The sector has faced a new scenario of transformation over recent years. This is mainly driven by the need to adapt to a more demanding new generation of consumers in online environments. It is also due to the constant technological evolution and digital innovation that is leading to increased process automation and product and service innovation. Due to the increasingly intensive use of data. Due to the emergence of new distribution and customer relations channels. And finally, due to a new generation of digital start-ups that is breaking into the insurance sector, transforming the way products are distributed, risks are calculated, or claims are managed.

Likewise, the relationships established between insurance companies and their customers (the customer journey) have gradually evolved over recent years. Traditional relationship models based on immediate action in the event of any incident or contingency have evolved towards a more preventive and continuous support approach throughout the life of the client.

The omnichannel experience, the personalisation of the commercial offering, and the linking of insurance to moments of truth of the customer are al concepts that have gradually spread over recent years. As part of this digitisation taking place in the sector, Babel visualises a series of opportunities that will continue to be consolidated over the coming years.

• Offerings that are increasingly hyper-customised and hyper-segmented. Based on a better understanding of the customer and their digital experience, offering products and services adapted to each person’s individual circumstances.
• Innovation in the creation of digital products. Agreements for the integration of insurance products into new digital business models (collaborative platforms, e-commerce, marketplaces), as well as the creation of On/Off insurance with automatic activation of guarantees and covers.
• Improvements in distribution and underwriting processes, simplifying information capture flows with access to external data sources that expedite contracting and automatic risk assessment.
• Greater integration with the different insurance distribution platforms (aggregators, comparators, brokers, etc.).
• Increase in automation and robotisation of back office operations, mainly in the issuing and benefits areas.
• Appearance of new players in the digital ecosystem (insurtech) with which to foster collaboration and promote the formalisation of commercial agreements.

In short, we are at a fundamental time in the sector’s transformation and digitisation process. This is a time when, along with the consolidation of digital channels, we are faced with disruptive technologies (Cloud, big data, AI/machine learning, blockchain) that are beginning to reach sufficient levels of maturity to be able take advantage of them and make greater use of them in our daily lives.