Categories
Uncategorized

Machine Learning in Insurance

Currently 84% of large companies use Artificial Intelligence and estimate that by 2020 the total number of companies will adopt Machine Learning as a user experience optimizer (UX).

In LISA Insurtech, this is one of our biggest challenges, to delight our clients (Insurers) and their clients (Insured), that is why we have a specialized area in UX, the previous thing since according to a study carried out by Tata Consultancy Services ( TCS) companies that have already invested in Artificial Intelligence, are now seeing the fruits, since they have increased their profits by 25% and reduced their costs by 20%.

Machine Learning is one of the applications of AI that gives systems the ability to automatically learn and improve the experience without having to be programmed, in addition to controlling at the top of the evaluation that avoid late analysis.

One of the main objectives of Machine Learning is to know in detail the behavior of users, and in this way to detect how to improve the user experience (UX or User Experience). In this article we will talk about 2 ways in which Machine Learning focuses on optimizing the user experience.

– Predictive data analysis

The recommendation systems based on Machine Learning algorithms offer a beneficial value for the users and, in the case of the insurance industry, they can predict their attrition rate, Fraud, purchase intention and others.

On the other hand, predictive analyzes help us to better understand the needs of users, which allows us to develop different products and services as it allows us to customize the offer to specific needs.

– Learn from the results

Machine Learning allows us to make changes in real time in the actions of the insured and anticipate their needs. On the other hand, learning from the results will allow us to grow and develop skills that will benefit us in the future.

Thanks to Machine Learning we can plan the company’s resources, develop predictive systems on customer behavior and customize communications, generating greater value in users.

In this era, technology is responsible for optimizing processes. What do you expect to integrate Machine Learning as a user experience optimizer (UX) to your company and increase your profits and reduce your costs?

In LISA we use this and other high-level technologies to add value to the industry, thanks to this type of tools we reduce the operating cost of claims management by 60%, do you want to know more ?, Contact us!

Categories
Uncategorized

What does Insurtech mean?

The accelerated growth of new technologies under the eaves of traditional businesses has been generating acronyms that end in “Tech”, Ex. Health technology businesses are called HealthTech, financial technology businesses are called FinTech, this is how the technology businesses of The insurance industry is called Insurtech. Many times the Insurtech being a relatively new segment are protected under the umbrella called Fintech.

In this regard at the DIA Amsterdam 2019 event, Mckinsey launched 3 mega-trends, where the third one points directly to the aforementioned paragraph, the call for collaboration between traditional insurance companies and technology companies with specific work within the chain of value of insurers. Ref. Megetrends.

Today the Insurtech are growing by leaps and bounds especially because of the advantages they generate to the business or insurance company that adopts them, in this regard at LISA Insurtech we see a general dismantling of the insurance value chain. As this happens, new partnerships and collaborations should be formed to meet the best needs of customers. An example of this is the association between insurtechs and traditional players. Many Insurtech’s are focusing on specific functions throughout the value chain and are achieving higher profitability levels for these specific functions, which makes them active collaborative partners.

In the case of LISA, Insurtech has specialized since its inception in the automated management of claims, reducing 80% of the settlement time and saving 60% of the handling cost. You want to know how, contact us!

Categories
Uncategorized

Policyholders support the use of AI in exchange for improvements in functionality: part 1

Thanks to the arrival of the digital Age and all the digital changes that this brought with it, many companies, even the most traditional ones such as insurance, have been exploring technologies that are useful to them to persist, develop over time and meet expectations of your customers.

It is known that investment in digital tools for life and health insurance in the insurance sector has increased in recent years due to the exploration of technologies such as Artificial Intelligence (AI) in its operations. According to Fintech Global, in 2018 alone, 3.18 billion dollars were invested worldwide, a figure that almost doubled the investment in 2017.

Why invest in AI?

1.Faster, data-driven decisions.

2.Deeper understanding of risk.

3.Better customer experience.

However, while consumers are cautious about the use of AI within insurance companies, confidence increases online by exposing AI devices to homes. Customer-driven design and faster responses will make the difference in gaining consumer support.

An insurance company, by harnessing the power of AI, can improve existing processes and create a new product proposition to lean toward a particular market. For insurers, Artificial Intelligence will help transform their life insurance experience.

