Categoría: telemetry

Over the years and the emergence of technology, it has been almost impossible to ignore the hyperconnectivity that exists today. This is known as the Internet of Things (ioT for its acronym in English), which is based on the interconnection of devices and objects through a network.

The IoT seeks to improve the daily life of people and companies through devices that dump the information they obtain and then share it with other devices.

Risks and threats

Just having such a large number of interconnected devices makes us think about data exposure and security in general, doesn’t it? This fear stems from the fact that by increasing connections, exposure to cyberattacks could grow.

Of course, organizations are aware of the risks and threats they are facing, in fact, 97% of companies surveyed by Microsoft, expressed their concern about security when using ioT technology. Currently there are many vulnerabilities that are unknown or not yet detected and unfortunately there are users who do not know how to maintain their security.

For example, an attack on a toaster does not seem like a problem at first glance, but many cyber attackers have the know-how to use these devices as entry points to gain access to the entire network of users’ homes.

Are there real cases similar to the previous example? Yes, it took place in 2018, where the attacker entered the Nest devices of a family (a company subsidized by Google), and managed to communicate with the victims through their baby’s monitor, just before raising the temperature of the thermostat to around 33 ° C.

After the above, we can reaffirm that the main objective of the ioT is to improve and simplify the day-to-day of companies and users, however, this technology collects our usage habits and attackers could use this information to carry out an attack.

To you who read us, we want to remind you that it is essential to be careful when entering your personal data, since with them they could carry out an attack by knowing a large part of your habits and tastes, protect yourself!

At LISA we care about the welfare and safety of insurers and their clients, which is why this article was written in order to create awareness that technology has great benefits but also has its fine print.

Therefore, we take care of using technology protected by security methods in order to avoid fraud or cyberattacks. Learn more about our work by clicking here.

Has the insurance industry ever thought about what it could do in case of a contingency like Covid-19, having to rely more on mobile and online tools during? What would they do with their tradition?

The truth is that due to the pandemic and the closer use of the internet and technology, if or if leaving your comfort zone was going to mark a milestone in the insurance industry, but could they offer a good digital experience?

The slow pace of innovation in the insurance industry has become a heavy burden since Covid-19 accelerated the migration of consumers to digital channels.

What can the Insurance Companies do?

Insurance companies have no choice but to update their digital experience in order to reach and satisfy their customers:

1. Offer customers better self-service tools.
2. Reduce unit costs.
3. Digitize your sales.
4. Accelerate your processes.

To establish objectives

Collecting and analyzing customer data to understand behavioral changes will prepare insurers to accelerate experience-enhancing digital investments and can focus digital initiatives on four goals:

1.Eliminate bad and avoidable volume: episodes that annoy consumers should be avoided at all costs. For example, automatic status updates will reduce inquiry calls.

2.Put the customer in control: Educating customers about self-service options will have many benefits, increasing the use of mobile applications. It also offers digital support and avoids phone calls; Increase the digital adoption of your employees and brokers through training.

3.Simplify through automation processes, products, policies to reduce unit costs and increase productivity, without the need for manual work.

4.Bring Sales Into the Digital Age: There is a clear need to develop digital sales channels, as online car insurance or insurance policies have exploded in recent months. In addition, companies should equip agents with digital sales tools, lead management systems (based on CRM systems) and analytics that can inform smart campaigns with the best offers.

The Covid-19 pandemic represents the turning point for the insurance industry to step outside of its comfort zone, representing a turning point for its digital initiatives.

Unfortunately, and although consumers have adopted digital channels and tools in recent years, the truth is that most insurers have been slow to respond with innovations that clearly influence the satisfaction of their policyholders, such as:

• The service and the purchase.
• Simple and convenient claims.
• Product research.

Most of the digital leaders (companies with high digital adoption of customers and high loyalty), are made up of young companies that go directly to the consumer. In contrast, established companies that have been able to achieve relatively high digital adoption have had high failure rates in their digital interactions, so their customers feel compelled to switch to phone channels or in person to complete transactions.

There is no doubt that the pandemic caught many insurers unaware that they were still in their comfort zones, they had to crawl out to be able to meet the new needs of their clients, a more digital environment and without so much manual work.

