LISA seeks to shorten insurance settlement waiting times by 80%

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One of the biggest headaches faced by some of those who pay month to month for some type of insurance (be it life, health, automobile or any type of claims), is that when the time comes to collect the policy and enforce the clauses, they find a slow and cumbersome procedure that is often left unfinished.

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%).

Faced with this problem, LISA Insurtech, designed a platform to manage and control the activities and management of the process of self-settlement of claims, which allows the efficiency of this process, gaining on average 80% of management time.

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 greatest number of dissatisfied clients, given the lack of visibility of the settlement process, generating great frustration”, says Alfredo Muñoz, in charge of Marketing at LISA.

How does LISA works?

Thanks to the use of Artificial Intelligence (AI) and Blockchain technology, 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 antecedents -depending on the type of loss-either photographs of the event, video testimonials
of the event, sending of receipts and medical examinations, among others.

Then, the platform through the AI will be in charge of Receiving (Claim Generation, Evidence Analysis, Story Analysis and Notification to the Insurer), Analyzing (Fraud, Policy, Coverage) and (Notification to the Insurer), Analyze (Fraud, Policy, Coverage) and Resolve (Economic Adjustment Letter, Settlement Report and Settlement), the case as it is done today manually, but reducing its time by 80%. manually, but reducing your time by 80%.

Once this process is completed, the insurance company is responsible for responding with the corresponding premiums and payments to each client.

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