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EY Biotech Report 

The Global Biotech Report — “Beyond Borders” 2022 covers key developments in 2021. One common theme stands out: Switzerland punches well above its weight when it comes to biotech innovation. 

Global Biotech - Powered by Innovation

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You provide the challenge — we’ll provide the solution. We help you navigate the complex waters of technical transformation with sophisticated solutions designed, developed and delivered by seasoned EY experts. Whatever digital quandaries you face, we’ll find an approach tailored to your needs. 

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EY Sustainability Report 2021 

With our EY Switzerland Sustainability Report 2021 we provide insights on the impact we have on our people, clients, society and the environment.

EY Sustainability Report 2021

Work Reimagined

EY believes in a future world of work that empowers your people, organization and customers to create long-term value. Leveraging technology, talent and our global reach, EY helps you design sustainable new people strategies that work for you. 

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Sustainability

EY is committed to making business work for sustainability and sustainability work for business. We can help you create new value from the innovation opportunity of our lifetime.

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Case Study
The better the question. The better the answer. The better the world works.
Case Study

How an established insurance company became digital-first

UK insurer Hastings Direct wanted to rewrite the conventions of its category by offering seamless end-to-end digital customer experiences.

Case Study
The better the question. The better the answer. The better the world works.
Case Study

How does technology make insurance more human?

Hastings Direct wanted to offer its customers a familiar but more intuitive digital experience.

Over the last 10 years, the global insurance market has been shifting to include more digital offerings. Consumers have become highly selective and price sensitive.

Once a consumer has taken out a policy online, they often find their insurance provider offers a limited and outdated experience – for example, making consumers call them to make claims, renew or cancel their policies, sitting on hold in the call center queue. It’s a far cry from the customer-friendly, intuitive digital experience that attracted them.

Hastings Direct is a UK insurer that, recognizing this potential drop-off in customer service for their business, developed the strategic ambition to become the best and biggest digital UK insurance provider. That doesn’t just mean numbers of customers or total revenues, it means enabling customers to perform more transactions digitally with the best experience possible.

Hastings Direct had a longstanding relationship with the EY organization as their trusted advisor, having already implemented and enhanced the core Guidewire InsuranceSuite, including the migration of their products to their new insurance platform.

Together, they worked on a path to achieve Hastings Direct’s ambition.

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Case Study
The better the question. The better the answer. The better the world works.
Case Study

Thinking and experiencing digital

Hastings Direct formed a multi-year strategic change collaboration with the EY organization to drive a mobile-first digital transformation.

After working with the EY organization since 2014 building the internal technology foundation, Hastings Direct was confident to move forward with EY teams to drive a mobile-first digital transformation.

Working to a new definition of “best and biggest,” Hastings Direct and EY teams had to think beyond traditional metrics. This meant putting the consumer first, for example, enabling self-service and making the sales journey easier and more straight-forward.

EY teams worked with Hastings Direct’s in-house digital hub, which designed new journeys aligned to their customers’ needs. To make these a reality, Hastings Direct needed the underlying technology to transform too. Hastings Direct completed a migration to the cloud, further invested in data enrichment and management information throughout the organization and launched a core platform upgrade to further enable digital customer journeys.

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It takes the whole organization to embed a customer-first, mobile-first transformation like this – so it was essential to equip all employees with the modern workplace tools necessary for Hastings Direct to become a truly digital insurance provider from the inside out. EY teams advised and collaborated on this process and helped establish internal governance to improve overall efficiency and delivery quality.

Strategically, Hastings Direct wanted to use its innovative new technology to get a holistic picture of customers and offer them the best price possible – this included embedding automation in testing to iterate improvements in the journeys.

On a tactical level, Hastings Direct and EY teams addressed the user experience through simplified question sets (which still maintained information gathering integrity to assess the insured risk), a clearer tone of voice, a consistent look and feel to the familiar price comparison sites, and easy toggling between standard and enhanced cover options.

