Improve business results by first improving your vendor selection
|
|
- Marshall Cole
- 5 years ago
- Views:
Transcription
1 Improve business results by first improving your vendor selection
2
3 Executive summary Don t let your legacy be your legacy systems. For years, life insurance companies have been unable to leverage many of the latest technology revolutions due to the limitations of their legacy systems. The capabilities offered in the marketplace right now are inadequate. Both traditional and new vendors are providing products that are insufficient to solve current business problems and meet the needs of the dynamic consumer market. Why? They were all architected to push products and not to focus on the customer. Tech-savvy Millennials will very soon become the dominant generation. They grew up in a world of customization, demanding technology and easy processes. Traditional products and sales methods have not worked with this group, which carries smartphones and is attached to the internet at all times. Communicating with Millennials is not easy, but it is essential to make them feel that they are connected. Each generation has its own preferences in terms of insurance platforms, and those must be accounted for to answer their questions and drive transformation. As insurers reach out to Millennials, they cannot ignore the needs of baby boomers and an aging population that is living longer and adopting healthier lifestyles in their retirement years. In spite of the diversity of their customer base, insurers must take advantage of transformative technologies (innovative business models, digital channels, data and analytical capabilities) to remain competitive. Some companies have already started; more of these innovations are expected in the future. Competition from many sources will continue, and new entrants into the marketplace will be unburdened by legacy constraints. The traditional approach to system selection and implementation has produced poor results, as the methodology has largely not changed since the client-server era. How can insurers expect transformative results with antiquated methods of evaluating partners and potential platform solutions? This paper outlines five steps to choosing transformative technologies (innovative business models, digital channels, data and analytics) that will help life insurance and annuity companies evolve and compete: 1. Leave your comfort zone 2. Recognize that progress has been slow 3. Learn from the history and thrive 4. Measure and manage risks but take some! 5. Take on a new selection process Improve business results by first improving your vendor selection 1
4 1 Leave your comfort zone 2 Improve business results by first improving your vendor selection
5 Leave your comfort zone The industry is on the precipice of a spike in activity around core systems in life insurance and annuities. For the last years there has been very little activity in the marketplace. As a result, vendors and consultancies have become complacent. Vendors found it more cost effective to warm over or modernize their platforms with a services veneer as opposed to truly re-architecting and innovating a solution forward. While there has been inactivity in selecting platforms, there has been frequent transactional activity for consulting firms in evaluating the stale marketplace that exists and providing a point of view that has not really changed in 20 years. The usual suspects solutions are selected because the way we evaluate solutions has not evolved. New vendor entrants into the marketplace do not believe in industry boundaries. You know your business, and they know their solution. Single-source solutions are becoming groups of solution providers who can integrate well to give you only or all of what you need. Life insurers and annuity providers will need to prepare to work with others for growth. Improve business results by first improving your vendor selection 3
6 2 Recognize that progress has been slow 4 Improve business results by first improving your vendor selection
7 Recognize that progress has been slow From the 1950s through the 1980s, insurers were primarily executing manual client acquisitions, underwriting, product development and service. With few exceptions, they were largely solving the problems themselves or buying from only a few chosen vendors. These functionally limited, monolithic solutions were early attempts to automate portions of the value chain. From the 1980s into the late 1990s, vendors began to develop much more functionally robust platforms that automated processes. However, they failed to orchestrate them cohesively, leaving numerous hand-offs and manual work. From the mid-1990s to 2012, vendors and providers worked to incrementally improve their integration to close these handoff issues and develop more new products. In the past, this had been done through business process management systems. Nowhere was the technology moving in a new direction. Process and functionality was the main lever for selection because organizations were focused on process enablement and process automation. Improve business results by first improving your vendor selection 5
