Categoría: Technology

With the emergence of technology and all the benefits it has brought, it is expected that the cloud will be the next business destination for insurance companies, this is evidenced by the European Cloud adoption index for insurance report by EY, which shows that 8 out of 10 companies will move up to 80% of their business to this technology.

What is the cloud?

According to the Eninetworks article, «What is the cloud and how is it used?«, it is a data storage service to servers located on the network. This allows programs and files to be uploaded, opened, modified or used through a connection without the need for them to be located on the storage of the device being used.

Fun fact: Did you know that Twitter, Facebook or Gmail contain our information such as photos or videos that are stored on their servers? That's why you can access everything from anywhere in the world.

Today, the cloud has become a perfect service for backing up all the information on a device, i.e., something like a hard drive located on the network.

One of the keys for the insurance industry is to get insurance companies to transform into data-driven organizations. Cloud computing adoption is increasingly being driven by the need for digital transformation and being perceived as a business enabler due to its large capacity to store information.

Key points for successful implementation

Insurers must address critical points such as:

• The security of your data and internal challenges.
• The cultural change must be complete.
• They must have profiles with knowledge in Cloud systems.

Cloud computing has allowed LISA to deploy its applications, to have access to them, to have quite strong and extensive resources that we could not have in our homes or offices, since we work with Machine Learning, data processing, databases, etc.

Our resources are not limited despite having robust applications and also allows us to reduce processing times and storage of information at all times.

In our next article, we will tell you all the benefits of Cloud computing, you are not going to miss it or not? Wait for it in a few days :).

Since the emergence of the internet, networks and all the connection that this requires, we have been living in an interconnected world with the presence of elements and tools such as ioT devices, which have been seen more frequently.

En nuestro día a día estamos rodeados de una gran cantidad de tecnología, redes y sensores. Nuestros teléfonos son una prueba de ello, ya que posee un software que se actualiza constantemente de manera inalámbrica; cuando lo perdemos podemos rastrearlo de manera remota.

Por otro lado tenemos a los restaurantes que cuentan con códigos QR para evitar el uso de menú o cartas y propagar el COVID-19. Asimismo, tenemos almacenes que usan robots para automatizar actividades manuales y aumentar la productividad.

Let’s spread the iOT

It is known that the vast majority of insurers have not yet implemented or explored the Internet of Things, however, the few insurance companies that have taken the step have demonstrated the great potential in using it.

There are now international insurers with thousands of telematics-priced policies in their auto portfolios, customers using iOT-enabled wellness reward systems in their life insurance portfolios, and thousands of workers protected with real-time risk mitigation solutions.

As Insurance thought leadership points out in an article, much is the extraordinary potential of iOT, which allows insurers to connect with their customers and risks, providing benefits such as the following:

1. Improve the customer experience by pushing the proximity and frequency of interaction with them, thus reaching beyond traditional risk transfer. Many players are selling additional services for a monthly fee; others have found new ways to sell insurance coverage thanks to IoT.
2. It refines core insurance activities (assessment, management and risk transfer) by using IoT solutions for continuous underwriting, claims management and risk reduction. The use of information generated by IoT data stream analytics has promoted less risky behaviors in real time.
3. It generates knowledge about policyholders and their risks, to underwrite them differently, enabling up-selling and cross-selling and for new risks.

Despite this promising outlook, there are many players in various companies that have not understood the nature and relevance of joining the IoT. Each of the successful pioneers has designed their vision and strategy for ioT usability within their business processes.

Finally, one of the most common mistakes is to focus on the «thing», such as a smart device. However, IoT is about data, not things and even focusing on the data is a mistake as what really matters is the use of the data.

Transforming business processes, through the use of data, has been the secret sauce of any successful IoT insurance program.

As time goes by and as many different digital initiatives are developed, companies must look for three main types of value in order to continue growing and making a difference. Do you want to know what values we are talking about? Keep reading the article and find out what they are.

Researchers Ina Sebastian, Peter Weill and Stephanie Woerner conducted interviews with 23 executives from companies around the world and an exploratory statistical analysis using data from a global survey of 1311 executives. The three types of value explained 39% of the companies’ revenue growth and 24% of their net profit margins compared to other companies in their industries.

According to the Management Sloan School article, there are 3 types of value for companies:

01. Value of operations

Creating new value from operations is the foundation of digital business, in fact companies can benefit from the digitization of business operations through cost reduction, increased efficiency and speed.