At LISA we believe that the use of technology is a great boost for any company, which is why our mission is and has been to provide insurers with innovative methods in order for them to explore outside their comfort zones.

Welcome to the future with LISA!

Information Technology (IT) is a mix between computers and telecommunications equipment, used to store, retrieve, transmit and manipulate data in regards to SMEs and other businesses. These revolutionary technologies in the world are submerging us in the digital world and towards a society more intertwined with information and knowledge.

We must learn to learn, in an environment of constant change it is necessary to be able to do so in order to build foundations for our industry, to position it and have the ability to develop it and achieve its success.

IT in Latin America

It is common to think that thanks to the digital age, we are all immersed in technology or that we all know it, but in a society there are usually inequalities. In Latin America there are extremes, wealth and poverty, inventions that only occur in a certain place and technological «illiteracy».

The problem of inequalities in access to information goes beyond technology, the simple fact that society knows how to read or write is not enough if there is no understanding of the use of information and technologies.

Latin America has been one of the regions where information and communication technologies (ICT) began their life in a very slow way. The first PCs may have reached large companies, but the process of application and use in the population was slow and the accentuated importance occurred after the 2000s. However, there are other factors that affect such as areas of scarce resources, illiteracy, censorship by present dictatorships, among others.

«Electronic commerce in SMEs» was one of the first works on the subject in Chile. Prepared by Plana, Cerpa, the authors propose the adoption of electronic commerce focused on small and medium-sized companies. The strategic plan in each one of them influences the intensive use of ICT, which are adapted according to needs.

There is clear evidence of the low use of ICT in Latin America, compared to developed countries, affecting production processes, the generation of new knowledge and innovation.

It is necessary to promote the use of information technologies in industry since these have been the main role in societies and little has been studied about their adoption. Our objective is to raise awareness and explain how ICTs positively influence the development of a company in various areas, because they represent an opportunity for development and expansion, in response to the market that is constantly changing.

Insurers, having adopted their traditional position in a very marked way, have put aside this technological movement, remaining outside the market and evolving at minimal speeds.

Technological change can affect a company in two particular senses, giving it an opportunity to produce new products or adopt new processes and instead alter the environment in which the company has been operating (leading new product competitors, creating new markets or affecting costs).

Information technologies are always going to represent important opportunities and threats for companies, so it will always be convenient to take them into account when developing growth strategies.

In order to understand this subject more easily, we believe it is important to start with its definition and what it is all about:

What are neural networks?

Artificial neural networks are a model that was born inspired by the functioning of the human brain, which aims to emulate certain cognitive functions of living beings.

It is formed by a set of nodes, called artificial neurons, which are connected and transmit signals to each other, from the input to the generation of an output.

What is searched through neural networks?

The objective pursued through this model is learning, which automatically modifies itself so that complex tasks can be performed that could not be carried out through classical programming. That is why it is said that functions can be automated that at first could only be performed by people.

How do they work?

Networks receive a series of input values ​​and each of them reaches a node, called a neuron. The neurons of the network are grouped in layers that thus form the neural network, these have a numerical value with which it modifies the input that is received and the new values ​​obtained leave the neurons and continue on their way through the network.

Once they reach the end of the network, an output is obtained which will be the prediction calculated by the network. The more layers the network has and the more complex it is, the functions that can perform will also be.

How are neural networks trained?

To make it possible for a neural network to perform desired functions, it is necessary to undergo training, this is done by modifying the weights of its neurons so that it can extract the results that are sought.

Backpropagation

Mainly training data must be entered into the network, depending on the result obtained, the weights of the neurons will be modified according to the error achieved and depending on how much each neuron has contributed to said result.

With backpropagation, it is possible for the network to learn through a model capable of obtaining quite successful results even with data very different from what has been used during its training.

Did you know that neural networks have been around since 1950? However, the low power of the equipment of that decade and the lack of algorithms that allowed networks to learn, led to their discontinuation. It was thanks to the creation of the Backpropagation algorithm that neural networks were able to resurface and to them, the appearance of Deep learning, the use of deep neural networks for complex tasks.

At LISA we love to innovate with technology, that is why we use it in all our processes to reduce time, save on costs, satisfy customers and disuse the insurance industry’s crafts.

Walk through our website and learn more about us!