8 3 Learn from the history and thrive 6 Improve business results by first improving your vendor selection
9 Learn from the history and thrive Now, as companies move into the digital age, the need for greater operability and exposure of underlying data has become the forefront of what is needed to take them to the next level. However, some companies are using the antiquated mode to analyze these platforms and therefore selecting them as high value and high scoring, when in fact they fail to meet the needs of the digital age. Inoperability is more important than ever, yet there is still a lack of focus on underlying technology and data models, and too much focus on functionality. It is incumbent on technology executives, carriers and their strategic advisors to re-evaluate the process and core questions that are being asked in the vendor market. Only then will the inadequacies of the current vendor landscape be revealed and a new breed of technology emerge to support the next generation of insurance transactions. Findings from the EY Global Consumer Insurance Survey reveal that as consumers embrace digital, insurers must rethink their distribution strategies and partner relationships. More than 80% of consumers expressed a willingness to use remote and digital interactive contact channels for many tasks and transactions. This represents a seismic shift in the distribution landscape. The time has come for insurers to retake control of the consumer relationship by adopting digital channels and collaborating with those distribution partners that share their commitment to delivering value to consumers. Improve business results by first improving your vendor selection 7
10 4 Measure and manage risks but take some! 8 Improve business results by first improving your vendor selection
11 Measure and manage risks but take some! Software allegiances with particular vendors have led to subjective software selection methods. Consultants, as well, are selling an approach that simply paves the way to entrenched relationships, under the guise of objectivity. For true objective assessment, it is important to solicit information and perspective from broad industry vendor analyses (Gartner, Celent, Novarica) that provide independent evaluation and unbiased views. Life insurers have tried to replace their legacy systems, spending significant amounts with little return on their investment. In short, they have failed miserably over the years. Studies by industry analysts show failure rates of 40% to 70%, depending on the project. This was due to poor implementation, missed deadlines, inadequate budgets or simply an inability to deliver a better solution. The cultural shift in insurance has moved the focus from product provider to customer solution provider. As a result, insurers must reorient their systems and definition of what they expect from vendors. Only when they do this, and the evaluation of these vendors comparatively suffers, will there be a call to action to change the solution currently being offered in the market. These are generational decisions that have been used far longer than ever originally intended. Some date back to the 1950s. EY Global Consumer Insurance Survey findings reveal there is an opportunity for insurers to become true risk mitigation partners. This will require delivering more than just policies: they must develop integrated multichannel capabilities, offer digital self-serve functionality to targeted customers and engage strategic distribution alliances to co-develop customer relationship strategies. Improve business results by first improving your vendor selection 9
12 5 Take on a new selection process 10 Improve business results by first improving your vendor selection
13 Take on a new selection process The truth is that if life insurers have achieved anything productive from a vendor landscape perspective over the past 20 years, it has been functional richness. Platforms more than adequately solve the processing issues. Now, insurers need to evaluate and re-emphasize the functional risks, focusing on only that which would be differentiating among their peer group. Niche offerings, boutique products and services will support increased assessment on technical and nonfunctional requirements and the associated underlying data model: Focus less on the ability of platforms to handle process automation or certain products. These are now table stakes. Focus on interoperability. EY has established a set of questions and evaluation techniques designed to identify platform interoperability. Focus on scalability and processing power. Can the platform successfully scale in the cloud? Can it successfully enable new paradigms like multi-tenancy? The market demands an evaluation methodology that matches these new requirements! Rewarding customers for healthy living A major US life insurer recently entered an exclusive partnership with a global leader offering wellness benefits with life insurance products. The new innovative insurance solution provides financial protection to policyholders and encourages them to take steps to improve their health. In addition to potential savings on annual insurance premiums, policyholders can