NEW YORK, Dec. 9, 2013 /PRNewswire/ -- EY announced today that Kennedy Consulting Research & Advisory has named EY as a leading provider of insurance consulting services globally for the second consecutive year. EY ranks number one of the 20 largest insurance sector consulting service providers in calendar year 2012 revenues in Kennedy's "Consulting to the Insurance Sector: Channel Optimization and the Customer Experience".
"This report highlights the strength of EY's global insurance network and the breadth of its industry consulting capabilities," said David Hollander, a principal with Ernst & Young LLP and EY Global Insurance Advisory leader. "In operating as one global practice, we rely on the firm's business relationship skills and strong collaborative abilities to solve our client's most pressing, transformational issues.
"With rapid changes in market dynamics, regulation and consumer behavior, our clients are pursuing operational improvements and business transformation initiatives to drive sustainable and profitable growth. Our customer-centric approach integrates channel strategies to harness the power of data analytics and digital for a competitive advantage," added Hollander.
EY was recognized for the strength of its capabilities in channel distribution strategy, sales and marketing, customer service, claims processing, telematics, and actuarial/core practices. In addition, EY was rated strong among consulting providers in strategy, operational management, risk, regulatory compliance and HR, financial and IT consulting.
The report focuses on the strengths of EY member firms, including:
Providing one-stop shopping of end-to-end services for insurance clients, ranging from regulatory compliance to risk process improvement and digital strategy.
Permeating service offerings with customer awareness to an unusual degree for a Big Four firm.
Incorporating technical service offerings to align with broader customer strategy.
Expanding customer-related technology capabilities through global acquisitions.
Tomek Jankowski, Senior Analyst and lead for Financial Services Consulting at Kennedy, said that, "EY is rated very strong or strong (the highest ratings) across all insurance industry consulting capabilities. It has also been investing heavily in its insurance practice adding significant numbers of senior industry experts. In addition, it has invested in key current and future capabilities by acquiring in the analytics space and by incorporating the customer experience as a central theme across the entire insurance value chain. A strength often reported by EY's clients is the firm's collaborative abilities – working with a client organization to drive change internally and promote buy-in at all levels. This is critical in helping a client with the larger customer-centric strategy."
About EY'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. EY's Global Insurance Center brings together a worldwide team of professionals to help you achieve your potential – a team with deep technical expertise 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 EY makes a difference.
About EY EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 175,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and out wider communities achieve their potential.
EY 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.