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LISA Insurtech, artificial intelligence and tech applied to insurances

We live in a digital, dynamic, mobile world, a world where experiences become even more relevant than security and stability. The experience we go through as customers, many times, has more value today than the product or service offered. The world itself is transforming, and with it, brings changes in consumers and, therefore, necessarily in entrepreneurs.

Social networks have created thousands of new opportunities and options for all markets and, especially for the insurance market, a new way of marketing products and interacting directly with customers. But this requires that these products meet certain requirements: they must be easy and quick to buy, keep up with the evolution and changes in the market, be available at any time and in any place, among others.

This is where technology companies become a fundamental part of the roadmap for companies, especially insurers, as they are not experts in creating products quickly, simplifying them or creating distribution channels for new and expanding lines of business.

The firm LISA Insurtech was born in 2018 with its own resources and today is present in many countries such as Chile, Mexico, Peru, Colombia, Spain, Ecuador, Bolivia, and the United States and, recently, in Argentina.

In this article we interviewed Gino Volpi, CEO and Founder of LISA Insurtech, who commented that what generates a differential value between LISA and the rest is that there is a clear importance for the claims, which arises from the little empathy that was detected by the insurers in the attention to their policyholders in such a painful moment as a loss.

LISA achieves through its product, LISA Claims, the disruption through artificial intelligence, which analyzes photographs and documents that show the damage or the size of the claim to have a proposal for change or solution to the claim in 2 minutes. The branches in which the company is currently focused are Health, Auto, Life and Home.

Retrato

How did the idea of creating LISA Insurtech come about and how did it develop?

LISA is a company that was created to make people’s lives easier when reporting a claim. Nobody claims their insurance for pleasure, it is always a moment of great vulnerability, with many associated emotions. And we want it to be solved as quickly and simply as possible. We want to help insurers make this possible through the use of artificial intelligence and automation. In doing so, they will not only be providing the empathetic and excellent service that their customers expect, but they will also be saving time and costs. It’s a win-win solution.

How do you currently view the insurance market?

We see a dynamic and highly competitive market, which today faces significant challenges.

On the one hand, we have never felt more vulnerable than after the emergence of Covid-19. This fragility has enhanced the value of insurers and their promise to make uncertainty more bearable. People have become more aware than ever of what they stand to lose without the support of an insurance company.

However, the current worldwide economic crisis and the high inflation in many cases will prevent people from continuing to meet their economic obligations, such as, for example, the payment of policies. Spending restrictions will also make it less likely that a significant part of the population will take out this type of product. All this will significantly pressure insurers to maintain a standard of service excellence in order to avoid the loss of clients and attract new ones, while there will be a strong internal demand to reduce costs and increase efficiency.

What are the disadvantages for insurance companies due to the lack of technology upgrades?

The insurance market is perhaps one of the most traditional of all industries. Because of the very nature of their work (no one is more risk-averse than those who work in insurance), they are far behind in the digital transformation. And insurtechs seek to contribute in this line, through solutions that allow to install the benefits that technology brings: speed, automation, simplicity, efficiency, cost reduction.

We see that the insurance market uses little technology. We have to consider that today digital natives represent an important percentage of the insured portfolio and that the confinement also installed in many people the expectation of solving most of their needs online. Today people expect omnichannel communication (fluid and high quality), 24/7 attention, policies tailored to their needs (which we can achieve with data analytics tools), self-consultation systems and purchase of services without intermediaries, and online complaints systems.

What are the services and improvement proposals you provide for insurers?

Our bet seems simple, but it is highly disruptive. It consists of supporting insurers to think differently. To rethink their current processes. Technology has little impact if we do not install a new way of seeing things. And that is what we are looking for with LISA Insurtech.