Some examples we can mention are developing modular components, automating processes and being more agile. 54% of the companies surveyed were effective in creating value from operations.

Discover the benefits of LISA Claims

02. Value of ecosystems

Ecosystems are new to most large traditional companies and are created when one company partners with others to provide customers with a single destination where they can conduct a variety of activities and transactions.

It is known that companies have a 30% effectiveness rate, on average, based on the ecosystems and the value they offer.

Know everything about our digital ecosystem LISA Gateway

03 Customer value

Companies working on digital innovation are able to generate more revenue from customers through cross-selling (selling different products to an existing customer) and new offerings. Digital initiatives allow the company to expand its knowledge of customers and offer them more choices. Industries have an average efficiency of around 40% in creating value from customers.

Is it easy to get started in digital? Obviously not, and that does not mean we should be afraid to take the risk of going beyond the conventional. The road may be difficult, but once you take the step you will be able to build a new strategy focused on improving processes, customers and the combination of systems and ecosystems.

Starting today will bring us benefits tomorrow and many possibilities for our companies, remember that you can count on LISA’s help!

Today’s industries must focus on continuous market disruption and innovation, where we find and it’s time to talk about low-code platforms, their benefits and more. Are you ready?

First, Low-Code is a platform that simplifies and streamlines the process of creating application software through a graphical user interface, leaving aside traditional computer programming, offering flexibility to address customer needs.

As social FUTURO points out in its web page, we can affirm that in simple words, it is the union of different components created, which are mixed to obtain the final result of the application. In this way, it is not necessary to create the application from scratch.

Low-code features

According to the Accion.point web portal, the most relevant features of the low-code are:

• Low code: allows small developments, evolutions and future escalations.
• Minimum viable products: Describe rapidly MVP.
• Scalable innovations: authorizes implementations on the fly, learning and optimizing.
• Extensions to more channels: without having to write complex code. Some examples are: self-service portals, chatbots, among others.

Benefits of low-code

After having explained what it is and its most relevant characteristics, here are its benefits:

• It enables fast delivery of commercial applications with a minimum of manual coding.
• They allow applications to be modified quickly.
• Process flows are easy, allowing any user to drag and drop interface templates.
• The tools are visual, rather than having coding syntax. Designers, analysts and process specialists can use them to contribute to the development of business applications.

Technological challenges are advancing faster and faster, which is why low-code platforms are one more proof of this. That is why it is important that you bet on a more relevant and agile business technology, which will undoubtedly mean an invaluable opportunity to be part of all this digital revolutionary movement.

Thanks to technology and its multiple uses, many companies have decided to adopt tools to be more innovative and make their platforms simpler and more moldable. For this reason, we want to show you what No-Code is and its benefits for industries.

What is No-Code?

It is a development platform that allows programmers and non-programmers to create application software through graphical user interfaces and configuration instead of traditional, code-driven computer programming.

These are its benefits:

01. Accelerates Time2Market: This means that the time to market is shorter and the process of taking a customized enterprise solution from ideation to production is measured in weeks or even days rather than months or years. No-Code can be used to accelerate initial builds and also subsequent upgrades.

02. Improved quality: applications built without code can reduce the occurrence of errors by more than 600 times compared to those built using code.

03. Lower cost of ownership: No-Code reduces the cost of developing and managing enterprise solutions by 300%. When you build without code, you stop creating new legacy code that will need to be updated and rely on technical debt.

04. Enables innovation: since projects can be launched quickly and at lower costs, organizations can experiment without the built-in risk of a traditional development approach.

05. Engaged employees: allows experienced engineers to focus on complex solutions, expanding the ability of company-led teams to tackle routine (but still important) development projects.

06. Generate peace of mind: security, compliance, RBAC and infrastructure are immediately maintained and monitored, allowing teams to focus on other areas.

07. Improved collaboration and access: while modern programming languages (Java, Python, among others) can take a year to learn and a long time to master, non-code can be learned in a matter of weeks. In the same vein, functional prototypes can be quickly created to ensure that business requirements are properly addressed early in the process.

08. Increased digital resiliency: With no-code, organizations can quickly add and modify their digital infrastructures to cope with business disruptions of any scale.

LISA’s solutions are based on no-code platforms where the user does not need to program to configure the platform parameters, but can do so through graphical user interfaces and configuration.

Do you want to learn more? Check out this video.

