Many insurance companies feel inadequately prepared to face certain trends that will impact the industry in the coming years, including the rise of social media and "big data," according to a new survey by Towers Watson, a global professional services company.

Respondents around the world who participated in the Insurance Megatrends Survey believe trends related to capital management, regulatory constraints, and economic volatility are of greatest concern for the next several years, and a majority of respondents feel their companies are well prepared to address these challenges.

However, respondents feel they are less equipped to manage some important emerging trends—notably the impact of social media (29 percent), the role of advanced technology such as "big data" (32 percent), and workforce challenges around talent attraction and retention (33 percent).

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