With LISA Claims it is possible to resolve in 2 minutes a process that can take up to 40 days. It doesn’t get more disruptive than that. We want to help insurers rethink their processes. This new way of looking at things, plus the application of advanced technologies, makes it possible to resolve a claim simply, quickly, cost-effectively and with empathy towards the insured. LISA Claims is already a proven solution and we want to continue adding value to the industry’s current problems. We believe IOT can really change the face of the industry. At LISA we have been working on an applied solution to perform deep and agnostic integration between value-added startups with telemetry specialization and providers of telemetry information sources (such as smartwatches or sensors). What we are looking for with LISA TMT is that companies are prepared to face new challenges and products using IOT, such as embedded insurance, insurance per use (car and home), parametric insurance and life and health insurance.

How are these services received in the insurance market?

In our early days, the great challenge was to convince a highly conservative and change-averse industry that technology was the path that would allow them to improve their processes, reduce costs, increase efficiency and deliver a better service to their customers. It was very difficult to advance in this evangelization process. But when they got to know us, saw our product and all that artificial intelligence can do, the value was unquestionable.

Today we face a different challenge, we have to take care of the new type of consumer post Covid 19, the one who because of the confinement was forced to make the leap to online consumption and today expects the same from his insurer as from the supermarket or a retail company: a fast, immediate, transparent service. A quick and efficient solution to their problems, without even having to leave their home. And here we see that many insurers are still trapped in manual work, in paperwork, in the need to require the physical presence of their customers in various parts of the process. And that’s where a major gap is occurring. Insurers that don’t understand this and don’t jump on the digitalization bandwagon are going to be left behind.

When they say they use AI, what do we call artificial intelligence and how can it apply to the insurance world?

The most important thing is to understand that technology today is a commodity. What differentiates us is the knowledge behind that technology and how it allows us to drive a new way of thinking about processes. That is where the actual change lies.

With LISA Claims, the use of artificial intelligence allows us to quickly analyze the evidence of a claim provided by the insured (whether documentary or images) and even detect fraudulent information. On the other hand, the automation of flows and processes allows us to automatically advance in the process based on previously defined rules, which allows a claim to be resolved quickly and practically without human intervention.

How do you expect technology and insurance to develop in the future?

We see several developments that will be a significant contribution to the insurance world and in the not so distant future. For example, the IoT (Internet of Things) will allow insurers to deepen, broaden and enrich both the knowledge of the environment (its risks and opportunities) as well as that of their customers (preferences and behavioral patterns). The information provided by smart devices, such as smartwatches, can anticipate risks and prevent claims from occurring or reward responsible behavior by policyholders, among many other possibilities. Another big trend we see is hyperfocusing. Thanks to Big Data, we can now offer more personalized services than ever before and, at the same time, deliver great value to people.

However, none of this is enough if we don’t put our customers at the center, but why? People expect high empathy and consideration from their insurance companies. They want to be considered and to feel supported, especially in such difficult and vulnerable times as those that require the activation of an insurance policy.

Insurers that decide to focus their strategy on their customers must take advantage of the opportunities offered by technology to ensure empathetic and human support throughout the value chain.

LISA, the empathetic Insurtech



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.”

Gino Volpi, CEO and Founder of LISA Insurtech.

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.”

The startup that adds AI to humanize processes and reduce settlement times arrives in Argentina

The “insurtech” companies (a name that comes from the combination of the words Insurance & Technology) are growing at an accelerated pace in Argentina and other Latin-American markets.

Within this segment, two types of companies stand out:

  • The usual insurance companies, which intend to turn around to adapt to the digital era (as happened with the banks, for example).
  • The new startups, which were born as technology companies.

Within this second group, the startup LISA stands out, a platform designed to administer the activities and management of the processes of self-settlement of claims created in Chile in 2018 by Gino Volpi, who was inspired by a negative experience he went through after suffering an accident where he learned, firsthand, about the lack of humanization in the processing of coverage.

LISA sets foot in the country to revolutionize the insurance world

In an interview with iProUP, the company’s founder and CEO recalled he encountered very little technology in the sector. This factor inspired him to create the firm that leads the ecosystem in the region.

“This lack of empathy and rudimentary processes became the opportunity we saw to build LISA. And it became our vision to transform the industry with cutting-edge technology, such as AI and blockchain,” he details.

