Ernst & Young Tops List of Kennedy's Largest Global Insurance Consulting
NEW YORK, Jan. 24, 2013
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,"
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,
o"Finance and actuarial transformation – supports customers by delivering
new risk and regulatory change, and aggregate corporate data by customer
and by channel."
o"Back office operations – experienced industry consultants have provided
the ability to drive regulatory, risk, profitability and efficiency
concerns into targeted lines of business."
oRisk – 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
For more information, please visit www.ey.com
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.
SOURCE Ernst & Young
Contact: John La Place, Ernst & Young LLP, +1-201-872-1951,
John.LaPlace@ey.com; Danielle Lundquist, Peppercomm, +1-212-931-6157,
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