Turning a negative experience, such as a car accident, into something useful. This is what Gino Volpi has done with LISA, a Chilean insurance startup that, thanks to artificial intelligence and blockchain technology, aims to solve the typical problems that plague claims management. “When I contacted my insurer to start the claims process, the customer experience was anything but empathetic,” Volpi recounts in an interview with InsurZine, “instead of trying to understand what was going on, they kept asking me questions about papers and documents that I couldn’t even pick up because everything was scattered all over the place.”
Hence the decision to start LISA Insurtech. “We started in 2018; it was two other people and me. We worked in a WeWork in Santiago de Chile and had only one client. Today, we have over fifty employees worldwide and about twenty clients between America and Europe.”
Claims management, a process to be improved
The company uses artificial intelligence and blockchain to speed up claims settlement processes. One of the most important steps in the entire insurance value chain. But it is also the one that records the highest number of dissatisfied customers. “The lack of visibility into the claims process generates a lot of frustration among policyholders,” Bustamante explains, “and that’s why we started here.”
Among the solutions developed by the insurtech is LISA Claims. “LISA Claims handles the entire claims process, increasing efficiency and reducing management time,” says Volpi, “We can resolve a claim in just two minutes, which in a traditional insurance company could take up to forty days. In addition, our system saves 60% of the costs and improves the NPS (Net Promoter Score) by 20%“.
The insurance company has two other solutions in the market. These are LISA Gateway and LISA TMT. ‘Gateway is a technology enabler that enables interoperability between all the players involved in the insurance industry value chain,’ he explains. ‘Meanwhile, LISA TMT is our Api-based telemetry platform that enables real-time messages to be received via IoT-type electronic devices. It allows, among other things, the prevention and detection of adverse events in real time.”
The new challenge
The year 2022 has started with a new milestone. In fact, Lisa is among the 12 startups that have been selected for the third edition of the Zurich Innovation Championship, the global competition dedicated to insurance startups promoted by the Swiss company. “They chose us among 2,600 candidates and we are the only Latin American company that will be part of this important process,” says Volpi, “it is something that fills us with pride. It gives us the certainty that our actions are important and sustainable. But beyond that, we have great expectations in the change we are starting and we are ready to absorb everything we can from this experience.”
Towards empathic insurances
LISA is trying to innovate in the insurance sector not only with technology but also by flying the “empathy flag”. “As LISA, we believe that the key challenge facing insurers today is how to accompany their customers in those moments of great vulnerability when a quick but, above all, empathetic response is needed. These are exciting times for insurtech and for the insurance world. Digital transformation is a necessity for companies, which cannot continue to do the same as in the last ten years and expect different results. They need innovation and technology, but above all, they need to understand that they have to put customers at the center of everything they do. They have to offer policyholders a better, faster and simpler experience.”