Therefore, its value proposition focuses on the convenience of interacting digitally, remotely, and in less time, with a better user experience, unlike traditional companies concentrate their operations in physical channels.

LISA lands in Argentina: how its business model works

Volpi explains that insurance is a financial product with little human quality, “and we aim to give it humanity, but from a technological point of view, which may sound dichotomous.”

“In 2020, companies faced an almost Darwinian transformation process, where the one that adopted the best could survive. We had to accommodate, we gained speed through technological evolution, such as AI, which helps us to speed up processes. We have a very high volume of information to analyze and that is where the match with AI takes place, “, continues LISA’s CEO, Gino Volpi.

And after jumping the borders of Chile and reaching Colombia, Ecuador, Bolivia, and Peru, the startup is closing agreements with different partners in Argentina.

“In LISA, we move like Vikings; we go in tiny boats and feel out the market,” jokes Volpi when describing the company’s strategy, adding, “we don’t go to markets like crazy; we look for commercial partners.

As a preview, the creator of the insurtech (which spent almost all of June in Argentina), reveals to iProUP that in the coming months they will add agreements with over four clients: “Our operating model is flexible and technology helped us achieve this. Strategically, we make decisions that are aligned with the regulatory compliance of our clients and Argentina is a key market“.

What’s coming in the insurtech ecosystem: data decentralization

Volpi sees Blockchain technology as a critical anti-fraud security tool for the coming years that will allow users to be the owners of their data.

“Every asset in this digital ledger can provide evidence for companies in the face of a claim and can be shared with other firms. This will make processes much more efficient because the user can have that information in his wallet. Decentralization in insurance is something that is coming,” predicts the expert.

In addition, hand in hand with technology, LISA’s creator predicts that shortly there will be a hyper-focusing of services, where companies “will make a personalized value offer to a block, without knowing who the user is. And that is where we as a company want to be present, with technologies oriented to the insurance ecosystem”.

“Crashing the car, facing a fire in our home or having an accident are situations that involve human feelings and emotions, where we seek to count on the support of our contracted insurances, through an agile and comprehensive response, and our technology becomes a great tool and an effective solution for many people, since it provides an agile service that is 100% focused on customer satisfaction”, concludes Volpi.

The Chilean company LISA Insurtech is part of the group of 12 startups chosen by Zurich worldwide.

  • LISA Insurtech is the only Latin American company selected among 2,600 applicants from around the world.

Santiago, Chile. April 28, 2022. LISA Insurtech, a company that delivers solutions to solve claims processes in an automated way using artificial intelligence, has been selected among 2,600 applicants to be part of the 12 winning startups of the Zurich Innovation Championship. LISA is the only Latin American company that will be part of this important process focused on four business categories: reinvented insurance, prevention and mitigation, simplicity and sustainability.

“The breadth of ideas we received from startups around the world was incredible and gives us a glimpse of what the insurance of tomorrow will look like,” explained Ericson Chan, Chief Information & Digital Officer, Zurich Group. “Our winners have innovative and thoughtful solutions, and we look forward to developing them together to bring new solutions to our customers and simplify the way we interact with them.”

The 12 chosen startups are exploring solutions that include technology to detect and prevent cyberbullying; smartphone access to video-based health and wellness monitoring; tools to measure and reduce the carbon footprint of businesses and individuals; and settling insurance claims automatically using AI and blockchain.

What’s next?

LISA Insurtech is already working with Zurich to prepare an operational plan for a three-month acceleration phase. During this phase, the 12 startups will receive both financial and non-financial support, such as mentoring from Zurich executives and experts and access to business use cases, after which an implementation phase will bring the successful ideas to life and scale them globally.

“It is news that fills us with pride. It gives us confidence that what we are doing is important and has sustainability. But beyond that, we have great expectations of the process we are starting and we are prepared to absorb everything we can. It will undoubtedly be a great leap for our company,” says Gino Volpi, CEO and founder of LISA Insurtech.

