EY Nexus for Insurance utilizes many established and emerging technologies, all sitting on Microsoft Azure – but the key to its adaptability is that it does not limit EY teams or clients to specific technology providers. Battling regulatory pressures such as IFRS 17 while reskilling talent and enabling digital transformation is proving to be a tricky balancing act for European insurers that are struggling for growth. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. It's time for insurers to move beyond "thinking about digital" and start "thinking digital" and "acting digital." in particular Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Source: S&P. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. EY Asia-Pacific Insurance Leader Our 2020 Global Insurance Outlook, along with the detailed regional Outlooks, highlights this unique moment for the industry: never before has such great potential been side-by-side with significant risks. Economic Environment “Global growth continues to slow. Without bold action now, they risk seeing more of the same in 2019 and beyond. The report finds that key actions for European insurers (both non-life and life) in 2020 include: managing persistent regulatory pressures, digitizing sales and distribution and achieving cost efficiency. While growth will inevitably slow down, considerable opportunities remain, especially in those areas where the region’s insurers are aggressively experimenting and innovating. Considering the emergence of new risks, insurers should focus on risk prevention in addition to risk management. Will COVID-19 turbo-charge M&A and transformation? In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. 2 2020/21: Low for (even) longer <2% US growth, US 10y yield. our latest Overall insurance (life and non-life) in Europe, CAGR (gross written premium in US$). Navigating and creating opportunities from these changes is a key challenge we can … Growth of life insurance gross premiums, China, 2012-2017. Insurance. EY 2020 South Korea Insurance Outlook: strong growth but looming challenges Published on February 9, 2020 February 9, 2020 • 13 Likes • 0 Comments There is much more detail in the reports, but three “big ideas” point the way forward for insurers: The entire EY insurance team is energized by the possibilities that exist for insurance – better ways of working, a clearer sense of purpose, more effective use of emerging technologies and ecosystems as well as our industry’s unique ability to promote financial wellness, provide protection and enable insurance customers to better manage risks. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe (Americas, Asia-Pacific and Europe) and a formal survey of EY insurance professionals and external analysts – reveals what life and non-life global insurers plan to prioritize in the year ahead to remain competitive in this new paradigm. Life insurers must expand their value propositions and product sets to address all aspects of financial wellness. Improved pricing in motor and health in North America has been largely offset by weak economic growth in Latin America. Insurers who are able to innovate boldly, evolve their talent base and enhance customer experience, while remaining focused on operational efficiencies to reduce costs will be best positioned for future growth.”. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe (Americas, Asia-Pacific and Europe) and a formal survey of EY insurance professionals and external analysts – reveals what life and non-life global insurers plan to prioritize in the year ahead to remain competitive in this new paradigm.
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