EY Canada has announced a Centre of Excellence for Insurance and Actuarial Services, based in Toronto and Quebec City. EY says the centre will offer Canadian insurers access to cutting-edge services that meet the most pressing needs of their business today and in the future.
Paul Battista, EY Canada financial services leader, said in a statement that insurers are undergoing changes every day and EY is responding by bringing in the innovative support.
“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."
EY to help slumping insurance sector
Growth in the insurance sector is expected to remain weak in the near term, according to the EY Insurance Outlook 2019, demanding greater focus on technology and innovative initiatives to optimize costs and drive wider distribution, market reach and niche market opportunities.
The Centre will also help clients comply with regulatory changes like IFRS 17 and navigate digital transformation. EY 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 – delivered by an integrated national team of specialized professionals.
The Centre will also provide bilingual talent from across Canada for its clients.