The winners in each category are:

  • Reinventing insurance: Caruso, Garanteasy, Keepers.ai
  • Prevention and mitigation: Adapt Ready, Binah.ai, One Concern
  • Simplicity: Anagog, Democrance, LISA Insurtech
  • Sustainability: Deedster, Dynamhex, Salient

LISA Insurtech aims to conquer the U.S. insurance industry after capturing US$ 2.5 million

The startup, which automates the insurance industry with AI, raised capital with the HSC Capital fund.

Transforming the U.S. insurance industry is the new goal of LISA Insurtech, a plan that the Chilean startup is making a reality after raising US$ 2.5 million with the U.S. venture capital fund HSC Capital.

This financing -concreted a couple of months ago, but just communicated exclusively to Startups Latam- is the first of the insurtech that had its genesis in 2018 from a need that its founder, Gino Volpi, detected while working for a developer of digital transformation projects for companies, including insurers. It was then when the entrepreneur noticed the bureaucracy that existed at the time of delivering a response to the customer in case of claims.

“The process is very manual, there are companies that can take more than a month, which is a long time if we consider a person takes out a policy because they want help immediately, not in months. We saw an unfulfilled promise by the industry and in this search to speed up the claims settlement process, reducing costs, time and increasing user satisfaction, LISA Insurtech was born,” says Volpi.

Thus, in order to solve this problem, LISA Insurtech developed a platform with Artificial Intelligence (AI) that allows the management of the claim in an automated way, delivering a response to the client in minutes instead of months: “The client notifies he had a claim and sends evidence, for example, photographs or police documents, then LISA Insurtech receives the background and analyzes them and compensates in two minutes, it does not need to ask for more information from the affected parties. To do this, we have an AI model trained to evaluate the damage, “, the entrepreneur explains.

Focus on the United States and new product 

In this context, in November 2021, the startup began moving its headquarters to the United States -specifically to Columbus, Ohio- which they seek to reinforce with the new financing.

We want to open this country; we are putting together the team staff; we are in the first conversations with clients. It is a more mature market, covering ten times Latam. We estimate that there are 5,200 insurance companies and 200 million people who have voluntary insurance”, says Volpi, who says that they aim to have at least five clients in the North American country by the end of 2022. In addition to the United States, multinationals in Chile, Peru, Colombia, Spain and Mexico currently use the platform, in different verticals: the settlement of claims related to home, automobile accidents, and life and health products.

Besides these new plans, the Chilean company has just been selected as one of the 12 winners of the Zurich Innovation Championship, an innovation contest for startups that received over 2,600 applicants. Volpi says that the selected ventures will be part of an acceleration process that will last three months, in which they will receive mentoring from Zurich executives and experts and access to business use cases.

LISA Insurtech helps insurers to humanize processes and reduce settlement times by 80%.

Technological development makes it possible to take out a policy through the Internet in just a few minutes. However, the time to collect an insurance policy continues to be a big headache as it is usually a slow and cumbersome procedure that sometimes needs to be completed. 

The challenge facing insurance companies today is how to accompany their clients in those moments of significant vulnerability when what is needed is a rapid response, but above all, an empathetic one.

Within this framework, LISA Insurtech arises with a platform designed to administer the activities and management of the processes of the self-settlement of claims. This startup raises the flag of empathy and disruptive innovation as it seeks to help insurers to change, rethink their strategies, and automate them through advanced technological solutions to innovate in their developments and provide a quick response to their customers.

The Chilean startup was born in 2018 after a car accident that changed the life of its founder and CEO, Gino Volpi. Back then, when he contacted his insurance company to start handling the claim, the experience was anything but empathetic. “Instead of trying to understand and be sympathetic to what was going on, they kept asking me questions about papers and documents that I couldn’t even get my hands on because everything was scattered all over the place,” Volpi says.

