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. 

• Solvency II contacts

Are you ready?

Related content

Corporate agility for insurers

Learn the steps insurers can take to improve strategic risk management.

Solvency II readiness: progress and challenges

Our survey of the European insurance industry reports slow but steady movement toward compliance. See which countries are best prepared – and which are falling behind.

Watch the Solvency II survey webcast replay

.

Risk-based capital and governance in Latin America

Argentina, Brazil, Chile and Mexico have individual views on risk-based capital and the implications for insurers as they drive towards compliance.

Actuarial and risk management strategies

As the insurance market undergoes radical change, insurance companies face a difficult balancing act. They must identify and assess new options for value creation while continuing to manage risks and meet emerging regulatory requirements such as Solvency II and IFRS.

With 950 actuarial and insurance risk professionals around the world--and partnerships with related practices across Ernst & Young--we provide truly integrated services across all disciplines in the insurance industry.

Our deep global knowledge comes from our work with insurance companies, banks, pension funds, private equity firms, sovereign funds and local regulators.

• Risk and capital

  As capital becomes scarce and competition from other financial institutions increases, insurers are evolving from static to dynamic optimization of risk portfolios. We help companies optimize their risk portfolios under current rules as well as expected new regulations such as Solvency II.

• Customers and growth

  The insurance industry faces many challenges: political changes, economics, product innovation, technology advances, competition from other financial sectors and changing customer behavior. We prepare you for these changes by providing practical insights on consumer buying patterns. We also help you understand which customers truly create value so you can build strategies to enhance these high-value relationships.

• Financial reporting

  The global insurance industry is facing a wave of new regulations and reporting requirements. It is crucial for companies to understand the micro and macro effects of new reporting requirements—the importance of reported figures and the wider implications for strategy and operations. We help companies understand and prepare efficient external and internal reporting frameworks by providing actuarial services that are part of integrated multi-disciplinary solutions.

• Actuarial transformation and offshoring

  To improve cost-effectiveness, insurance companies have a broad range of options: integrated finance solutions, actuarial and risk reporting processes, selective offshoring and shared service centers for improving standardization and output quality. We help companies simplify their actuarial infrastructure and achieve cost efficiency by streamlining or offshoring/outsourcing their actuarial and finance reporting processes. 

• Modeling

  Actuarial and risk models are becoming increasingly crucial to business operations. Although a fast close of actuarial reporting remains important, regulatory focus and requirements to put a robust control environment around models are also increasing. We help companies make their actuarial and risk models efficient and fit for purpose.

• Audit and asurance

  With long experience as auditors and more broadly on assurance engagements, our multi-disciplinary actuarial teams give comfort to Boards on key strategic items including managing supplementary financial information and meeting regulatory requirements.

• Asset management

  Asset management is closely linked with capital optimization, product optimization and financial modeling. Facing innovation and competition from other financial sectors, insurers must develop optimal asset management strategies. We help companies with asset liability management, derivative pricing and performance management.

• Mergers and acquisitions

  As companies revisit and optimize their portfolios, they look to acquire and consolidate more attractive businesses, and dispose of businesses in markets where they cannot compete. With depressed valuations in many insurance markets and the shifting strategies of multinationals, the mergers and acquisitions market is poised to become more active. Our experienced Transaction Advisory team provides integrated services to help companies with valuations and post-merger integration.

Related content

• Financial Services: Bringing the broader perspective

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.
 

Related content

IASB/FASB models for non-life insurers (18 Jan)

Register for the webcast and stay up-to-date on the IASB/FASB project on insurance contracts. Related webcasts cover the issue for life insurers and non-life insurers.

IASB/FASB models for life insurers (23 Jan)

Register for the webcast and stay up-to-date on the IASB/FASB project on insurance contracts. Related webcasts cover the issue for life insurers and non-life insurers.

IFRS insights: data, systems and processes

We explore the latest considerations for insurers around IFRS 4 Phase II, Solvency II and Pillar 3.

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.

• Global Consumer Insurance Survey 2012
• Voice of the customer: time for insurers to rethink their relationship (webcast replay)

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:

• Insurers face challenges implementing Solvency II
• Global insurance leaders find common ground amid economic and regulatory uncertainty
• Insurance industry facing real challenges: 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.

Related content

• Learn more about our Insurance claims advisory services

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?
 

Related content

• Risk-based capital in Latin America
• Growing Beyond
• Capturing the momentum: Ernst & Young's 2012 Attractiveness Survey - Brazil
• Rapid-Growth Markets Forecast: Summer 2012
• Ernst & Young's Emerging Markets Center