Insurance CEOs are more concerned about the pace of technological change than leaders in any other industry, according to a global survey by PricewaterhouseCoopers (PwC).
It finds that more than eight in ten insurers are worried about shortages of digital skills, with less than a fifth currently able to easily attract innovative staff.
Although this was found to be a challenge in all sectors, the insurance industry is most concerned, and continues to be one of the most disrupted in the global economy.
"Insurance has typically been a sector slow to innovate, but there is no time to lose - getting up to speed demands a clear strategy," UK PwC insurance leader, Jim Bichard, said.
"CEOs know that if they are not transforming and harnessing the positive power of technology, they risk being left behind."
Approximately 85% of insurance CEOs said they were concerned about technological change, although the biggest worry was over-regulation, cited by 95% of respondents.
Some 93% are worried about cyber attacks, making it the second-biggest perceived risk, although 40% of business leaders across all sectors are now "extremely concerned" about cyber threats, compared with 24% in 2017.
It was also found that 66% of insurance CEOs are under increasing pressure to deliver businesses results under shorter timelines, while 78% believe changes to consumer behaviour threaten growth.
Despite these challenges, more than 90% are confident about their organisation's revenue prospects over the next three years, with digitalisation of the global economy thought to present opportunities for insurers.
It was also found that nearly half are planning a new strategic alliance or joint venture to drive profitability and growth over the next 12 months.
"As companies across the world change the way they do business, they will be looking to the insurance industry for help in guarding against new risks and fuelling their own growth," Bichard continued.
"This is a huge opportunity for insurers to provide innovative new products and help protect society from the new risks associated with flexible workforces, connected homes and cyber threats."