By being able to better understand a customer, an insurer will be able to offer them a product or service that is tailored to their individual needs.

You are right! This topic is somewhat extensive, and we do not want to leave without inviting you to read the second part where we will delve a little more into Artificial Intelligence and the impact for the industry and its consumers. Wait for her!

Categories
Uncategorized

Why the Insurance Companies need to transform in the digital age?

The pandemic made it possible to expose one of the insurance industry’s greatest weaknesses: its digital and technological capabilities. Insurers continue to work with their rudimentary system, which translates into the use of many forms to complete, telephone calls, among others.

The resistance of the insurance industry when it comes to the implementation of digital technologies is marked and as we see an increase in digital adoption in other companies, we can know that insurers not only run the risk of being left behind, but that they could also become obsolete with other companies offering insurance as an added service.

The Insurance Companies must pay attention to their clients expectations

Insurers have not lived up to rising expectations, in fact, simple insurance purchases require lengthy questionnaires, extensive evaluations, and channel changes.

The customer experience is becoming a key competitive weapon and insurers must keep up with the expectations of current customers, which are focused on digital and related channels. For some time now, customers have become millennials, which represents a total adherence to technology.

Covid-19 has challenged and generated growth opportunities for companies to offer better customer service. An example of this could be that as a consequence of the health contingency due to Covid-19, the requirements of car insurance changed due to altered mobility needs, there are even many insurers that offer reimbursements based on the reduced use of vehicles.

Currently, what should the Insurance Companies take into account to offer a better experience?

1. Commitment: Understanding the interests and experiences of customers, helps the company to design and offer solutions that will be more valued. Providing relevant offers over time and in the channels that people most frequent is the way to improve customer opinion and boost engagement.

2. Empowerment: insurance companies need to strengthen their clients, allowing them to access superior and relevant information to make better decisions. Thanks to this, insurers will be able to establish a relationship based on trust.

3. Emotional connection: this characteristic originates from the result of the combination of ethics and social responsibility of companies, the way they treat their employees, the causes they defend and their experience in building relationships. Showing and maintaining authentic care for both employees and clients increases emotional connection.

In order to keep the insurance industry competitive, insurers must engage with policyholders in the way they respond, train them with relevant and up-to-date information, and demonstrate that they care about them. In the urgency to digitize and adopt new technologies it is also important that the insurance industry take advantage of its ability to personalize its customer service.

Categories
Uncategorized

Discover the impact of the Customer Journey in the insurance industry

In the current uncertain but incredible panorama in which society has been rapidly transforming, driven by digitization and globalization, the consumption habits of people and, therefore, of industries, have been experiencing an unprecedented change.

Among the sectors most affected by this change, we find insurance, where the crisis, the new lifestyles of policyholders and competition, driven by technology, have forced and pressured insurers to reinvent themselves and find new ways of deliver value to customers.

In that sense, the Customer journey plays an indispensable role since it is about the experiences of a consumer during the process before and after the purchase of a product or service. In the insurance industry, the almost unique way to improve the customer experience is through interactions made through customer service.

Consumers today are looking for something else, if we compare what the customer experience was like years ago, today there are many more intangible products and services that are associated with experiences.

In the insurance sector, we acquire a service in the event of accidents of various kinds, which we can “feel” at the time of the claim. The profitability of insurance companies depends on the retention of their clients, which is why it is essential to achieve loyalty through experience.

Loyalty in the current era is based on knowing the needs of the client, in order to offer them a complete and satisfactory experience that provides them with differential value.

To do this, we must focus on the following key points:

  1. Define a Customer Service model that integrates the different channels (traditional, digital, robotic channels, conversational platforms and mediators).
  2. Identify and create new points of contact, using all the information available about your customers through the different sources of information.
  3. Establish a data collection and analysis strategy that provides a deep understanding of the client.
  4. Offer a value proposition to intermediaries that improves their adoption of the changes involved in offering the customer a differential Customer Service.
  5. Design a model that has the necessary tools to address the challenge of creating a differential Customer Service and leading cultural change within the company.
Categories
Uncategorized

These are the key terms of the insurance industry: part 2

Having the backing of insurance has become essential for everyone, since life is unpredictable and a clear fact of this was the appearance of Covid-19 in 2020, which took us all by surprise.

