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.
Dentro de este segundo grupo se destaca la empresa emergente LISA, plataforma diseñada para administrar las actividades y la gestión de los procesos de auto-liquidación de siniestros creada en Chile en 2018 por Gino Bustamante, que se inspiró en una experiencia negativa que atravesó tras sufrir un accidente donde conoció, de primera mano, la falta de humanización en los trámites de las coberturas.
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 Bustamante, 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 recalls that he encountered very little technology in the sector, a factor that inspired him to create the firm that leads the ecosystem in the region.
“This lack of empathy, along with 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 is focused on the convenience of interacting digitally, remotely and in less time, with a better user experience, unlike traditional companies, which concentrate their operations in physical channels.
LISA lands in Argentina: how its business model works
Bustamante explains that insurance is a financial product, but that it has little human quality, “and we aim to give it humanity, but from a technological point of view, which may sound dichotomous”.
“In 2020, companies were faced with an almost Darwinian transformation process, where the one that adopted the best was able to survive. We had to accommodate, we acquired 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”, explains LISA’s CEO.
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 little boats and feel out the market,” jokes Bustamante when describing the company’s strategy, adding that “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 more than 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
Bustamante sees Blockchain technology as a key 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 in the near future 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 Bustamante.