Global insurers have failed to take action and embrace the digital world, according to "Insurance in a digital world: The time is now," a survey from Ernst & Young. According to the survey, almost 70 percent of respondents spent less than 10 percent of their business and IT development budgets on digital initiatives.

"They would like to become digitally inclined, but they haven't been able to align the development dollars yet," said Kaenan Hertz, executive director of the financial services office for Ernst & Young. "Less than 10 percent of the IT budget is going to digital initiatives. That leads to a big disconnect between aspiration and their ability to deliver on that aspiration."

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