Toronto and Québec City to offer cutting edge support to insurers across Canada
- Weak sector growth fuels need for efficiency gains through technology and innovation
- Centre to guide insurers on regulatory change and digital transformation
- Top bilingual talent from across Canada accessible through Centre of Excellence
TORONTO, Jan. 16, 2019 /CNW/ - EY Canada is proud to announce a new EY Centre of Excellence for Insurance and Actuarial Services. The Centre – based in Toronto and Québec City – will offer insurers across the country access to cutting-edge services that meet the most pressing needs of their business today and in the future.
"The insurance sector is evolving every day – and we're responding by innovating the support we provide," says Paul Battista, EY Canada Financial Services Leader. "Insurers face immense pressure to modernize their businesses while, at the same time, manage increasingly complex actuarial and accounting standards. The Centre will work with these companies to identify better ways of working, drive a clearer sense of purpose and adopt more effective use of technology."
The EY Insurance Outlook 2019 reveals that insurance sector growth is expected to remain weak in the near-term, demanding greater focus on technology and innovative initiatives to optimize costs and drive wider distribution, market reach and niche market opportunities.
"Margin pressures are straining the growth potential of many insurers in Canada," says Janice Deganis, EY Canada Insurance Leader. "Digital transformation is no longer optional, but absolutely necessary to optimize costs and reinvest in future-focused areas of the business that generate results."
In addition to supporting its clients in their business transformation, the Centre will also help them comply with regulatory changes like IFRS 17 and navigate digital transformation. Services will span integrated test and validation management service for IFRS 17, as well as access to on-demand services for various actuarial, accounting and tax needs – all delivered by an integrated national team of specialized professionals.
Deganis adds: "People are our greatest assets, and we're leveraging – and recruiting – bilingual talent from across the country with backgrounds in strategy and business transformation, accounting standards, actuarial science and information to better service the insurance sector."
EY is notably accredited for the integration of SAS and Moody's IFRS 17 software packages with a large pool of resources already trained and experienced in implementing these services.
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SOURCE EY (Ernst & Young)