Platform uses Blockchain and Artificial Intelligence to shorten costs and waiting times in your insurance settlement

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 Innovacion.cl says about LISA Insurtech.

The LISA platform enables insurers to reduce their settlement costs by 60%, while clients can shorten waiting times by 80%.

One of the great headaches for those who pay some type of insurance is that when it comes time to collect the policy and make the clauses effective, they must face a slow and cumbersome procedure. One, which many times remains unfinished.

To solve this, Napkin Labs created LISA, a platform designed to administer the activities and management of the claims auto-settlement processes, promising to reduce clients’ waiting times by 80%.

“LISA is concerned with settling insurance claims in an automated and secure way. Through it you will be able to offer your policyholders greater satisfaction and reduce your operating costs in an intelligent and safe system ”, they assure from their website.

According to the Superintendencia de Valores y Seguros de Chile, 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%).

The first step to collect insurance is to report the claim so that the settlement report can be made, which means that the investigation and determination of the circumstance establishes whether the cause is covered within the insurance policy contract.

“It is during this process where we find the largest number of dissatisfied customers, given the zero 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 and Blockchain, the platform improves the settlement process, shortens response times and automates the communication processes between the liquidator, appraiser and the final client.

“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. In this way, better rates are forecast 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.” says Muñoz.

That said, what each insured client must do is report all the background information through their cell phone depending on the type of claim. Photographs of the event, testimonial video 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, Report Analysis and Notification to the Insurer), analyze (Fraud, Policy, Coverage) and resolve (Economic adjustment letter, settlement report and settlement) the case. As it is done manually today, but reducing your times by 80%.

After this process, the insurer is in charge of responding with the premiums corresponding to each client.

Source: Innovacion.cl
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