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Many global insurers admit lack of realistic digital transformation plan: report

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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.

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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".

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