“Hastings Direct and EY teams have developed an effective collaboration based on trust and doing the right thing. By working so closely, we have been able to react quickly to evolving needs for technology skill sets, and we are able to bring capabilities from all over the globe despite working remotely through the pandemic," says, Joel Pegram, Principal, Financial Services Technology Consulting, Ernst & Young LLP.

Throughout, the EY organization mobilized a diverse and global team, spanning more than 10 countries and encompassing strong technical capabilities to bring Hastings Direct the very best of EY teams.

We have been able to react quickly to evolving needs for technology skill sets, and we are able to bring capabilities from all over the globe despite working remotely through the pandemic.
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Case Study
The better the question. The better the answer. The better the world works.
Case Study

Transformation that benefits everyone

The holistic change across Hastings Direct’s digital operations significantly transformed the customer experience.

At the heart of this transformation was the idea of making transactions frictionless for customers. And the results certainly reflect that.

Hastings Direct had more than 3.1m active policies in 2021. Positive customer opinion also reflects the value of the multi-year transformation journey, with more customers able to complete their visit successfully and purchase or upgrade a policy online. In January 2022, Hastings Direct became the highest-ranked insurance provider within the finance category in the App Store. And digital adoption continues to increase with 350,000 unique mobile app users per month since December 2021.

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Delivery of these improvements comes from the inside out, and the changes also helped Hastings Direct internal development teams deliver an efficiency gain of more than 40%. Now, and for the future, EY teams are working hand-in-hand with Hastings Direct’s IT organization. The team is digitizing the next level of servicing journeys – for example, providing comprehensive FAQs and help text, and offering the ability to message via chat queries. This will give consumers even greater confidence to execute their transactions digitally – all underpinned by new contact center technology.

Looking to the future, Hastings Direct is embedding forward-looking, rich use of data to develop more tailored, relevant and adaptable products for customers.

“Together, Hastings Direct and the EY organization continue to deliver beyond Hastings Direct’s stated expectations enabled by technology. It’s a relationship that helps us go from strength to strength with digital at the heart of our customer proposition,” says Mark Parker, Chief Operating Officer, Hastings Direct.

EY teams provided deep technical experience to Hastings Direct, architecting high-performing recommendations to complex business problems, and remained agile to their changing needs so they can continually better serve their customers.

As a result, Hastings Direct has chosen to extend the relationship and keep the EY organization as their trusted advisor. Together EY teams and Hastings Direct will work to build a better working world, for every customer.

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Featured media releases

The most valuable companies in the world – Switzerland continues to be one of the key players, while the tech sector loses ground

Zurich, July 4, 2022 – The recent turbulence on international financial markets have destroyed trillions in the current year: The market capitalization of the 100 most valuable companies in the world – i.e., the value of the shares in those companies traded on stock markets – fell 17 percent or USD 6.1 trillion over the course of the first half of 2022. The group of the 300 most valuable companies saw a drop of as much as 20 percent. Technology companies were especially hard hit, with their market capitalization collapsing by 28 percent.

4 Jul 2022

Slump on the global market for market flotations – IPO pipeline remains well filled

Zurich, 30 June 2022 – Faced with geopolitical tensions, rising interest rates and a high level of volatility on stock markets around the world, the recovery on the global IPO market has yet to emerge: Despite the difficult capital market environment in the second quarter of 2022, 305 companies ventured onto the stock market – 54 percent fewer than in the second quarter of the record year 2021. The issue volume fell by as much as 65 percent to USD 40,6 billion.

30 Jun 2022

Boardrooms across Europe's financial services sector are making progress but fall short of investor expectations in sustainability, tech and diversity – Switzerland is no exception

Zurich, 27 June 2022 – Many of the boards of Europe’s largest financial services firms are underweight when it comes to the skills, experience, and level of diversity that investors say are important to them, according to the first EY European Financial Services Boardroom Moni-tor. Released today, the research finds that while European financial services boards have strong credentials in politics, finance, accounting, legal and compliance, they do not yet have the gender diversity, sustainability or technology expertise that investors say they look for when deciding if a company is an attractive investment.

27 Jun 2022

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