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

The Chilean startup was born after the CEO experienced an accident and learned first-hand about the lack of humanization in coverage procedures. Now in Argentina, it seeks to implement Artificial Intelligence (AI) with an empathetic approach in the response to claims.   

Buenos Aires, June 6, 2022. 

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 entrepreneur, and executive. He serves as an advisor and member of the board of directors of LISA Insurtech.

Artificial Intelligence: the ally to improve user experience

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.

About LISA Insurtech

LISA Insurtech is a startup specialized in simplifying the complex processes of insurance companies thanks to its expertise in the industry and the development of Artificial Intelligence solutions. It helps reduce costs by 60% and settlement time by 80%. It also significantly improves the satisfaction of its customers, who will be able to have a solution in minutes.

LISA Insurtech is a global company, with presence in the United States, Spain, Chile, Peru, Argentina, Bolivia, Mexico, Colombia and plans to continue expanding. More information: https://lisainsurtech.com/

LISA Insurtech is part of the group of 12 startups chosen by Zurich globally to work on the future of insurance.

It is the only Latin American company selected among 2,600 applicants from all over the world.

LISA Insurtech, a company that provides 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 critical 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 to bring new solutions to our customers and simplify how 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 businesses’ and individuals’ carbon footprint, and automatically settling insurance claims using AI and blockchain.

What’s next?

At this time, 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 financial and non-financial support, such as mentoring from Zurich executives and experts and access to business use cases. After this, 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 our actions are important and have sustainability. But beyond that, we have great expectations of the process we are initiating and 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

About LISA Insurtech

LISA Insurtech accelerates claims processes using artificial intelligence in four major lines of insurance: home, auto, life and health. Its solutions are already being used by insurers around the world.

For more information visit: https://lisainsurtech.com/

LISA Insurtech raises 2.5 million with U.S. venture capital fund HSC Capital

Today, the company’s focus is on opening the U.S. market, for which it has already set up its headquarters in Columbus, Ohio. 

Santiago, March 25, 2022.  LISA Insurtech, a startup focused on artificial intelligence (AI) and automation, with solutions for insurers in auto, home, life and health and third party administrators (TPAs) announces the successful closing of a $2.5 million early stage funding round led by U.S.-based venture capital firm HCS Capital.

Created out of the need to accelerate claims settlements, reduce claims costs and improve settlement times, the company was founded in 2018 in Chile and is now headquartered in Columbus, Ohio.

Their automation platform, that includes the solution: LISA Claims, helps the insurance companies to accelerate all their operations.

“This new funding has already facilitated improvements to the company’s leadership and the move of our headquarters to the United States”, said Gino Volpi, founder and CEO of LISA Insurtech. “Going forward, this will enable the launch of the full LISA platform in the U.S. and also continue our mission to build the insurance operations platform of the future”.

The solutions currently available on the LISA platform, including LISA Claims, LISA Gateway and LISA TMT, are powered by AI and enable the automation of critical insurance processes. LISA Claims, for example, enables claims reporting, uploading of supporting first notice of loss (FNOL) documents and images and is already being used by large global insurance companies modernizing claims intake and settlement processes across multiple lines of business.

LISA Insurtech’s new insurance sales solution, which is already in its initial phase of implementation at several of its customers, is designed to enable real-time customer evaluation for more accurate policy pricing. The solution is expected to be widely available in the second half of 2022.

The insurtech’s current clients include some of the largest insurers in Latin America and Europe.

About LISA Insurtech

LISA Insurtech is a startup specialized in simplifying the complex processes of insurance companies thanks to its expertise in the industry and the development of Artificial Intelligence solutions. It helps reduce costs by 60% and settlement time by 80%. It also significantly improves the satisfaction of its customers, who will be able to have a solution in minutes.

LISA Insurtech is a global company, with presence in the United States, Spain, Chile, Peru, Argentina, Bolivia, Mexico, Colombia and plans to continue expanding.. More Information: https://lisainsurtech.com/