In all traditional claims settlement processes, the documentary analysis is a crucial stage, since its here where various aspects are evaluated such as: the validity of the policy, the documents uploaded as antecedents, among others, with the purpose of approve or reject the report and prevent fraudulent activities.

However, with all the current technological advances, the insurance industry still maintains lots of manual processes, which leads to very high operational costs, high management times and a lot of dissatisfaction on the part of its insured, but, can you imagine being able to digitize and automate those processes with Artificial Intelligence and put aside the long chain of pain in the insurance industry? With LISA, it is possible!

Homer is the LISA server, which uses Artificial Intelligence and natural language processing, whose functions are to classify documents from documents, in addition to extracting useful information from them and learning from the large volume of data processed.

Let us explain the advantages of HOMERO

Homero has great advantages, which will allow to improve the processes of the insurance industry. But let’s see, what are they? First of all, it is capable of processing 100 documents in less than four seconds. Fast, right? He also understands the texts he reads, which can even be written by hand and in more than 60 languages, and do you know what is best? The documents that Homero receives are encrypted and after extracting the desired information, he is in charge of eliminating the original file.

Homero is present in all our settlement processes to guarantee automation, speed, and security at the most crucial moment of the phase. Watch this video to see Homero in action.

At LISA, we operate with all the lines of business in the insurance industry.

Are you ready?

The civil liability insurance is responsible for covering the damages that the insured causes to third parties, granting two types of coverage

a. Compensation for which the insured is civilly liable in the event of:

• Bodily injury or death caused to third parties
• Material damage to property belonging to third parties.

b. Defense expenses: which include fees, lawyers, and expenses even for unfounded claims against the insured.

How does the policy operate?

Civil Liability Insurance operates from the moment a third party makes a lawsuit against an insured person or company, demanding compensation for damage.

After the insured informs the insurer about the event, it will assign the case to an insurance adjuster, who will try to reach an out-of-court agreement with the third party in order to resolve the claim quickly and more economically. In the event that the agreement does not produce results, the regular conduct of a legal claim with all its processes will take place.

The insurance company will bear the aforementioned defense expenses and will compensate the third party in the event that the claim has been won in favor of the affected third party. In the event that the claim is resolved in favor of the insured, the Civil Liability policy will cover defense expenses in the same way.

Find out which insurance LISA operates and see what we have been doing at LISA, request your DEMO.

Despite the fact that insurance companies have invested in anti-fraud technologies, the truth is that reducing this type of crime is still a constant struggle, since monetary losses not only affect the companies but also the policyholders themselves with the increase in their cousins, among others.

The advancement of technology has given way to new ways of scamming, which is why it seems very important to us that the traditional insurance industry give way to digitization and the use of technological tools to prevent possible fraud, which can be against any insurance branch.

Consequences of cheating a Vehicle Insurance

As a starting point, the insurer will immediately cancel your insurance policy and then you will be registered in a kind of black list so that you cannot be included again among its insured.

The company will then spread the word to other insurers, so you will be marked for life as a scammer and you may not be able to purchase other insurance as a result.

Once on the black list, you will not be able to obtain Civil Liability Insurance, so you should forget to circulate unless you want to earn one more problem. It goes without saying that when you are detected as a scammer, you will not have any compensation for a claim, even if there are some damages that are real.

There are criminal consequences in case of fraud, which is why depending on the country where you are, you will be punished with the weight of the law with large fines and even imprisonment (between six months and three years), everything will depend on the Penal Code of that nation.

The purpose of this article is to raise awareness and make a warning so that we know that fraud is real, common and also sanctioned by law, in addition to bringing with it a wave of consequences that are not pleasant at all. Likewise, these acts affect not only insurance companies but also policyholders who are honest.

LISA’s commitment is to support insurers with cutting-edge technology so that they can take the big step of digitizing, improve their processes and also avoid fraudulent attacks that we know are quite painful.

Current Outlook

Nowadays, claims settlements take an average of 42 days from the reporting stage to resolution of the case, not counting the little or no communication with the insured. Strongly impacting on the insured’s experience and consequently on the renewal of their subscription.

On the other hand, the cost of operational handling of claims greatly impacts the results of the companies, where they are made up of a large number of intermediaries and which results in little control over the management of the process.