Sensors must be installed in the car or at home, which will allow a large amount of data to be sent to a specialized central, where there will be:

1. Data collection: in the case of cars such as speed, location, among others and in the case of home, humidity, any gas leak, among others.

2.Transmission to an installed transmitter: the data collected goes through a wireless transmission to an installed device, which may be a cell phone or other transmitter connected to a network or satellite communication. With the above we can say that all the data collected can be reported and collected in real time.

3. Data lifting: The data collected by the sensors are converted into common quantities that can be read quickly, such as km / h, temperature, fuel levels or location on a satellite map.

4. Satellite communication: Either through a cellular or satellite network, the data is transmitted from the device to a centrally located remotely where your data is centralized in real time.

5. Immediate feedback: The central is able to receive and evaluate the data at any time, which allows sending orders immediately, either by contact with a human operator or by an automated order.

There is no doubt that this type of technology represents a great advance and opportunities worldwide for insurers. With its use, the insurance industry will be able to lower prices for its services and reach a greater range of clients by being more affordable.

As we saw in the previous article, telemetry plays a super important role for any company, especially for the insurance company that, due to its rudimentary nature, has not been able to advance to offer different products and services to its customers. Its most outstanding benefits are:

1.Cost of insurance according to its use: by means of a telemetry device that was installed in cars, the general behavior of the driver can be analyzed and from this, collect information about their braking, speed, distances traveled, among many other things.

Based on the above, the insurance company will receive the data collected and can evaluate it to determine the cost of the insurance premium. For example:

A customer who drives a long distance at a high speed will be charged a higher rate, unlike a person who drives short distances at a lower speed.

2. Strengthens and encourages road liability: this will make customers aware of the way they drive their cars, since the cost of their insurance will depend on this. It is known that people who have opted for this modality have managed to reduce the cost of their insurance by up to 25%.

The general use of telemetry in insurance is located in the vehicle branch to offer completely personalized services such as the well-known «Insurance per km».

3. Reduction in claims: Based on various studies of telemetry within the insurance industry, we can find that not only does it reduce contracting and operational costs but also, thanks to behavioral assessment, it is possible to reduce costs by 57%. road accidents, transforming this technology into a strategic ally for insurance.

In the same sense, telemetry may warn in advance about some mechanical failures that put vehicles and workers at risk, avoid criminal acts and have the possibility to report the facts immediately to the authorities.

Insurers from their origins have worked to support difficult times such as claims, once they occur. However, with the emergence of technologies such as telemetry, they can be more competitive and efficient thanks to the fact that they can anticipate unfortunate events that may occur due to excess humidity, short circuits, theft, and even increased vehicle speed.

It is a system that allows real-time monitoring of various values ​​and variables, being able to collect all the metrics and characteristics of an asset exactly, which are sent to the system operator.

Generally, its use allows the optimization of the processes and actions on which the correct operation of a business depends, collaborating with asset management and improving all security systems.

Its general uses

It is used in large systems such as chemical plants, electricity supply networks, gas supply networks, among other companies that provide public services, as it facilitates automatic monitoring, the recording of measurements, the sending of alerts or alarms to the control center, in order for the operation to be efficient and safe.

Can telemetry be used in the insurance industry?

It is used especially in the vehicular branches, since this allows multiple benefits such as:

• The monitoring of each of the insured cars in real time and automatically.
• It allows insurers to analyze the behavior of their drivers, providing warnings and the creation of warning systems for unsafe behavior behind the wheel.

We explain better with an example:

Let’s imagine a company that can create a system capable of sending alerts directly to the dashboard of your vehicle, notifying about the quality of fuel, engine oil and also if there are changes in the climate of the usual route or in the behavior of the car.

In the same sense, the monthly price of a vehicle insurance can be valued, just by monitoring the insured’s driving style or even establishing a fixed value based on the metrics that the system shows according to the way in which they drive.

This technology can also be used in the home insurances, allowing it to even detect theft, locate objects, detect suspicious movements, control weights and much more.

In the same sense, we can mention that it allows monitoring liquid levels, fluid parameters such as temperature, pressure, flow rates, even detecting dangerous gases (Something that can help prevent fires, for example). It has even been said that telemetry can prevent when natural disasters can occur. The foregoing translates into a springboard of opportunities worldwide for the insurance industry, as this would lead to enormous growth, competitiveness and within reach of a greater range of policyholders.