Digital transformation

In Insurance

We collaborate with insurers on technology transformation programs and the deployment of digital tools. From concept to implementation, we work with you to develop strategies that optimize performance, drive efficiency and enhance quality.

What EY can do for you

Fueled by FinTech investments and InsurTech startups, insurance has become a hotbed of digital innovation. In response, insurers must embrace change and rethink business models to move towards a compliant, secure and digitally-enabled operating model to enhance customer, employee, partner and other stakeholder experiences. New digital tools and capabilities help streamline new product development, digital experiences and the transformation of key functions — from marketing, distribution, underwriting and claims to finance and accounting.

Those who fully embrace digital transformation can achieve significant competitive advantages by meeting tomorrow’s customer needs — driving operational agility to respond to changing marketplace expectations. To succeed, insurers must understand what’s possible and take decisive action to deliver value now and ignite long-term growth.

We collaborate with insurers on both large-scale transformation programs and targeted deployments of digital tools and capabilities. Our specific offerings include:

  • Core consulting and digital strategy formulation focused on transitioning legacy businesses into lean, secure and economically scalable organizations. We bring together advanced analytics, digital transformation, cloud, cyber security, accelerators that create value and drive business growth.

  • Insurance-specific offerings in the areas of customer engagement and experience, business transformation, protecting the enterprise and finance and risk management — all infused with digital technologies including process automation, blockchain, advanced analytics and more.

  • Prototype ideation and development within provisioned development environments integrating our platform thinking, experience-led design and use-case accelerators to rapidly launch experiences and applications.

  • A managed services platform that reduces product development time to market and increases efficiency through automated business processes, pre-configured products and integrations with core systems in the cloud, InsurTechs and data providers.

Eight components of digital transformation

EY’s insurance team helps insurers develop the critical skills and capabilities they need to deliver improved performance today and sustainable innovation tomorrow.

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