learning for facial recognition, speech-to-text, natural language processing, among others, if the request is authentic and real. Therefore, this allows claims to be paid in less than three minutes after the insurer is notified.

Another example, for the auto industry is the technology enablement of the network of drivers of platforms such as Uber, Didi, Cabify, etc., in order that they can attend a claim thanks to the help of a certified adjuster remotely.

This technology indicates to the driver the steps to follow in order to capture the necessary information. With the use of Artificial Intelligence, the damage estimate can be automatically calculated, allowing the remote adjuster to confirm or make adjustments, in order to reduce fraud.

In the same branch, there is the inspection of the claim remotely through a video call to the insured’s phone, eliminating the need for an adjuster to incur the claim.

When it comes to document review, there are some ClaimsTech companies that allow you to monitor the entire process, such as detecting if the documents have not been digitally altered.

  • Resolution of the damage: from the validation of the claim, the damage must be compensated, by repairing the property, replacing it or by reimbursing the damage.

In some branches of Mexico, in the case of cars, the property is usually repaired through a network of workshops, where good workshop management is guaranteed to provide full monitoring of the vehicle’s status.

There are some countries where the use of technologies for the payment of claims stands out and various alternatives such as payment via WhatsApp have been explored, which allows Claimstech companies to be able to consolidate Fintech technologies to make payments more efficient.

  • Recovery: is the partial or total recovery of compensation for the damage by the insurance company. Currently there is a space to improve this process, however there are no identified cases yet.

Claimstech is an extremely important branch within the insurtech since thanks to this there is a great opportunity for the promise of the insurers to be fulfilled with their policyholders, who expect a prompt resolution and that the communication channels are timely and clear in all moment.

Do you think technology can guarantee a pleasant experience for both parties?

We are sure that yes, technology does not stop, it is present in our lives at all times, so the insurance industry still has the challenge of continuing to enter the digital world to be able to feel many advantages and benefits in favor of its development.


Find out what Claimstech is

At the time of a claim, the insured checks and evaluates whether the promise at the time of contracting the insurance is fulfilled. Attending and supporting insurers at the time of a claim is one of the golden opportunities for it to demonstrate its value and the quality of its services.

Improving and strengthening the claims care process is essential for an insurance company to achieve a good NPS (Net promoting score), which translates into an indicator of customer satisfaction.

What is Claimstech?

In simple words, it is a technology that is applied to the management of claims.

The life period of a claim for insurers is roughly summarized as:

  1. Occurrence of the incident.
  2. Incident notification.
  3. Claim validation.
  4. Compensation for damage.
  5. Rescue.

Now we share some examples of how technology can be used in some moments of the life of a claim.

  • Occurrence of a Loss: Technology can be used to mitigate the likelihood of a Loss occurring. Examples of this can be in the car industry with the use of telematics or telemetry to measure driving habits and that the driver can reduce his risk of accidents, as well as avoiding theft thanks to an alert with indications where there is a high incidence criminal.

Some functionalities are the measurement of driving habits such as the use of cell phones at the wheel, speeding, braking, acceleration, among others.

In the case of the home industry, the technology can be used to inspect more frequently and without incurring costs for insurers since it is normal for an inspector to be used to verify the prevention and safety measures of the premises (fire extinguishers, signaling , etc).

  • Incident notification: this stage is one of the most important moments in the life of a claim. Traditionally notifying the unfortunate event was done directly to the insurer through the insurance agent or by telephone, but this technology allows many improvements of the phase:

As a starting point, the technology allows the claim to be automatically identified, even without it being the responsibility of the insured to report it. Some examples that we share with you are:

In the auto industry, if a driver is not in a position to call for help, the technology automatically detects a severe accident and instantly notifies whoever is configured in the system (manager or insurer).

In the field of health, accidents, major medical expenses and life, devices such as smart watches can detect various situations that require medical attention such as blood pressure problems or cardiac arrest.

In the case of Claimstech for real estate, the Internet of Things (IoT) has a great participation and importance since it allows among its multiple functions, to automatically detect when there is the presence of smoke, excess humidity, among others.

If detection is manual, technology can also facilitate the notification process. Such is the case of Claimstech Adjustment in the car industry, which is a company that offers an API (application programming interface), with which any insurer can “uberize” the claim in a few clicks, that is, requesting the adjuster from any application or web and see in real time your journey until reaching the incident.

The use of chatbots has also stood out to receive and attend claims notifications. With the appearance of tools such as WhatsApp and Facebook Messenger, this solution has become very popular and accessible to any company.