accumulate points for simple activities such as exercising, annual health screenings and even getting a flu shot. These points translate into discounts and rewards from leading retailers for travel, entertainment and shopping. The program is a win-win for the insurance company and vendor. Policyholders benefit by receiving personalized health goals and automated tools that are integrated with personal health technology. The savings and rewards afford a greater incentive for them to live longer and healthier lives. Signs of innovation in the industry John Hancock s new life product includes an exclusive partnership with Vitality to integrate life insurance with a comprehensive healthy living program for US consumers. New products like this will require carriers to better integrate with third parties. They offer potential for savings on annual premiums, as well as discounts and rewards for policyholders. Current platforms make this too difficult. Carriers continue to select systems today that will impede these operating models, because while the platform is new to them it is old news technologically. Improve business results by first improving your vendor selection 11
14 12 Improve business results by first improving your vendor selection
15 How EY can help EY offers a different approach and can help with solutions that lead to transformative results. As life insurance and annuity providers review their vendor selection process, they should consider: Increasing risk appetite as a requirement for innovation Defining their target operating model with an emphasis on nonfunctional requirements Creating a technology transformation road map that re-evaluates legacy systems and processes to identify what is essential and what should be eliminated Evaluating legacy platforms in comparison to others the delta needs to be compelling Contact Matthew T. O Mara matthew.omara1@ey.com Improve business results by first improving your vendor selection 13
16 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the 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. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved. EYG no. EG0280 BMC Agency BACS ED None. 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. Please refer to your advisors for specific advice. ey.com
The agent of the future
The of the future Korea EY survey highlights need for customer-centric innovation and personalized sales support The of the future is emerging as a proactive advisor in a digital world. ii The of the future
More informationManaging operational tax risk through technology
Managing operational tax risk through technology EY Africa Tax Conference September 2014 Panel Daryl Blakeway Director Tax Performance Advisory Leader EY South Africa Anthony Davis Director Tax Performance
More informationAdapting to the omnichannel world. How life insurers can meet rising consumer expectations through an enhanced service experience
Adapting to the omnichannel world How life insurers can meet rising consumer expectations through an enhanced service experience Adapting to the omnichannel world 1 Executive summary Life insurance has
More information2014 EY US life insuranceannuity
2014 EY US life insuranceannuity outlook Market summary Evolving external forces and improved internal operating fundamentals confront the US life insurance-annuity market at the onset of 2014. Given the
More informationMeeting the challenges of the changing actuarial role. Actuarial Transformation in property-casualty insurers
Meeting the challenges of the changing actuarial role Actuarial Transformation in property-casualty insurers 1 As companies seek to drive profitable growth, both short term and long term, increasing the
More informationImplementing a gamification strategy. The importance of winning the game in insurance
Implementing a gamification strategy The importance of winning the game in insurance 1 Enhancing customer engagement through gamification This paper: Defines gamification for insurers what it is Explores
More informationFour key capabilities for the future of underwriting. Findings from the EY-CPCU Society underwriting survey
Four key capabilities for the future of underwriting Findings from the EY-CPCU Society underwriting survey Executive summary An expanding value proposition for underwriting As the insurance industry continues
More informationCredit risk management. Why it matters and how insurers can enhance their capabilities
Credit risk management Why it matters and how insurers can enhance their capabilities As enterprise risk management has moved up the strategic agenda for insurance executives in the years since the global
More informationAutomotive transactions and trends 1H16
Automotive transactions and trends 1H16 Global automotive mergers and acquisitions review Produced by Global Markets EY Knowledge Contents Executive summary 01 Analysis by deal sizes Cross-border deals
More informationGlobal banking outlook Transforming banking for the next generation
Global banking outlook Transforming banking for the next generation i Global banking outlook Leaner but larger? Transforming banking The next decade will bring both evolution and revolution for banks.