At LISA we faithfully believe that claims are the moment of truth in insurance, it is the main reason why we take out a policy and this can be summed up in: feeling accompanied and relieved if a risk becomes a reality. The rhetorical question is when we take out fire insurance «We hire it thinking that it will take more than 40 days to compensate?» The truth is that no, we contract the insurance thinking that it is resolved as soon as possible in a reasonable time, but how much is reasonable?

We asked the insured regarding their expectation, they expressed the following critical and expected points at the time of a claim:

• «I would ask for catastrophic insurance to be paid in a maximum of 2 weeks.»
• «That they always keep in touch with me, especially to know the status of the claim processing.»
• «That they ask me for all the information at once to collec and send them at once.»
• «That the sending of these documents is as expeditious as possible and hopefully digitally.»
• «That during the complaint they do not ask me for so much information that the company already has.»
• «Don’t make me go to a branch if it’s not necessary.»

Classification of Home Claims

These are divided into two main types: Catastrophic (40 days) and Non-Catastrophic (20 days).

The coverages of this type of insurance are made up of various forms, among which we find: fire, earthquake, broken pipes, broken glass, risks associated with nature, earthquake and theft.

What we are clear about is that 85% of the monthly loss ratio is not catastrophic and that only 15% is, which is why it can clearly be streamlined using the Pareto method at least the non-catastrophic ones with that focus. That is why, at LISA, we are seeking to expedite the settlement of non-catastrophic claims through a Fast Track method at least.

Meet our proposal for the Fast-Track, it is short and friendly!

1.The efficient method but still anchored to the traditional: a form without much friction for the client, which gives us the basic indications to look for the policy and its validity, then a box where all the evidence is loaded. Then, after analyzing the evidence and the case, in just two minutes, the adjustment will be made available for the internal or external liquidator of the company to give its approval (in a few minutes).

Finally, the compensation will pass with LISA in one hour to the payment area and then the last adjustments of the process will be made to complete the payment in the account, in about three days.

2.The efficient and disruptive method: analyze the evidence and the case in minutes, with which LISA will go to compensation in 10 minutes to the payment area and through our alliance with VISA Direct our payment gateway can be used in order to issue the Dispersion of the Payment automatically and that the transfer reaches maximum the next day.

And what will happen to the attention of the remaining 15% of the monthly claims that are catastrophic (40 days), LISA also manages the entire life cycle, including the external service management actions and proposes to reach 12 days as a goal to settle the case, thus fulfilling the promise.

With the above, we undoubtedly seek to sustain our value offer every day that points to the perfect triad: Decrease in time, cost and increase in customer satisfaction. if you don’t know it this is:

«Settle insurance claims by reducing the settlement time by 80%, reducing the cost of handling claims by 60% and increasing the NPS of the insured by 20% in the first 3 months.»

If at Home we can do it in two minutes, imagine what we can achieve in LIFE, HEALTH, Major medical expenses, Mandatory Personal Accident and Traffic Insurance (SOAT / SOAP), Tax Relief.

If you are an insurance or Banking insurance incumbent, now you are aware that you can implement this type of improvement in your lines of business, that is why you can request your DEMO by clicking here and let’s talk about your particular line.

Welcome to the future with LISA!

At the time of a claim, there is uncertainty, stress and a lot of concern, that is why we want to share with you in our article, a small guide so that you know what to do in case of suffering an event of this type.

1.The first thing you should do in order to collect the insurance is to report the claim to the insurance company so that they can make the settlement report.

2. If the policy was contracted through an insurance broker, you should contact him, as he should assist him in the settlement process.

3. Settlement can be done directly by the insurance company or through an independent external adjuster. The decision taken must be informed to the insured within a period of three business days from the date of the claim.

4. The insured may object to the settlement being carried out by the insurance company and in that case, the latter may request, within five business days, that an insurance adjuster be appointed (the insurer will have two business days to designate the liquidator.

5. To whom the settlement of the claim corresponds (insurer or liquidator), the insurer must inform about the steps to be taken and the background information that will be required to settle the claim.

