These are the consequences of a poor claims experiences

One of the most valuable assets in the insurance industry are the policyholders and to retain them a series of measures such as communication, empathy, understanding and support at all times are necessary.

When we talk about an industry as traditional as insurance, we can see an immature digitalization, which has caused great dissatisfaction among policyholders. This translates into:

• Poor or nonexistent communication with the insured.
• Tedious and lengthy settlement processes.
• Lack of interoperability between all services.

What is the consequence?

According to the Accenture report, about $170 billion could be lost in insurance premiums alone over the next five years and about $160 billion due to inefficient underwriting processes.

This report provides a clear picture of the problem based on surveys of more than 6,000 insurers in 25 countries, more than 100 claims executives in 12 countries and more than 900 U.S. underwriters.

The evidence

The report found that 31% of claimants were not fully satisfied with their home and auto insurance claims handling experiences in the past two years. Of that 31%, six in ten cited settlement speed issues and 45% cited problems with the closing process.

Dissatisfaction with the claims experience is a major factor in convincing customers that the best thing to do is to switch insurers. Thirty percent of dissatisfied claimants said they had switched carriers in the past two years, and another 47% said they were considering it.

How to counteract this effect?

There are many benefits that technologies can bring to the entire insurance value chain. That's why we decided to explore automation, artificial intelligence and machine learning to help transform the insurance industry:

Through our product, LISA Claims, insurers will be able to manage insurance claims by automating their settlement process from the claim (FNOL) to the claim payment stage.

Benefits to be obtained

-80% reduction in claims settlement times.?

-60% savings in operating costs.?

-Up to 20% increase in the level of satisfaction of your insured.?

Finally, we want you to remember that 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.?

For this pain our CEO, Gino Bustamante , assures that "Artificial intelligence becomes a great tool and an effective solution for many people, since it provides an agile service, 100% focused on customer satisfaction".