More informationDigital insurance: How to compete in the new digital economy
Digital insurance: How to compete in the new digital economy The traditional insurance company is set up to best serve a type of customer that, in the very near future, may no longer exist. Demographic
More informationClaims transformation. EY claims capability
Claims transformation EY claims capability Global insurance industry trends claims transformation According to the market point of view, claims transformation will be the focus of innovation and investment
More informationFROM 12 TO 21: OUR WAY FORWARD
FROM 12 TO 21: OUR WAY FORWARD MESSAGE FROM THE BOARD Weldon Cowan, chair of the board of directors The board of directors shares the corporation s excitement about the next phase of the From 12 to 21
More informationRobots join the team. Automation, transformation and the future of actuarial work for insurers
v2 Robots join the team Automation, transformation and the future of actuarial work for insurers istock watermarks on images will be removed once images are purchased. Images are $24 each for a total of
More informationReimagining customer relationships
Reimagining customer relationships Key findings from the EY Global Consumer Insurance Survey 2014 Japan 2 Executive summary Two years after EY s inaugural Global Consumer Insurance Survey, results from
More informationThe money in motion opportunity. Capturing the opportunities for increasing assets and enhancing relationships as investors move into retirement
The money in motion opportunity Capturing the opportunities for increasing assets and enhancing relationships as investors move into retirement Look for the other publications in this series: Goals-based
More informationOUR SOLUTIONS. We Design Solutions to Simplify Insurance
OUR SOLUTIONS We Design Solutions to Simplify Insurance www.insurity.com 866.476.2606 Simplifying the Insurance Experience Our scalable, highly secure and reliable cloud-based solutions provide cost-efficiency,
More informationAccenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry
Accenture Business Journal for India Digital Insurance: How new technologies are changing the rules of the game for a traditional industry The traditional business model for insurance, though still a reliable
More informationBuilding the Healthcare System of the Future O R A C L E W H I T E P A P E R F E B R U A R Y
Building the Healthcare System of the Future O R A C L E W H I T E P A P E R F E B R U A R Y 2 0 1 7 Introduction Healthcare in the United States is changing rapidly. An aging population has increased
More informationIncreasing Speed to Market in the Life Insurance Industry
Increasing Speed to Market in the Life Insurance Industry How an industrialized software platform helps insurers reduce time to market for new products Overview: Why competitiveness depends more than ever
More information2014 EY Canadian life insurance outlook
2014 EY Canadian life insurance outlook Encouraging signs, but will insurers seize opportunities? Market summary The 2014 Canadian life insurance market is expected to build upon the positive economic
More informationThe new revenue recognition standard - life sciences
Applying IFRS in Life Sciences The new revenue recognition standard - life sciences November 2014 Contents Overview... 2 Key considerations for life sciences entities... 2 Collaboration agreements... 2
More informationP&C insurance core transformation: Exploring the possibilities
www.pwc.com/us/insurance P&C insurance core transformation: Exploring the possibilities December 2017 2 PwC Top issues P&C insurance core transformation: Exploring the possibilities The insurance industry
More informationThe Digital Insurer. The Art of the Possible. 10/02/17 Avril Castagnetta, Senior Manager
The Digital Insurer The Art of the Possible 10/02/17 Avril Castagnetta, Senior Manager What if the insurance value chain Product Marketing and distribution Underwriting Policy admin Claim management Corporate
More informationPeppercomm Hedge fund managers embrace innovation amid industry challenges and increased competition
News release John La Place Paul Merchan EY Peppercomm +1 212 773 1705 +1 212 931 6172 john.laplace@ey.com pmerchan@peppercomm.com Hedge fund managers embrace innovation amid industry challenges and increased
More informationThe quest for profitable growth
Global banking outlook 2015: transforming banking for the next generation The quest for profitable growth We estimate that if the average global bank grew revenues by 17% from FY13 levels, it would be
More informationFuture Trends 2017: The Shift Gains Momentum
Future Trends 2017: The Shift Gains Momentum IASA Spring Meeting April 2017 1 People Market Trend: Pressure on insurance industry driving new expectations, innovations and competition Changing customer
More informationAutomotive transactions and trends
Automotive transactions and trends Global automotive mergers and acquisitions review CY2014 Enter Executive summary Automotive sector witnessed record deal activity in 2014, with continued growth in the
More informationOptimizing the actuarial modeling environment
Optimizing the actuarial modeling environment Actuarial IT architecture considerations around loose and tight coupling By Tim Pauza, William Cember and Sanjo Yogiaveedu Introduction Working with models
