NEW YORK, Jan. 24, 2013 /PRNewswire/ -- Ernst & Young announced today that Kennedy Consulting Research & Advisory has named the Ernst & Young network leading providers of insurance consulting services globally, with the highest growth rate of the 20 largest insurance sector consulting service providers and a 7% market share (based on calendar year 2011 revenues), as part of Kennedy's "Consulting to the Insurance Sector 2012."
"This report documents that Ernst & Young's global insurance network is well established to address clients' complex issues by drawing on a broad range of services and global professionals for their market, as well as offering international and technical perspectives," said David Hollander, Global Insurance Advisory Leader for the Ernst & Young organization. "In response to changing regulatory requirements, uncertain financial markets and a persistent low interest rate environment, our clients around the world are relentless in their pursuit of profitable growth and efficiency improvement. Virtually all of them are taking steps to improve key aspects of their operations through significant business transformation initiatives."
Hollander also noted that sales and distribution consulting, with its focus on customer-centric strategies, may also be poised for an increase. "Our focus on 'customer' initiatives has gone a long way toward rethinking our relationships and changing the perception of how we add value to the customer experience," he said.
In addition to being ranked number one overall, Ernst & Young firms are the only insurance consulting provider to receive Kennedy's highest capability rating of "very strong" in all of the following insurance consulting capabilities: financial advisory, underwriting, actuary and risk, regulatory compliance, and firm-focused risk advisory services.
The report highlights a number of Ernst & Young member firm strengths, including:
- "Finance and actuarial transformation – supports customers by delivering new risk and regulatory change, and aggregate corporate data by customer and by channel."
- "Back office operations – experienced industry consultants have provided the ability to drive regulatory, risk, profitability and efficiency concerns into targeted lines of business."
- Risk – key areas of focus are enterprise risk, IT risk and operational risk, which Kennedy stated were, "all bolstered by Ernst & Young's emphasis on risk offerings."
Tomek Jankowski, Senior Analyst, lead for Financial Services Consulting at Kennedy, said that Ernst & Young has rapidly expanded the business by creating excellent geographic balance through a global business model. The Ernst & Young value proposition emphasizes business and customer experience, and builds on core insurance operations, finance, risk and regulatory skills to deliver broad business transformation initiatives. Ernst & Young has strong emphasis on operations, and financial improvements, along with a growing IT emphasis to help its clients achieve overall profitability and efficiency."
About Ernst & Young's Global Insurance Center
Insurers must increasingly address more complex and converging regulatory issues that challenge their risk management approaches, operations and financial reporting practices. Ernst & Young's Global Insurance Center brings together a worldwide team of professionals to help you achieve your potential — a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately it enables us to help you meet your goals and compete more effectively. It's how Ernst & Young makes a difference.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.
*Source: Kennedy Consulting Research & Advisory "Consulting to the Insurance Sector" ©Kennedy Information, LLC Reproduced under license.
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