While macroeconomic, social and regulatory trends continue to challenge insurers, disruptive technologies – including IoT, blockchain AI and automation – and evolving customer needs are profoundly changing the industry.
On top of it all, the impacts resulting from the COVID-19 pandemic have completely altered the status quo for the sector, with impact across assets, liabilities and new business generation. Market volatility, credit risks, subdued rates and limited live customer interactions are forcing insurers to revise pricing, underwriting, distribution and asset allocation strategies.
All these trends are sharply accelerating digitization, creating sudden cost reduction pressures, heightening regulatory and compliance pressures and, ultimately, creating unforeseen operational challenges. Insurers will require rapid adjustment — first to endure current issues and then to be ready to tap into new opportunities once markets rebound.
Across service lines, EY’s globally connected practice offers a broad range of services to provide the guidance insurance leaders need to confidently and successfully run their businesses. Traditional services from audit, tax and accounting practices, help clients meet regulatory, compliance, tax and reporting requirements. While the consulting and strategy and transaction advisory teams help business leaders innovate, grow and transform their business, preparing it for the future.
No matter what the need, EY’s team of specialists possess deep industry knowledge and work together across geographies, service lines and disciplines to deliver tailored solutions and insights that drive results, accelerate growth and deliver sustainable outcomes.
For more information and insurance insights, visit www.ey.com/en_ca/insurance.
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- Neil Pengelly Partner | Canadian Insurance Consulting Leader | Technology Consulting firstname.lastname@example.org
- Jennifer Baziuk Partner | Principal EY Canada Insurance Business Consulting Leader