More informationInsurers Driving Agility and Cost Optimization With BPM-Enabled SOA
Insurers Driving Agility and Cost Optimization With BPM-Enabled SOA An SMA Whitepaper Author: Deb Smallwood, Founder Published Date: September 2009 Table of Contents About This Whitepaper This paper is
More informationAt the intersection of international tax and digital transformation. Framing 2017: a new digital tax discipline
At the intersection of international tax and digital transformation Framing 2017: a new digital tax discipline Framing 2017: a new digital tax discipline Tax risk reached new heights in 2016, particularly
More informationCredit Union Lending Strategies and Trends
Credit Union Lending Strategies and Trends Table of Contents Lending Strategies and Trends Executive Summary...3 Introduction...5 Section One: Remote Lending...8 Indirect Lending...8 Internet Lending...9
More informationRevolutionizing tax functions with state-of-the-art technologies. Mutual fund tax services
Revolutionizing tax functions with state-of-the-art technologies Mutual fund tax services Connectivity and rapid delivery through tax technology 1 With regulated investment companies (RICs) facing multiple
More informationOpportunities and challenges facing the US REIT industry
Opportunities and challenges facing the US REIT industry Nine years on from the beginning of the global financial crises, the opportunities and challenges facing the US real estate investment trust (REIT)
More informationCisco Insurance Whitepaper Fall 2016
White Paper Cisco Insurance Whitepaper Fall 2016 Technology Helps Insurers Unleash the Possibilities of Digitization It s no secret that InsureTech investment is on the rise. According to the Pulse of
More informationBetter-working insurance: moving blockchain from concept to reality
Better-working insurance: moving blockchain from concept to reality Imagine a different kind of insurance industry, one where all parties in the insurance value chain have the same risk data at the same
More informationReimagining customer relationships. Asia-Pacific
Reimagining customer relationships Asia-Pacific 2 Executive summary Two years after EY s inaugural Global Consumer Insurance Survey, results from the 2014 survey confirm that the insurance industry is
More informationDave Hollander. Ian Meadows. Global Insurance Advisory Lead, EY. Global Insurance Blockchain Leader, EY. Blockchain: Moving from concept to reality
Blockchain: Moving from concept to reality Dave Hollander Global Insurance Advisory Lead, EY Ian Meadows Global Insurance Blockchain Leader, EY Structural issues within the current specialty insurance
More informationThe new global tax environment. What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business
The new global tax environment What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business Changing business environment Macroeconomic megatrends, mobility of capital and growth
More informationRemote Advice in Life Insurance: A New Route to the Customer
Remote Advice in Life Insurance: A New Route to the Customer Financial Services Practice Remote Advice in Life Insurance: A New Route to the Customer 1 Introduction Faced with slow growth, an aging agent
More informationAustralia and New Zealand Insurers Go Beyond the Usual
IDC InfoBrief NOVEMBER 2017 T H E F U T U R E I S D I G I TA L Australia and New Zealand Insurers Go Beyond the Usual Empowered Customers Omnichannel User Experience Platformdriven Ecosystem Anytime, Anywhere
More informationFOCUS. The FINEOS Playbook. Our Culture and Strategy ORGANISATIONAL HEALTH
FOCUS ORGANISATIONAL HEALTH The FINEOS Playbook Our Culture and Strategy What do we do? We provide customer-centric core software to the Life, Accident and Health industry. What is our vision? A world
More informationThe value of a stand-alone rating engine
WHITE PAPER The value of a stand-alone rating engine As more carriers move from legacy policy administration systems (PAS) to newer technologies, critical choices must be made: Do they choose an all-in-one
More informationUK Government opens consultations on Making Tax Digital
16 August 2016 Global Tax Alert UK Government opens consultations on Making Tax Digital EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More informationTransforming the State and Local Government Payment Process
Transforming the State and Local Government Payment Process MARKET TRENDS REPORT Introduction Modern citizens routinely receive modern services from the private sector, and payment processing is no exception.
More informationUK issues position paper update on corporate tax and the digital economy
14 March 2018 Global Tax Alert UK issues position paper update on corporate tax and the digital economy EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationCompetition, compliance & cost continue to challenge the c-suite of Australian insurers
Competition, compliance & cost continue to challenge the c-suite of Australian insurers The Australian insurance market is reasonably well capitalised and profitable, but it remains highly dynamic. C-suites
More informationTax authorities are going digital. Stay ahead and comply with confidence
Tax authorities are going digital Stay ahead and comply with confidence Digital tax administration: why is this happening now? Around the world, budget deficits are driving a need for new revenue sources.
