• Financial Services Briefing - Issue 1, 2014

    We highlight insights from our Asset Management, Banking & Capital Markets and Insurance network on the key themes of the market - operational effectiveness, growth, capital, risk and regulation.

  • European Solvency II survey 2014

    With the Solvency II deadline approaching, European insurers are working toward compliance. See which countries are making solid progress.

  • 2014 Global insurance outlook

    As the global insurance industry emerges from a period of economic uncertainty, what lies ahead in 2014? We explore in our latest Global insurance outlook.

  • Building a sustainable financial services industry

    Our latest sustainability report looks at how we have helped create positive change for our clients, people and communities.

  • Operational excellence for insurers

    The emerging consumer presents a growing opportunity for insurers. Our report explores how operational excellence can help convert that opportunity into profitability.

  • The shifting landscape in rapid-growth markets

    A rebalancing is taking place across the insurance industry in rapid-growth markets. Our report highlights future growth opportunities in specific countries around the globe.

  • 2014 Asia-Pacific insurance outlook

    Changes in the insurance industry will present new challenges and opportunities in the Asia-Pacific region. We explore how insurers can achieve profitable growth in 2014.

  • Financial Services Briefing - Issue 3, 2013

    We highlight insights from our Asset Management, Banking & Capital Markets and Insurance network on the key themes of the market - operational effectiveness, growth, capital, risk and regulation.

  • The growth of hedge fund-backed reinsurers

    For managers, the new structure helps boost assets under management and permanent capital. Fund investors also benefit with higher returns, liquidity and tax advantages.

Financial Services

Global insurance: vast potential

The global insurance market is remarkably strong, despite continued fallout from the financial crisis. Low interest rates coupled with relatively poor investment returns have impeded growth, but demand for insurance products and services remains high.

We keep you prepared by providing insights into the nuances of your market, as well as global trends putting pressure on the industry.

Stay nimble amid risk and regulation

Waves of global legislation continue to pressure management and absorb precious resources. Combined with the need to innovate in a highly competitive environment, this is causing some insurers to withdraw from long-standing core markets and product lines.

However, insurers are adapting by leveraging technology and developing operating models that are compliant with Solvency II. New business architectures will enable insurers to release better products more quickly and cheaply.

Gain market insight

The balance of power is shifting toward the customer, and distribution models are rapidly evolving. Emerging markets in Latin America, Asia, Africa and Eastern Europe are future battlegrounds that offer big prizes – but only if insurers can get it right.

Success will be achieved with patience, long-term investment and genuine understanding of local dynamics.


  • Are you ready for Solvency II?

    At the recent Trilogue meeting, the European Commission proposed a deferral of the implementation date of Solvency II to January 1, 2015, but the proposal did not reach consensus.

    Are you ready?

  • Actuarial and risk management strategies

    Never has it been more critical for insurance companies to identify and assess new options for value creation whilst continuing to manage the downside risks and complying with the requirements of new regulations such as Solvency II and IFRS. Insurance companies aspire to be well prepared and ready for the regulatory, economic and commercial uncertainties. We help companies identify sources of value creation and prepare them for these requirements and uncertainties.

    We have over 950 actuarial and insurance risk professionals across the globe, and by partnering with other services across EY, we aim to provide truly integrated services across all disciplines in the Insurance and Financial Services industries. Through our deep knowledge of the global insurance industry, local regulatory expertise and our understanding of the industry, we have built a strong reputation as a leading insurance industry advisor.

    We work with financial institutions (insurance companies, banks, pension funds, private equity firms, sovereign funds) as well as with local regulators to provide advisory services. Insurance companies worldwide are undergoing radical changes and there are some key questions to consider in the journey to value generation.

    • Risk and capital

      Insurance companies are increasingly changing their focus from static to dynamic optimisation of their risk portfolio as capital becomes a scarce resource and competition from other financial institutions increases. Dynamic optimisation involves continuous decision making on accepting, transferring, mitigating or rejecting risks and companies require credible, timely and fit for purpose insights to implement these decisions. We help companies optimise their risk portfolio under the current as well as expected new regulations such as Solvency II.

    • Customer and growth

      The insurance industry will be affected by a number of factors including environmental/political changes, socio-economic factors, product innovation and competition with other financial sectors, technological advancements and changing customer behaviour. We help companies understand these changes and help them prepare for these by providing practical experience and global insights and surveys. We also help companies understand which customers really create value and help with strategies to focus on value generating customer activities.

    • Financial reporting

      The insurance industry globally is undergoing a wave of new regulations and reporting requirements. It is important for companies to understand the implications of new reporting requirements, both on reported figures and on the wider business environment including companies’ business strategic and operational management. We help companies in understanding and preparing for an efficient external and internal reporting framework by providing actuarial services as part of integrated multi-disciplinary solutions.

