Insurers not ready for social media: Survey

NEW DELHI: One in three insurance companies across the globe feels they are inadequately prepared to face emerging trends like impact of social media, role of advanced technology and challenges around talent attrition and retention, says a survey.

According to a survey by Towers Watson, a global professional services company, 29% of insurance companies are less equipped to manage the impact of social media, while 32% of respondents believe they are inadequately prepared to handle the role of advanced technology.

Meanwhile, 33% of insurance companies think they are ill-prepared to handle workforce challenges around talent attraction and retention.

However, respondents said that trends related to markets are of the greatest concern for the next several years.