This situation made him aware of a latent need in the insurance world. He began working on an automated claims settlement process that would put himself in people’s shoes and solve the problem as simply and quickly as possible. Thus, he designed a platform to manage and control the activities and management of the claims settlement process, increasing the efficiency of this process and reducing an average of 80% of the management time. Today he seeks to install this product in the Argentine market accompanied by Eduardo Iglesias, the outstanding businessman, and executive, who is an advisor and part of the board of directors of LISA Insurtech.

Artificial Intelligence: the perfect ally to improve the costumer journey

In most sectors, the pandemic highlighted the need to implement technology in daily work processes. The insurance market was no exception: the impossibility of executing its usual data collection procedures, such as visits by a loss adjuster to inspect damage in a claim and face-to-face medical appointments, revealed the immediate need to accelerate the digitization of processes.

The novelty of the solution proposed by LISA Insurtech lies in the fact that thanks to the use of Artificial Intelligence (AI) and automatons, the platform improves the settlement process, shortens response times, and automates the processes and communication between liquidator, appraiser, and the end client. 

LISA Claims, its flagship product, is responsible for resolving a claim in just two minutes, which could take up to 40 days in a conventional insurance company. Insurers are already implementing this innovative solution in the United States, Spain, Chile, Peru, Argentina, Bolivia, Mexico, and Colombia and plan to expand.

The procedure is effortless: in the event of a claim, each insured client must report all the background information through their cell phone, whether it be photographs of the event, testimonial video of what happened, the sending of receipts, and medical examinations, among others. Then, using AI, the platform will be in charge of receiving (claim generation, evidence analysis, story analysis, and notification to the insurer), analyzing (fraud, policy, coverage), and resolving (economic adjustment letter, settlement report, and settlement) the case, just as it is done manually today, but reducing its time by 80%. Once this process is completed, the insurer or LISA Insurtech responds with the corresponding premiums and payments to each affected party if they have agreed to do so. 

“Crashing the car, facing a fire in our home or having an accident are situations that involve human feelings and emotions, where we seek to count on the support of our contracted insurances through an agile and comprehensive response,” Volpi points out. “This technology has become a great tool and an effective solution for many people, as it provides an agile service that is 100% focused on customer satisfaction,” he concludes.

Chilean startup wins the Zurich Innovation Championship

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In its third edition, the Zurich Innovation Championship global competition received approximately 2,600 applications, from which 12 startups were chosen, one of them being Chile’s LISA Insurtech. The selected teams will be able to collaborate on new ways to serve customers, create more frequent and meaningful points of contact with them and challenge the boundaries of insurance.

LISA Insurtech participated in the Local Pitch Day in our country in January of this year, in which it was selected along with Griin.cl, achieving the opportunity to participate in the world final of the competition. The competition had four categories: Simplification, Sustainability, Prevention and Mitigation and Reimagined Insurance. The national startup was selected in Simplification.

After the award ceremony, Ericson Chan, Group Chief Information & Digital Officer of Zurich, mentioned that “the breadth of ideas we received from startups around the world was incredible and gives us a glimpse of what the insurance of tomorrow will look like.”

“Our winners have thoughtful and innovative solutions, and we look forward to developing them together to provide new solutions for our customers and simplify the way we interact with them,” Chan added.

The 12 selected startups are now working with Zurich to prepare an operational plan for a three-month acceleration phase, a new addition to this year’s competition. During this stage, winning companies will benefit from financial and non-financial support, as well as mentoring by Zurich executives and experts and access to business use cases, after which an implementation phase will bring successful ideas to life and scale them globally.

For his part, Stuart Domingos, Head of Group Innovation at Zurich, said: “This is where it gets really exciting as we collaborate to test, grow and execute, enabling joint adoption of the most promising use cases”.

A chilean company wins the Zurich Innovation Championship

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LISA Insurtech, one of the companies that represented Zurich Chile was one of the 12 winning startups in the world final of the Zurich Innovation Championship, standing out among more than 2,600 participants.

The startup participated in the Local Pitch Day in our country in January of this year, in which it was selected along with Griin.cl, achieving the opportunity to participate in the world final of the competition. The competition had four categories: Simplification, Sustainability, Prevention and Mitigation and Reimagined Insurance. LISA Insurtech was selected in Simplification.