Do you want to find out more about the subject? You cannot miss the second part of the article, which will be in our news section in the next few days.


8 situations that you car insurance doesn’t cover

When hiring any insurance, it is important that you know the policies and what are the different coverages they have. There are some that cover a large number of situations where the contractor and his beneficiaries have a variety of benefits, but! Yes, there is always a but.

There are circumstances that enter into restrictions imposed by the insurer for the policy to be valid and generally have a lot to do with inappropriate behavior on the part of the driver.

Therefore, we share five situations that you should avoid at all costs because your auto insurance will not cover it:

  1. Accidents caused on roads not enabled for regular automobile traffic.
  2. Damage done intentionally (this is more than obvious).
  3. Damages caused by road works, which must be compensated by the operator of the public works and not by the insurer.
  4. Claims caused while intoxicated, influence of hallucinogenic or blood-borne disinhibiting drugs.
  5. If the claim of the claim was presented outside the established period.
  6. If you do not make the respective certificate before the Carabineros de Chile.
  7. If you flee the place, whether or not you caused the loss, it will automatically make the insurer exempt from compensating the damage.
  8. Not have a driver’s license.

Finally, it is important to clarify that the situations that your insurance does not cover are specified in the contract and thanks to this you will be able to be informed and warned of the possible consequences that may arise from it.


This is the profile of an insured

As a starting point for this article, it is important to remember, perhaps once again, what an insured is, whose definition explains that it refers to the name by which the natural or legal person or persons who are holders of contracts or insurance policies. Thanks to this protection, policyholders enjoy peace of mind and are unconcerned about possible fatalities that may be incurred against their integrity or property, in exchange for a fee or premium that will be paid to an insurance company.

In the case of life insurance, it will be a third person designated by the insured, who will be responsible for receiving the indemnification or compensation.

Knowing more about the insured

1.The insured is the person who normally carries the risk that the policy deals with and who is in charge of fulfilling the obligations related to the contracting of the insurance in particular.

Similarly, there are times when the person who takes out the insurance (also known as the policyholder) may be a person other than the insured. An example of this is the case of a mother who takes out auto insurance for her child, where the former will be the policyholder and the latter will be the insured as he may be at risk in the event of an accident or damage to the automobile.

2. There are cases in which it is strictly necessary for the insured to be a natural person, as in those insurances that cover personal risks, such as accident or life insurance. The rest of the modalities, related to contracts of patrimony or responsibility, it is possible that the insured has the legal formula of legal entity.

3. The insured assumes the obligation and responsibility to periodically pay the installments or premiums that the insurance company requires in exchange for the protection granted by the insurance policy. It is important to note that prior to contracting the insurance, the insurance company will perform a risk calculation, to establish based on this, the amount to pay and if it is feasible to grant the insurance.

4. The insured person must meet a series of requirements, among which we find:

  • Notify the insurer if a claim occurs.
  • State what are the damages suffered.
  • Make known other types of circumstances related to the fact.

It is important to remind you of the importance of being backed by an insurance company, since it will not only watch over our assets but also our integrity, health and life. Life is unpredictable, and what better way to rest easy than to have insurance for ourselves and our family?

What is the cost of insurance? Cheaper than the cost of not having it.

At LISA we do not stop innovating, we equip traditional insurers with technology in order to guarantee them automated, safe and efficient processes.


Discover the difference between the insured and the contracting party

When thinking about insurance, various concepts come to mind that we have heard at some point, but perhaps we are not very clear about its definition, that is why through this small article we want to clarify two super concepts important that you should know.

What is a contractor?

It is the person who contracts the insurance and is in charge of paying the premiums for it. It should be noted that if you take out insurance for yourself, you will be contracting and insured at the same time, but it should be noted that the contracting party and the insured are not always the same person.

For example, if Juan took out insurance for Mario, the latter would be the insured.

On the other hand, we have the insured, which is the person on whom the insurance coverage falls, where “what is insurable” is the integrity or life of that person.

We must mention to remember that the insurance is only effective once the insured suffers the loss and that in the event that the contractor and the insured are not the same person, there must be a real bond of the contractor to avoid risks on the person who was insured (it can be spouses, children, etc).

It is important that at the time of contracting insurance, you know the basic concepts and the necessary information so that you can better orient yourself and know what you are looking for and what is best for you and the care of your family.


Insurers will pay close to USD $ 55,000,000 for claims related to the Coronavirus

The Peruvian Association of Insurance Companies (Apeseg), announced that insurance companies in Peru will disburse around USD 55,000,000 to relatives of Covid-19 victims between the months of January and August of this year.