That is why 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. In this sense, we want to share with you the second part of the article where we explain the keywords that you must understand before taking out insurance.

Let us begin!

What is the grace period?

It is the fixed period during which the coverage of the life insurance policy remains in force, even though the corresponding premiums have not been paid. It is usually 30 days from the premium payment due date.

What is the endorsement?

It is a document where any correction suffered by the policy is disclosed.

Lack of insurance

This is the period of time from the beginning of the coverage period, during which the insured is not entitled to payment of compensation.

What is insured matter?

It is the object that is intended to protect against risks and a detailed description of what will be insured is made in the policy.

What is the insured amount or capital?

It refers to the value in which the insured has estimated that the assets he insures have and that they belong to the maximum amount of compensation that the insurer is obliged to pay in the event of a claim. It should be noted that in the case of life insurance, the amount insured is directly related to the premium paid and not to the value of the insured material.

What are coverages?

They refer to the set of risks that are transferred to the insurer due to the insurance, whose occurrence forces the company to pay the insured an indemnity up to the limit of the insured amount (according to the terms established in the particular and general conditions of the policy.

What is automatic renewal?

It is the agreement between the parties, where the insurance can be tacitly extended for a new period of validity unless the insured cancels it.

There are many terms that come to light when thinking about insurance, and it is possible that we get confused and have many doubts.

We hope this article has been useful to you. Soon we will be sharing part 3, because yes, there are many important words within the insurance sector. Wait for her!

Categories
Uncategorized

How important is it to prevent wildfires?

As we approach spring and summer, we know that it is one of the most ideal times to enjoy outdoor activities, one of the most favorite being the beach or the pool. However, we tend to forget the care and necessary measures that we must have as citizens to prevent forestal fires, which are quite common in Chile at this time.

In recent years, Chile has been in danger of forest fires for at least eight months of the year, which clearly translates into an investment of resources to prevent and combat these types of accidents. It is known that the national budget for the year 2020 for the fire season has reached 63,000 million pesos.

Around 7,000 forest fires occur in Chile and originate when environmental conditions, such as lack of rain, higher air temperature and south wind flows. This occurs between October and April, not only due to the causes already mentioned, but also due to the carelessness of negligent people who increase the probability of a fire occurring.

That is why we want to do our bit and share with you these measures that can help prevent forest fires:

  • Don’t throw matches or cigarette butts on the ground.
  • Do not smoke in places with dry vegetation that could burn.
  • Avoid lighting bonfires in areas close to vegetation.


If it is strictly necessary to make a fire:

  1. Do it in an area away from branches, trees or elements that can ignite with fire.
  2. Delimit the area of ​​the fire with stones or sand to prevent its spread.
  3. Keep nearby items that can be used to put out the fire such as sand, water or dirt.

Preventing forest fires is everyone’s job, since in some way we have even been participants without realizing it. We must educate and be aware of the consequences that all this can bring, such as: damage to the soil, destruction of the habitat of wildlife, loss of plants that generate oxygen, increases the greenhouse effect in the atmosphere due to the emission of carbon and others harmful elements for the environment, among others.

Let’s be aware!

Categories
Uncategorized

Learn about the influence of cyber risks in the insurance market

Cybercrime is one of the greatest risks that companies are exposed to on a daily basis today, where the Internet of things, social networks and applications have provided an environment conducive to exponentially increasing spaces of vulnerability.

These types of attacks are one of the most accentuated concerns for companies, institutions and governments. Cybercrime has managed to structure itself to break any security barrier and does not discriminate when attacking and choosing its victims. A hacker attacks on average every 39 seconds.

These attacks are based on:

  • Information theft.
  • Obtaining personal data.
  • Theft of bank passwords.
  • Disable teams.

On average there are in 2020, more than 200,000 million devices connected and exposed to attacks, with an incalculable security breach. This panorama is causing the cybersecurity sector to change its way of approaching the fight against cybercrime and to organize itself more and more around the protection of information, the most valuable asset.

Fundación MAPFRE assures that companies must be aware of the need to incorporate cybersecurity within risk management in order to be able to obtain preventive measures and plans to detect vulnerabilities.

