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?

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    Risk-based capital and governance in Latin America

    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

    Never has it been more critical for companies to understand and stay in tune with the changing climate of their business. Companies want to achieve competitive advantage and adapt quickly to the evolving business environment. Yet, there is a growing gap between the volume and complexity of risks that companies face today and the techniques available to manage them. We can help fill those gaps by providing services that can enhance your company's decision-making.

    We combine global insight and local reach to assist financial services and insurance clients in developing and validating strategies to make sound decisions. The outcome of this collaboration is important to the success of your enterprise.

    Our areas of focus include the following services:

    • Actuarial transformation
    • Actuarial review
    • Actuarial operations
    • Changes to financial reporting methods
    • Performance improvement

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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.

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    Insurance business impact accelerator tool

    Use our insurance business impact accelerator tool

    Have you developed a roadmap for implementing IFRS Phase II? Use our insurance business impact accelerator tool to help evaluate and overcome your key challenges.

    Limited improvements to IFRS 9 for insurers

    Limited improvements to IFRS 9 for insurers

    Now that the IASB has confirmed its intention to consider making limited improvements to the IFRS 9 classification and measurement model, they are working with the FASB to align more closely. What is the impact on your accounting models and when should you being adopting them?

    Implementing IFRS 4 Phase II with IFRS 9 and Solvency II

    Implementing IFRS 4 Phase II with IFRS 9 and Solvency II

    The size and complexity of the multi-year implementation of IFRS 4 and IFRS 9 is expected to impact companies fundamentally. Given the potential synergies and differences, the time to address these issues is now. See our implementation and project management considerations from an IFRS 4 Phase II and IFRS 9 perspective.

    IFRS 10 Consolidated Financial Statements

    IFRS 10 Consolidated Financial Statements

    In May 2011, the International Accounting Standards Board (the IASB) issued IFRS 10 Consolidated Financial Statements, which becomes effective for annual periods beginning on or after 1 January 2013. IFRS 10 must be applied retrospectively.

    IFRS / accounting change publication archive

    IFRS / accounting change publication archive

    Tap into our archive of thought leadership reports and gain insight into the evolution of IFRS / accounting change and its impact on the industry.

  • 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.

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    Global consumer insurance survey 2012

    Global consumer insurance survey 2012

    To help insurers determine how they must adapt to attract, deepen and preserve customer relationships, we surveyed 24,000 insurance consumers across 7 regions.

  • 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:


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    Insurance leaders meet in London: June 2012

    From the Boardroom: Insurance leaders meet in London

    We, along with Tapestry Networks, welcomed industry leaders to the European Insurance Governance Leadership Network (IGLN) meeting in London where executives discussed today’s changing regulations.

  • 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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Contact us

EY - Sumit Narayanan Sumit Narayanan
Asean Insurance Leader
Contact  | +65 6309 6452

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Financial Services Briefing – Issue 2, 2016

EY - Financial Services Briefing – Issue 2, 2016

We bring you the latest in EY’s insights and thought leadership for ASEAN financial services.