Insurance

Insurance

The insurance sector is facing the immense challenge of transforming and digitising a historically traditional business. New players and new business models, driven mainly by insurtechs, have emerged, taking advantage of the opportunities offered by digital channels and disruptive technologies.

At Babel we help insurance companies innovate in the design and creation of their products, launching new businesses, automating and improving their operating processes, reducing claims through intensive and smart data use, fraud management and control, and a better understanding of their customers and their needs.

+20 insurers

rely on BABEL

14 of the top 20

insurance groups rely on us

+150 professionals

working in the sector

We drive innovation and digital transformation in our clients

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.

Value proposition in Insurance

Implementation of ERP for integrated insurance management (AMAINE)

We have our own multi-branch solution for the complete management of the insurance business. This solution covers the entire life cycle of an insurance policy, from simulation and contracting to portfolio management and its claims. It has its own product and warranty configurator, rules engine, and document manager.
We run the full implementation project, including product configurations, functional adaptations, coexisting policies and migrations if necessary.
We also guarantee the ongoing support of our team, as well as the constant technological and functional updating of our solution. At BABEL, we are committed to investing in AMAINE with the main goal of making it the preferred solution for companies to manage their insurance business.

Experts in digital channels and integration with insurance distribution networks

We accompany our clients on their digital journey, collaborating in the defining of the strategy, the design and creation of content, the improvement of the user experience, and the implementation of a complete onboarding and digital contracting process.
We are experts in the management of sales and brokerage networks and in the integration of the different insurance distribution channels (brokers, secure banking, brokerage firms, underwriting agencies, etc.).

Implementation of ERP for integrated insurance management (AMAINE)

We have our own multi-branch solution for the complete management of the insurance business. This solution covers the entire life cycle of an insurance policy, from simulation and contracting to portfolio management and its claims. It has its own product and warranty configurator, rules engine, and document manager.
We run the full implementation project, including product configurations, functional adaptations, coexisting policies and migrations if necessary.
We also guarantee the ongoing support of our team, as well as the constant technological and functional updating of our solution. At BABEL, we are committed to investing in AMAINE with the main goal of making it the preferred solution for companies to manage their insurance business.

We are committed to industry connectivity and industry standards

We are experts in the development and implementation of integration architectures and solutions that facilitate connectivity between the different players in the insurance ecosystem.
A leading technological part of Tirea, with which we actively collaborate in the development and implementation of industry standards (EIAC, SENDA, etc.).

Experts in business architecture design and process improvement and optimisation

We develop solutions based on Process Automation, enabling our clients to improve the efficiency, effectiveness and quality of their business.
This technology, which implements a process engine, allows for the modelling and design of processes and their integration into the rest of the organisation’s IT assets, as well as the automation and optimisation of tasks, and their monitoring, measurement and continuous improvement.
Process management provides a clear and detailed cross-sectional view of what, how, who, when and why each task is performed in a company’s different business processes, streamlining the flow of its implementation and achieving key transparency in reducing costs and improving the quality perceived by its customers.
The use by an organisation of a corporate task inbox provides users with a unique working interface, avoiding the use of multiple tools to perform every-day work with the increased efficiency involved.

Intensive use and intelligent exploitation of data for improved fraud management and reduction of claim rates

We have a team of experts in data governance and quality, specialists in the design and implementation of BI and big data architectures, and in the analysis and use of information.
Partnerships with the main solutions and big data environments (Azure, AWS, Google Cloud, Cloudera).
From our Initiatives Laboratory, we invest in the creation and development of new use cases that help meet the needs of the insurance market.

Babel

Worldwide

Chile

Santiago de Chile

Colombia

Bogotá

Costa Rica

Heredia, San Pablo

Spain

Barcelona
Madrid
Málaga
Oviedo
Sevilla

Guatemala

Ciudad de Guatemala

Morocco

Casablanca

México

México City

Panamá

Panamá City

Portugal

Ilha Terceira (Azores)
Lisboa
Proença-a-Nova

Dominican
Republic

Santo Domingo