More informationUnleashing the Full Potential of the DU
Unleashing the Full Potential of the DU Validation Service Are you overlooking opportunities to better serve your borrowers and further grow your business? As a user of Fannie Mae s Desktop Underwriter
More informationBased on the audacious premise that a lot more can be done with a lot less.
A lot less of IT involvement, minimal processes, greater attention to high-value tasks, enhanced decision-making all resulting in better underwriting. Based on the audacious premise that a lot more can
More informationCase Study: Rapid Policy Administration Replacement at Philadelphia Insurance Companies July 2011
Case Study: Rapid Policy Administration Replacement at Philadelphia Insurance Companies July 2011 SUMMARY Philadelphia Insurance Companies completed a thorough search for a policy administration system
More informationRunning Your Business for Growth
Accenture Insurance Running Your Business for Growth Could Your Operating Model Be Standing in the Way? 1 95 percent of senior executives are not certain their companies have the right operating model
More informationEYGS UK tax strategy. Financial year ending 30 June 2017
EYGS UK tax strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EYGS LLP and all its
More informationGlobal Insurance CFO Survey 2014
Global Insurance CFO Survey 2014 Survey results September 2014 Introduction Conducted during the first half of 2014, this survey of senior executives across 35 global insurers (13 non-life, 9 life, 9 multi-line,
More informationRethinking the success of bancassurance. EY survey identifies trends and challenges of this unique business model as it applies in Brazil
Rethinking the success of bancassurance EY survey identifies trends and challenges of this unique business model as it applies in Brazil Contents 1 About the survey 2 Executive summary 4 Key theme 1 Bancassurance
More informationWhat path will you navigate to carve-out sale success? Road map part 2: Sign to close
What path will you navigate to carve-out sale success? Road map part 2: Sign to close Congratulations; the deal is signed. Now another phase of heavy lifting begins. How do you successfully close your
More informationDECEMBER INSURTECH STARTUP SPECIAL. insuranceciooutlook.com. Jason Keck, Co-Founder & CEO, Broker Buddha
DECEMBER - 2017 INSURTECH STARTUP SPECIAL insuranceciooutlook.com Jason Keck, Co-Founder & CEO, Broker Buddha Benji Markoff, Founder & CEO, Founder Shield $ 15 1 C O V E R S TO R Y Jason Keck Co-Founder
More informationTransaction Advisory Services. Managing capital and transactions for your private business
Transaction Advisory Services Managing capital and transactions for your private business Transaction Advisory Services in Canada 1 Staying ahead in an ever changing world Amid ever-changing variables,
More informationRisk-based capital and governance in Asia-Pacific: emerging regulations
Risk-based capital and governance in Asia-Pacific: emerging regulations 1 Changing regulations in a changing market Across the Asia-Pacific region, countries are reviewing their approach to regulation
More informationClaims Corporation Network
IIF- Insurance in a DIGITAL World Conference, 14 November 2017, Vienna, Austria Claims Corporation Network Claims Management in the Digital Age InsurTech: International practices in digital claims handling
More informationReporting climate change risk
Reporting climate change risk A step-by-step guide to implementing the Financial Stability Board Task Force Recommendations for disclosing climate change risk Contents The Financial Stability Board Task
More informationDriving integrated ÕfYf[aYd Yf\ kg[ayd j]lmjfk
Driving integrated An integrated measurement approach The global business landscape is undergoing a perceptible shift. regulation (on one hand) and social and environmental impacts (on the other hand)
More informationThe broker of the future Australia. EY survey highlights the impact of digital and the need for insurers and brokers to work together
The broker of the future Australia EY survey highlights the impact of digital and the need for insurers and brokers to work together Contents 1 Foreword 2 Executive summary 4 Key theme 1 Disruption is
More informationValue over volume The drivers of health care M&A in 2017
Value over volume The drivers of health care M&A in 2017 How to win in a thriving deal market Value over volume The drivers of health care M&A in 2017 Gregory Park Partner, US Health Transaction Advisory
More informationIndirect Tax Alert. World Customs Organization publishes guide to customs valuation and transfer pricing. Executive summary