“The breadth of ideas we received from startups around the world was incredible and gives us a glimpse of what the insurance of tomorrow will look like,” said Ericson Chan, Group Chief Information & Digital Officer at Zurich, following the awards. “Our winners have thoughtful and innovative solutions, and we look forward to developing them together to provide new solutions for our customers and simplify the way we interact with them,” he added.

The 12 selected startups are now working with Zurich to prepare an operational plan for a three-month acceleration phase, a new addition to this year’s competition. During this stage, the winning companies will benefit from financial and non-financial support, as well as mentoring by Zurich executives and experts and access to business use cases, after which an implementation phase will bring the successful ideas to life and scale them globally.

“This is when it gets really exciting as we collaborate to test, grow and execute, something that enables joint adoption of the most promising use cases,” said Stuart Domingos, Head of Group Innovation at Zurich.

LISA Insurtech, AI at the service of people

The first time I met Gino Bustamante, CEO and Founder of LISA Insurtech was in 2019, when everything was just a project. Today LISA Insurtech has become the leading insurtech in the application of artificial intelligence for claims handling. It is not a surprise that we find, once again, HCS Capital (Jooycar, DeNexus, Scadafence, Ceptinel…) as VC to empower this insurtech in Latam, in US and maybe in the future in Europe.

Today I’m meeting again with Gino, a friend of the house and one of the founders of InsurteChile, to talk about what should we expect from LISA Insurtech.

To begin with, I asked Gino to tell us a little about LISA Insurtech, mostly for those who don’t know it yet. Gino tells me: “the name?“, I’ll tell you at the end but it’s only for your audience. Gino starts with Einstein’s famous phrase: “we cannot expect different results if we keep doing things the same way we always have” and he says: “LISA is that. Is supporting insurance carriers to rethink their processes, especially claims, and automate them through advanced technological solutions and artificial intelligence”.

LISA has a very important purpose: “To simplify people’s lives at the time of loss“: to be able to make it possible for all those people who are going through a difficult time, whether because they have had an accident, lost their home, are going through a health difficulty or the loss of a loved one, to access the help and support they need in the easiest and simplest way possible. And this purpose is built together with insurers. Don’t forget that, at the end of the day, what they are doing is improving processes through and thanks to artificial intelligence.

They started in 2019 as three people working in a WeWork, with one client in Chile. Today, two years later, they are more than 40 people managing operations in 16 different parts of the world. “These are exciting times for LISA“, that’s fantastic!

Regarding the pandemic, he tells me that he believes that, due to its particularities, few companies were as prepared as they were to face the challenges it brought. From their origins, they were formed from remote work and with teams in different parts of the world, and they are 100% familiar with all the tools that technology makes available to us to facilitate this way of relating and the processes and indicators that allow us to work with high-performance teams remotely. 

I think everyone is talking about Artificial Intelligence these days, right? That’s why I’m interested to know what distinguishes the AI from LISA. Gino tells me that there are mainly two things. First, it is in house: all the developments have been done by them, which gives them a different ownership of what they are doing than what the market can offer. Second, their flexibility: their solutions adapt and grow with their clients. The most important thing, in his opinion, is to understand that technology today is a commodity. What sets them apart is the knowledge behind that technology and how that allows them to drive a new way of thinking about processes. “That’s where the real change lies and certainly a very powerful and long-necked competitive advantage.” 

They are working with the Embedded Insurance model with LISA Gateway, the most dynamic, versatile and nocode solution to face the new generation of policyholder and industry requirements. It arises from having seen an opportunity in what their customers were telling them about the fact that the current offer does not satisfy them in the pains they are currently having. So they are preparing a more specific suite to the pains that the industry has and they are creating the new generation of automated underwriting, renewal, quoting, issuance and even fraud control. 

