The future may be hard to predict,but need not be hard to prepare for. Insurers are grappling with thetough new business,investment and regulatory environments that are emerging from the financial crisis.The industry,however,also faces far broader challenges. Demographic shifts,the rise in power of theemerging markets and changing customer behavior will all help shape the sector's longer-term future. Digital technology is a global megatrend which is transforming a variety of industries that includes the insurance sector. Insurance sector has been a bit slow to IT adoption due to rapid changes in technology and because their distribution channels are still conservative,i.e.,handled by agents and brokers and were in fact not ready to adopt new technology. However,digital technologies adoption by customers that include social media,smart phones,electronic transactions,etc.,enabled by cloud service models,e-commerce and mobility are making an impact on the technical and