An effective digital strategy is critical for insurers’ long-term success, according to law firm DLA Piper.

Its new white paper highlights the need to innovate to stay ahead of established competitors and “ambitious and nimble digital start-ups”.

The paper – called Digital Transformation in the Insurance Sector – outlines key challenges facing insurers, from redesigning the customer “journey” to rethinking traditional models.

“It is certainly not a time to be staid or complacent,” the report says.

“It is a game-changing time for the industry, and those organisations that can harness and leverage the digital transformation and disruption we are seeing in the sector, while still navigating the legal, regulatory and commercial risks, will be the ones that best capitalise on the digital revolution taking place.”

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