EY Canada to launch centre of excellence for insurance

Toronto-based Ersnt & Young LLP (Canada) announced on Wednesday that it will launch a bilingual “centre of excellence” for insurance and actuarial services in Toronto and Quebec City that will offer consultancy services and industry insight.

“The insurance sector is evolving every day, and we’re responding by innovating the support we provide,” says Paul Battista, financial services leader, EY Canada, in a statement. “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.”

Growth in the insurance sector is expected to remain weak in the near-term, according to EY’s 2019 insurance outlook. This will demand “greater focus on technology and innovative initiatives to optimize costs and drive wider distribution, market reach and niche market opportunities,” EY Canada says in a statement.

In addition to helping clients with business transformation, the centre will also provide assistance as clients navigate digital transformation and shifts in regulation, EY Canada says.

“Margin pressures are straining the growth potential of many insurers in Canada,” says Janice Deganis, insurance leader, EY Canada, in a statement. “Digital transformation is no longer optional, but absolutely necessary to optimize costs and reinvest in future-focused areas of the business that generate results.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.