6. The liquidator must issue his report within the shortest period of time, not to exceed 45 calendar days from the date of the complaint, except:

• Individual insurance on risks of the first group in which the amount of the annual premium is higher than 100UF in 90 calendar days from the date of the claim.
• Marine insurance, hulls or General average: 180 calendar days from the date of the claim.

It should be noted that these cases may be extended by the liquidator in founded cases for the same periods, which must be communicated to the insured and the Commission for the Financial Market, being able to nullify the extension and set a specific term for the delivery of the settlement.

7. The settlement report must be sent simultaneously to the insured and insurer on the same date, which must be composed of a technical opinion about the origin or non-payment of the compensation, the amount of this and finally the criteria and parameters used for its determination.

8. The insurance company and the insured will have a period of ten business days from receipt of the settlement report to challenge. In the event of a challenge, the liquidator will have six business days to respond to it.

9. In case of persisting differences regarding the origin of the coverage or amount of compensation, the insurers will have to inform within a period of five working days, the final resolution of the claim.

10. When there is an agreement between the insured and the insurer, the compensation must proceed within the following six days from the notified resolution.

Although the settlement process seems simple and fast, it is not. The traditionality of the insurance industry has conceived a notorious stagnation and the participation of many actors, which makes it more difficult and slow all the way.

Keeping policyholders satisfied has not been an easy task for insurers, which is why LISA’s promise is to guarantee an easy, fast and safe process in a few days, thanks to the use of cutting-edge technologies.

Contact us and request information about our products.

Welcome to the future with LISA!

Do you have any notion or idea what the Internet of Things is about? Anyway, if you don’t have much idea, stay in the article, and we will show you what this is all about, let’s get started!

What is the Internet of Things (IoT)?

The Internet of Things, or IoT for its acronym in English (Internet of things) is a key factor and part of insurers in the transformation to the digital Age, since the study and analysis of this field is what will define what it is what is important to people.

It is about technology that connects our household objects to the internet, those that are for daily use and that are ordinary. However, not only is this internet connection enough, the IoT tries to connect objects to each other.

In this way, various objects can interact with each other as part of a program. For example, the alarm clock may be synchronized with the coffee machine, and once it activates the alarm, the coffee machine can simultaneously start brewing the coffee.

Another example would be that the blinds are programmed to close when a certain level of darkness is detected in the environment, and that this in turn activates the interior and exterior lighting of the house.

All this seems out of the question of insurance companies, but it shows how traditional objects are now much more expensive than before, of course, with amazing functionalities, which are surely the object of being insured.

The ioT as a key for the Insurance Companies

People are surrounded by many objects in their day to day, it is estimated that a human being can be surrounded by between 100 and 5000 objects in their homes, including smart devices of course.

Now, can you imagine being able to have more precise control over these things around you? It would be much easier if you could know the exact location of a lost object.

Or if, on the contrary, the use it has had if it is a household appliance. There are industries that are responsible for the study and development of this type of technology, without we are talking about smart homes.

The inclusion of some small device in each object would allow its tracking and complete communication with each other instantly.

So the question is, what does this have to do with Insutech and startups? Very easy. The Internet of Things makes it clear which have become the new priorities of people, those that they always want to be close to and that, if they lose them, they will want to recover them.

Imagine that you have an object of value insured and that it is lost. Obviously the insurer will pay for it, however, if you could know the exact location of it, recovering it would be a palpable reality.

Likewise, if during a trip you take a private transport that you have hired by the insurer and leave an object when you get off, the combination of IoT and Insurtech will allow you to know where you left the object, and by knowing its location and being a insurance vehicle, the object may be returned to its owner. Do you realize how everything connects?

Startups and Insurtech are revolutionizing the insurance market at devastating steps, and more and more elements are playing an important role in this, such as the Internet of Things, Blockchains, and more.

Insurance is always in people’s lives, that is why it is important as a company in the sector, to know how to respond to customers in a satisfactory way, with changes based on good measures and reliable results.

Getting on the train of change and the revolution in the insurance industry will represent a bright horizon full of great harvests, which will not always be so abundant, but which will surely, under the startup model, be much larger and exponential than traditional companies.

At LISA we are committed to the revolution of insurers through avant-garde technologies to leave behind their traditionality, which only stagnates and makes it less efficient. If you want to know more about us, contact us through our form by clicking here.