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GLOBAL insurers are aware that they have to embrace technology as consumers' needs shift but many say they lack a realistic digital transformation plan, says a Bain & Company survey.
The Global Digital Insurance Benchmarking Report 2015: Pathways to Success in a Digital World had sought the views of 70 life and property and casualty (P&C) insurers worldwide.
The report suggests that there is a lack of confidence among insurance executives in their ability to execute the digital transition.
Almost half of the companies surveyed say they do not believe they have an achievable plan.
Three in five say they are missing some key elements for the journey, such as a clear vision or compliance and risk processes.
The report says this inaction "has created a vacuum that upstart disruptive companies are rushing to fill with alternative products and solutions that aim to address customers' frustrations with traditional insurance offerings".