    • Actuarial transformation and offshoring

      Insurance companies are increasing their focus on making actuarial and risk processes efficient and realising cost benefits. Companies are considering integrated finance, actuarial and risk reporting processes, use of shared service centres for achieving standardisation in quality of output, and off-shoring of certain actuarial skill sets to achieve cost-effectiveness. We help companies in simplifying their actuarial infrastructure and realising cost efficiency by streamlining or off-shoring/outsourcing their actuarial and finance reporting processes.

    • Modelling

      Actuarial and risk models are increasingly becoming important to the business operations and the focus on the output from these models is growing. Whilst the requirements for a fast close of actuarial reporting is a concern for companies, regulatory focus, and the requirement to put a robust control environment around models is increasing as well. We help companies make their actuarial and risk models efficient and fit for purpose.

    • Audit and Assurance

      Our actuaries work within our audit teams to assess the appropriateness and accuracy of the most critical elements of insurance company financial statements, including the actuarial reserves and other key estimates calculated using specialized actuarial techniques. Actuarial audit activities reduce the risk of critical errors in financial statements and the risk of inaccurate assessment of the financial risks to which the enterprise is exposed. Our actuaries provide insight to company management and Board of Directors on items of strategic importance. They also provide focused advisory assistance on matters observed through the audit process. Actuaries working in audit and assurance also perform audit-like services for non-audit clients, including reserve reviews, regulatory examinations and assistance in the adoption of new financial reporting standards.

    • Asset management

      Asset management is interlinked with capital optimisation, product optimisation and financial modelling. With continuing product innovation and competition from other financial sectors, optimal asset management strategies are key to achieving competitive advantage. We help companies in their asset liability management, derivative pricing and performance management.

    • Merger and acquisitions

      As companies revisit and optimise their portfolio, they will look to acquire and consolidate more attractive businesses, and dispose of the businesses where they cannot compete in. With depressed valuations in many insurance markets and the changing business strategy of large multinationals, the mergers and acquisitions market is poised to become more active. We provide integrated services with our Transaction Advisory team to help companies in valuations and post merger integration.



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  • Be prepared for IFRS/accounting changes

    We are increasingly living in a global economy — with trade and inbound and outbound investment a fact of life. It's no wonder capital markets have long advocated for globally recognized accounting standards.

    Until recently, that common accounting language has been a missing link. Now, policymakers, lawmakers and regulators are working alongside standard-setters to provide a single set of high-quality, global accounting principles.

    Benefit from our timely insights as your prepare for this transition.
     

  • Customer agenda

    The buying behaviors, attitudes and preferences of insurance customers worldwide are changing. To understand this transformation, insurers need to determine how they must adapt to attract, deepen and preserve customer relationships.

     

     

  • Governance facing the industry today

    We, along with Tapestry Network, established the Insurance Governance Leadership Network (IGLN), a global network centered around non-executive directors from a select group of the largest insurers from Europe, North America and Asia. The IGLN provides a peer-to-peer platform for participants to discuss critical issues facing the industry globally.

    Its primary focus is the non-executive director, but it also engages senior management (notably chief risk officers) and regulators, all of whom are committed to outstanding governance and supervision in support of the mission to build strong, enduring and trustworthy insurance institutions.

    Tapestry Briefings – A View from the Boardroom:

     

     

     

     

     

     

     

     

  • Operations and technology: implementing efficiencies

    In recent years, a new generation of technologies has created a renewed appetite amongst insurers for using IT to manage claims more effectively.

    Yet there are still a large number of challenges to be overcome in delivering the anticipated business benefits. Are you achieving the improved claims performance you need from your IT investments?

    According to our latest research, insurers could get much greater value by changing their approach.

    Our survey "Delivering results through claims technologies" explores the challenges and opportunities of investing in claims technologies in France, Germany, Italy, Spain and the UK.
     

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  • The emergence of emerging markets

    The global economy is at a turning point. Fast-growth economies in Asia, the Middle East, Africa, Latin America and Eastern Europe now form almost half of global GDP and, in 2010, they contributed 70% to overall global growth.

    These trends are accelerating. By 2050, fast-growth economies are projected to account for 65% of the global economy. In contrast, most developed markets are still struggling to recover after the global recession. For many businesses, their very survival depends on pursuing a growth agenda. This might include expanding into new markets and sectors, finding new ways to innovate or taking new approaches to talent. But there’s one key question that must be answered: how can your insurance business make the most of the many opportunities that exist?
     

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Discover our insurance industry perspective

Discover our insurance industry perspective
Across the Asia-Pacific region, insurers are facing pressures to improve their cost management disciplines and finance change initiatives. Find out how we help insurance companies:

Consultancy of the Year 2012

Consultancy of the Year 2012
Asia Risk named EY as Consultancy of the Year 2012 in recognition of our excellence in financial services advisory across Asia-Pacific.