They do not lose focus on adding value to the current problems of the industry, therefore, their major investment is in R&D. Talking about IOT in insurance today is a concrete and very advanced topic. At LISA they have launched their applied solution to perform deep and agnostic integration between startups specialized in telemetry and providers of telemetric information sources (such as smartwatches or sensors). In short and simple, with LISA TMT companies will be prepared to face new challenges and products using IOT, such as embedded insurance, usage-based insurance (auto and home), parametric insurance and life and health insurance. They will be put on steroids to accelerate their adoption curve of new business models and time to market.

As a global company, it is important for them to be in all markets. Consolidate in Latin America and open up the United States and Europe. To accelerate their expansion, they benefit from the support of HCS Capital as VC. Their solution generates value in all insurance companies, no matter where they are located. Gino believes that in the US there is more progress than in Latin America with respect to process automation. However, he says that there are shared pain points, which ultimately have to do with the lack of control over the process that claims managers have and that is precisely what LISA seeks to address. 

They were winners of the Zurich Innovation Championship, the great global competition, among other awards they have won. For them these awards are a sign that they are doing things well and internally it is super powerful because it gives them confidence that what they are doing is important and has sustainability. The fact that a company of Zurich’s size is betting on them is a tremendous endorsement, acknowledges Gino. They have tremendous expectations for the process to come: they want to absorb as much as they can. They believe there are no limits to where they can go. “We are very excited”.

At the end of our meeting, he tells me: “so you want to know why we are called LISA?” Waiting with curiosity for his answer, he tells me that they were starting the company “from scratch” and an opportunity came up: they were invited to raise state funds and had to prepare their pitch. They were in the ideation and construction phase and, therefore, without a name yet. To participate, they had to present the project in less than 24 hours, and that was when, with their pragmatic minds, they thought: “We settle claims in an automated way with Artificial Intelligence” and that is how the acronym LISA was born, in spanish that means: LIquidación de Siniestros Automatizados con inteligencia artificial (Liquidation of Automated Claims with Artificial Intelligence). “There is no better name than LISA,” he says proudly. 

LISA Insurtech to contact quickly and follow closely…

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80% less waiting time in Insurance Settlement

A platform will enable insurers to reduce their settlement costs by 60% and thus enable clients to have a response in a much shorter time.

When it is time to collect on the policy and enforce the insurance clauses, customers face a slow and cumbersome procedure that is often left unfinished. To solve this, Napkin Labs (www.napkinlabs.tech) created LISA, a platform designed to manage the activities and management of the auto-settlement process, promising to reduce customer waiting times by 80%.

According to the Chilean Superintendency of Securities and Insurance, the premiums with the highest insurance participation 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 on an insurance policy is to report the loss so that a settlement report can be made. What does this process mean? The investigation and determination of the circumstance of a loss that establishes whether the cause is covered under the insurance policy contract.

“It is during this process that we find the largest number of dissatisfied clients, given the lack of visibility of the liquidation process, generating great frustration,” says Alfredo Muñoz, LISA’s marketing manager.

How does LISA work?

Thanks to the use of Artificial Intelligence (AI), the platform improves the settlement process, shortens response times and automates processes and communication between Liquidator, Appraiser and End Client.

“With LISA, what we do is to shorten the payment process for customers. Artificial Intelligence together with the Blockchain we have developed is able to collect the data, analyze it and send it to the insurer, thus preventing all types of fraud and ensuring the privacy of each customer’s information. This way, better rates are predicted and the updated status of the analysis is delivered at all times, so that each client can review it online without the need to contact the insurer, which is usually very tedious,” Muñoz said. 

That said, what each insured client must do is to report through his cell phone all the background information -depending on the type of claim-either photographs of the event, testimonial video telling what happened, sending tickets and medical examinations, among others. Then, the AI platform will be in charge of receiving (claim generation, evidence analysis, report analysis and notification to the insurer), analyzing (fraud, policy, coverage) and resolving (economic adjustment letter, settlement report and settlement) the case as it is done manually today, but reducing its time by 80%. Once this process is completed, the insurance company is in charge of responding with the corresponding premiums to each client.