One of the most emphasized points by MAPFRE is the one that ensures that companies must change their mentality in order to work together with insurance companies so that insurance does not become an analgesic element in the absence of security measures. Policies associated with technological risks are currently evolving due to the development of digitization and the use of new technologies.

The clear lack of data on claims and their evolution, has indicated the need for companies to study the risks they insure with better precision. In the same sense, it is essential to know the true scope of your computer protection systems and qualify their resistance capacity in the event of a cyberattack.


This is a very positive scenario for insurance, since it is expected that in about ten years the global volume of premiums for this type of insurance will increase to more than 20,000 million dollars, as a result of an increase in the number of claims at the global and the existence of an increasingly interconnected and digitized business environment.

Categories
Uncategorized

These are the 5 most common types of fraud in insurance companies

Fraud is one of the most common activities against insurance companies, and those who participate in this crime seek to appropriate benefits or compensation that clearly do not correspond to them.

Currently, these types of actions continue to occur and the sanctions are not really taken into account so that they do not continue to occur.

There are many cases of attempted fraud caused by the insured, where they have exaggerated and wanted to show that the accident has caused them more damage than they have actually suffered, such as taking advantage of a small blow to the car to receive compensation that allows them to fix a part or paint any part of the vehicle.

However, fraud does not always occur on the part of the insured, since insurance industry workers take advantage of their condition within the sector to obtain benefits and justify a claim from a known customer.

There is also the proven case that other companies have been involved in fraudulent activities against the insurer, such as clinics, mechanical workshops, among others, where they falsify invoices and reports.

Now we will share with you the most frequent types of fraud within the insurance sector to understand their nature:

1.Hiding information: many times it is sought to hide that an event has occurred due to the negligence of the insured or that the damages have been greater because the affected party did not comply with the security measures.

2. Giving erroneous information: complementing the previous case, in some frauds an attempt is made to distort the information of the incident that occurred, changing the moment in which it occurred, the location, cause and even people involved.

3. Simulation of an accident that does not happen: within this type we can get a false theft or an appliance that “has been damaged” but in reality if it works.3. Simulation of an accident that does not happen: within this type we can get a false theft or an appliance that “has been damaged” but in reality if it works.

4. Exaggerating the consequences of the claim: within this point we find claims related to health, since there are cases where the insured try to exaggerate their ailments and illnesses that they do not actually have.

5. Intentionally causing a claim: deliberately producing a claim is one of the most used techniques to try to defraud the insurer.

The prevention of fraud is an issue that directly affects the operation of claims, thus impacting the result of operations, that is why through LISA Claims insurance companies will be able to filter suspicious behavior through a fraud funnel and also have an early warning.

Do not hesitate to contact us and share this content among your acquaintances!

Categories
Uncategorized

Why anticipate the needs of our policyholders?

As we mentioned in our article “These are the benefits of Personalized White Glove Service for Insurers”, if insurers consider the opportunity to offer personalized service, they can guarantee better products and services, evaluating the needs of each individual and know if they are repeated among the insured to be able to implement them even more quickly. The truth is that very few industries are offering this service because of the cost and because it requires changes in the organizational structure and investments in IT.

In this sense, based on how aware the insured is that there is a problem and the ability of the insurance company to respond to it proactively and effectively, customer needs can be categorized into three archetypes:

-Prevent problems: a proactive service can enhance the image of an insurance company in front of its policyholders by being able to prevent problems before they happen.

-Resolve problems before clients report them: busy clients perceive a “white glove” treatment when they know they have a problem but the company detects it and solves it before they raise it.

-Customize responses when customers are contacted: when the insured requests help, insurers can still offer an exemplary service by predicting their needs based on their individual profile to guarantee a personalized response.

Customers of any company increasingly expect them to work tirelessly in the background, anticipating problems before they occur, knowing when, where and how to establish contact and doing so proactively when necessary.

Establishing a guided customer service function with these characteristics requires a good understanding of organizational needs and tools that facilitate the collection, analysis and exchange of information.

Those insurance companies that dare to use innovative technologies will be able to set the pace to compete and grow away from their traditionality.

Customer satisfaction is one of the fundamental pillars for any company and ensuring it goes hand in hand with offering effective products and services with the help of technology.

Learn how to increase NPS up to 20% with LISA by clicking here