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 Bustamante 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 that 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 Bustamante.
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, managing to deliver a response to the client in minutes instead of months: “The client notifies that 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 headquarter to the United States -specifically to Columbus, Ohio- which they are seeking 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; it is estimated that there are 5,200 insurance companies and 200 million people who have voluntary insurance”, says Bustamante, 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, the platform is currently used by multinationals in Chile, Peru, Colombia, Spain and Mexico, in different verticals: the settlement of claims related to home, automobile accidents, and life and health products.
In addition to these new plans, the Chilean company has just been crowned one of the 12 winners of the Zurich Innovation Championship, an innovation contest for startups that received more than 2,600 applicants. Bustamante 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.