LISA seeks to shorten insurance settlement waiting times by 80%


LISA has had the opportunity to be mentioned in different press media, where they have highlighted the innovation and functionality it represents. In the following article, you can read what EBanking News says about LISA Insurtech.

One of the big headaches faced by some of those who pay for some type of insurance every month (be it life, health, automotive or any type of claims), is that when the time comes to collect the policy and make the clauses, they find a slow and cumbersome procedure that is often left unfinished.

According to the Chilean Superintendency of Securities and Insurance, the premiums with the highest participation in insurance are: Motor Vehicles (30.2% of sales); earthquake (19.2%), and fire (10.8%); followed by unemployment insurance (7.2%); guarantee and credit (5.1%), civil liability (4.3%); and personal accidents (3.5%).

Faced with this problem, LISA Insurtech (www.lisainsurtech.com), designed a platform to administer and control the activities and the management of claims self-settlement processes, which allows the efficiency of this process, earning an average of 80% of the management time.

The first step to collect insurance is to report the claim so that the settlement report can be made. What does this process mean? The investigation and determination of the circumstance of a claim that establishes whether the cause is covered or not within the insurance policy contract. “It is during this process where we find the largest number of dissatisfied customers, given the null visibility of the settlement process, generating great frustration,” says Alfredo Muñoz, Marketing Manager at LISA.

How does LISA work?

Thanks to the use of Artificial Intelligence (AI) and Blockchain technology, the platform improves the settlement process, shortens response times and automates the processes and communication between the adjuster, appraiser and the end customer.

“With Lisa, what we do is shorten the payment process for customers. The Artificial Intelligence together with the Blockchain that we have developed is capable of collecting data, analyzing it and sending it to the insurer, thus preventing all types of fraud and ensuring the privacy of the information of each of the clients. Thus, better rates are predicted and the updated status of the analysis is delivered at all times, in this way each client can review it online without having to contact the insurer, which is generally super tedious, ”Muñoz assured.

That said, what each insured client must do is report all the antecedents through their cell phone -depending on the type of claim- whether they are photographs of the event, video testimonial telling what happened, sending ballots and medical examinations, among others.

Then, the platform through the AI ​​will be in charge of Receiving (Claim Generation, Evidence Analysis, Analysis Report and Notification to the Insurer), Analyze (Fraud, Policy, Coverage) and Resolve (Letter of economic adjustment, settlement report and settlement), the case as it is done today manually, but reducing their times by 80%.

After this process, the insurance company is in charge of responding with the premiums and payments corresponding to each client.

Source: EBanking NEWS
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