Major regulatory change, ongoing economic uncertainty, technology-driven turbulence and increasing consumer expectations are challenges that offer the key to profitability for insurers who make the right strategic, investment and operational changes. We can help you make informed decisions in this transformative age.
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Our work is grounded in an extensive understanding of the financial dynamics of businesses. We develop services to address the most common issues companies similar to yours ask us to solve.
Our extensive global knowledge comes from our work with insurance companies, banks, pension funds, private equity firms, sovereign funds and local regulators. We stay out in front of the challenges the industry faces – so you can, too.
We provide truly integrated services across all disciplines in the insurance industry. These include:
Read More Read LessRobotic process automation (RPA) is a powerful tool to enhance service, quality and efficiency. As a market leader in this field, EY is assisting clients in Finance, Risk & Actuarial teams as they consider the potential for this new technology, as well as using the software to improve EY’s own internal processes.
Read More Read LessInsurers are looking to consolidate their actuarial systems as they integrate risk and finance reporting in a cost-efficient way. They are making significant investments to build their actuarial system and process landscape for the future. These investments include improving standardization and automation, and using selective offshoring and shared services centers. We can help companies simplify their actuarial infrastructure and achieve cost efficiency by identifying ways to streamline or offshore/outsource their actuarial and finance reporting processes and then implementing it.
Read More Read LessOur actuaries provide technical support for the audit of actuarial items recorded on the financial statements of insurance companies. With the extensive experience in financial reporting gained in their audit work, the Audit and Assurance actuaries are able to provide assistance to non-audit clients as well in the technical and procedural aspects of financial reporting, including the adoption of new standards, the implementation of new systems, and the review of the accuracy and effectiveness of existing actuarial calculations and processes.
Read More Read LessWe develop and validate quantitative risk measurement methodologies for banks and commodity industries covering credit, market and operational risk. We also value complex derivative instruments and structured debt for a wide range of corporate clients.
Read More Read LessWhether driven by regulators, investors, rating agencies or internal stakeholders, the capital requirements of insurers are numerous and complex. Firms are subject to a number of capital measures, driven by rating agencies and analysts, as well as local and international regulators. We help our clients understand and manage the numerous metrics, as well as working with them to help them form their own views on their capital needs. Increasingly insurers are expected to run complex in-house models to calculate their capital requirements. We work with our clients to help them build, test and maintain these models as well as supporting them with the communication of the results. Working alongside our clients, we help them manage their stakeholders, from interpreting and complying with regulatory requirements to providing board-level comfort on the quality of any in-house models.
Read More Read LessAs companies face the uncertain impact from the escalating incidence of cyberattacks, they look to more effectively measure and manage the financial risks resulting from a potential breach. With the emergence of standardized breach data, and increasingly more sophisticated risk measurement and management techniques, cyber risk issues are becoming preeminent to corporations and insurance underwriters. Our experienced Cyber Risk team provides integrated services to help companies with underwriting and risk financing strategies.
Read More Read LessFadata is a fast-growing insurance IT vendor. We work closely with insurers and Fadata to assist insurers in deploying the Fadata system. Actuarial resources are supporting the product configuration and development of the key insurance and actuarial processes of reserving, pricing and underwriting.
Read More Read LessSignificant financial reporting change is on the way in the form of International Financial Reporting Standard IFRS17, IFRS 9 and Financial Accounting Standards No. 60 (FAS 60). It is crucial for companies to understand the micro and macro effects of new reporting requirements, the importance of reported figures, the wider implications for strategy, operations and how to communicate new management targets to shareholders. We help companies understand and prepare efficient external and internal reporting frameworks by providing actuarial services that are part of integrated multidisciplinary approaches.
Read More Read LessThe provision for outstanding claims liabilities is the most significant item in most general insurance companies’ balance sheets, and movements in the provision from year to year can often form a significant part of the insurer’s profit. Additionally, the outstanding claims liability estimate is an integral part of the pricing process, especially for long tail classes, and can be an important component of an insurer’s regulatory and economic capital calculations. Whether we are providing the primary estimate of the outstanding claims estimate or reviewing the estimate as part of an external peer review engagement or audit, EY applies leading practice processes and methodologies consistently around the world to provide our clients with more accurate and more reliable estimates of their outstanding claims liabilities.
Read More Read LessAgainst the backdrop of rising costs, aging populations, stressed infrastructure, constrained resources and shifting regulations, health insurers must develop new offerings and find new ways to operate.
Across diverse national health care markets, there are unprecedented risks, but also great opportunity — thanks to breakthrough advances in technology and more sophisticated use of data and analytics. We are working with strategists and practitioners from across our practices — including life sciences, public sector health care, insurance, consumer products, engineering and advanced technology — to re-imagine health care.
Read More Read LessIn the current low-yield and volatile market environment, insurers and pension plans are seeking to optimize risk-adjusted return through more innovative investment, and wealth and asset managers are partnering ever closer with their investors to add value. EY’s Global Investment Consulting team specializes in working with each of these sectors to drive more value from their investment portfolio by bringing together resources with finance, actuarial, accounting, tax, quantitative, valuation and corporate finance backgrounds.
Read More Read LessFor many life assurance companies, a key risk is “longevity risk” where for their annuity products the risk is of individuals living longer than expected. We share knowledge of current trends and market practice to help practitioners assessing longevity risk for audit or assurance purposes or to help in many aspects of longevity risk transfer solutions for consulting clients.
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