Know everything about this chilean platform that can reduce insurance payment time with blockchain

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 Emol says about LISA Insurtech.

If you have ever had to collect insurance, you will understand what the Orientals know as patience.

Is that the delay is long and often becomes a headache for those who have to collect the policy and make the clauses effective, as they must face a slow and cumbersome procedure that often 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 waiting times for clients by 80%.

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%).

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 Liquidator, Appraiser and End Client.

“With LISA, what we do is short on 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, testimonial video telling what happened, sending tickets and medical examinations, among others.

Then, the platform through AI will be responsible for 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 its times by 80%. Once this process is finished, the insurance company is in charge of responding with the premiums corresponding to each client.

Source: Emol Pyme
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