Apeseg also assured that in the coming months it is expected that as new reports of deaths with some life coverage appear, the amount to be paid will be higher.

The president of Apeseg, Eduardo Morón, assured that of the 36,000 claims reported for deaths in life insurance (considering burial, relief, individual life, group life, life law and risky work), more than 10,500 correspond to Covid-19.

He also pointed out that almost half of the deceased in the world belongs to the group of older adults over 75 years of age and that the types of insurance that have been taken care of are related to this profile of affected people.

It should be noted that the claims reported to insurance companies by Covid-19 mainly correspond to credit life insurance, where an insurer assumes the pending payment of a debt due to debt or credit card.

The second type of insurance with the highest number of reports is burial, with around 2,500 cases and then individual life insurance, where insurers must assume about USD 6,374,722 in compensation.


Economic report: How are the insurance companies?

The insurance sector is closely linked to economic performance, in other words, this allows development to be positively influenced by strong global growth and moderate inflation.

Thanks to the digitization that derived from the digital transformation and technology, the insurance industry has diversified with the contemplation of new products, however, health policies remain at the top as they are the ones that have occupied the most ground so far.

According to data from the Chilean Association of Insurers (AACH), in 2018 alone, the market grew by close to 3%, with a penetration of 4.6% in the national GDP. The health branch increased to 7.4% in premiums in the third quarter of that year with 9,112,935 people insured.

Jorge Claude, vice president of the AACH, affirms that the factors that explain the previous behavior are due to the high health costs, together with the fact that the provisional systems cannot cover the expenses associated with accidents or critical illnesses.


As far as general insurance is concerned, they have been in charge of moving the market. Thanks to a report issued by the AACH, the projection between 2018-2019 was known, which denoted an increase of 1.6%.

The most prominent insurances are:

  • Social responsability.
  • Mandatory personal accident insurance (SOAP).
  • Robberies.
  • Vehicles.
  • Transport Guarantee and credit.
  • Earthquake.

These insurances had a growth in 2018 of 22.8%, obtaining UF. 3,286,457 direct premium.

As we explained well at the beginning of the article, the economy affects the insurance sector, which is why the current abrupt stoppage of it will have direct and indirect repercussions on insurers.

Insurers will finally have to transform and adapt to continue their development and growth and take advantage of this global “test” to get out of their comfort zone, towards new and better horizons.


Is it or not time to Digitalize the Insurance Banking?

There is no doubt that technology and digitization have been a primary and important ingredient in the growth of any company, however banks have been slow to mobilize their bancassurance products on the digital path and it could be partly the fault of the complex insurance product sales processes and competition with other banking products.

The Insurance Banking Today

Those in Asia-Pacific and Latin America have focused on a large scale in the bancassurance channel to sell life insurance products, which choose to have higher average sales prices and profit margins than most non-life products.

When banks have access to their clients’ personal financial assets, they often work to promote embedded cash value life policies as an investment alternative, citing tax benefits.

Also, many banks have gone to great lengths to market non-life insurance products, which have lower selling prices and commissions.

Global sales of bancassurance grew in all regions from 2011 to 2017, which were led by Latin America, whose premiums expanded 12%. In Asia-Pacific sales increased 9.2%, where China accounted for two-thirds of the growth.

The slowdown of digital insurance banking

A survey of 118 banks around the world found that digital bancassurance channels accounted for 19% of non-life insurance sales, while 2% of life sales, where advisers and branches next being dominant (85% of sales in 2017).

This difference exists because in rare exceptions, banks do not offer products digitally and have been slow to digitize because complex insurance sales processes can make the shift to purely digital channels more challenging.

Some banks may also not view life insurance as a priority investment solution due to increased regulatory contracts and dissolution of tax benefits in some markets.

Each bank continues its path in search of the creation of a multichannel model that adapts as the best option, dominating the field and standing out digitally.

It is common to see banks continually evolve their digital strategies and offering. In this process, however, banks often treat bancassurance products in a tactical rather than a strategic way. As a result, banks tend to embed these products into other offerings rather than making them a low-key part of their digital channel strategy.

Unfortunately, fewer customers visit the banks’ physical locations and they have been slow to make up for lost sales at branches by implementing a comprehensive digital model for bancassurance.

There is no doubt about the great growth opportunities for bancassurance, however, one of the keys to capturing them is in the digital and analytical capabilities that give way to personalization: a better customer experience and an omnichannel offering.