Global insurers lack achievable digital transition plans: report

Singapore

GLOBAL insurers' lack of a concrete and realistic digital transformation plan has left a gap for upstart disruptive companies to fill with alternative products and solutions that aim to address customers' frustrations with traditional insurance offerings, said a Bain & Company report.

And while insurers are aware that they have to embrace technology as consumers' needs shift, almost half of those surveyed said they do not have an achievable plan. The Bain survey - Global Digital Insurance Benchmarking Report 2015: Pathways to Success in a Digital World - had sought the views of 70 life and property & casualty (P&C) insurers worldwide.