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.