1 July 2015 World Customs Organization publishes guide to customs valuation and transfer pricing Executive summary On 24 June 2015, the World Customs Organization (WCO) published the WCO Guide to Customs
More informationItalian Parliament approves 2017 budget law
16 December 2016 Global Tax Alert Italian Parliament approves 2017 budget law EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationIDAnalytics Comply360. Improving operational efficiencies and regulatory compliance in the customer onboarding process
Improving operational efficiencies and regulatory compliance in the customer onboarding process August, 2012 Introduction The regulatory landscape today It is no secret that financial organizations are
More informationIFRS 4 Phase II Operational impacts
IFRS 4 Phase II Operational impacts Contents 1 Executive summary... 1 2 Overview... 2 3 Major impacts... 4 4 Major operational gaps... 10 5 Implementation and next steps... 14 6 How EY can help... 16 7
More informationBlockchain: A true disruptor for the energy industry Use cases and strategic questions
Blockchain: A true disruptor for the energy industry Use cases and strategic questions Phoenix rising The oilfield services sector transforms again In its ongoing journey to power and move the world, the
More informationOverview of the Key Findings
Overview of the Key Findings Each year Capgemini, in co-ordination with Efma, publishes insights on the Insurance sector through its World Insurance Report Theme - Claims Transformation Theme- Multi- Distribution
More informationThe Socialisation of Finance April 2015 Introduction crowd funding, peer to peer lending, socialized payments and automated investing
The Socialisation of Finance April 2015. Introduction An insightful report published in March 2015 by the leading investment bank, Goldman Sachs provides some interesting perspectives on how finance is
More informationInsurance strategy: Evolving into a digital underwriter
Insurance strategy: Evolving into a digital underwriter New attributes needed to become a Digital Underwriting leader It is not the strongest of the species that survives, nor the most intelligent. It
More informationIPO destination guide. Find the right market strategy to maximize value for your IPO or secondary listing
IPO destination guide Find the right market strategy to maximize value for your IPO or secondary listing IPO destination guide You ve decided to go public and now you need to map out all the necessary
More informationOperationalizing global transfer pricing
2016 17 Transfer Pricing Survey Series Operationalizing global transfer pricing Key steps for translating strategy into practice This report is the fourth in a series about the global 2016-17 Transfer
More informationAudit Committee Bulletin
Issue 9 June 2015 Audit Committee Bulletin This bulletin reflects some of the issues that audit committee chairs of leading European companies are currently discussing with their advisors in EY. Foreword
More informationIs your growth strategy a big deal? Bolt-on deals outperform in latest EY life sciences research
Is your growth strategy a big deal? Bolt-on deals outperform in latest EY life sciences research Definitions Transformative: these acquisitions are large, affecting more than 50% of either company s market
More informationTOP TRENDS IN INSURANCE
TOP TRENDS IN INSURANCE TRENDS IN INSURANCE Trend 1: Servicing Digital Customers Trend 2: Technology Modernization Trend 3: Sharing Economy Trend 4: Disaggregation of the Value Chain TOP TRENDS IN INSURANCE
More informationIPO destination guide. Find the right market strategy to maximize value for your IPO or secondary listing
IPO destination guide Find the right market strategy to maximize value for your IPO or secondary listing IPO destination guide You've decided to go public and now you need to map out all the necessary
More informationClaims transformation. Riding the wave to sustainable results
Claims transformation Riding the wave to sustainable results Table of contents Executive summary Global industry trends: what this means for claims The case for transformation Diverse and tailored service
More informationInvestor Presentation
Investor Presentation September 2016 2016 Actua Corporation / All Rights Reserved / 1 Forward-Looking Statements The statements contained in this presentation that are not historical facts are forward-looking
More informationTechnology, governance and risk: can new thinking on three issues bring retirement security for millions?
Technology, governance and risk: can new thinking on three issues bring retirement security for millions? Global pension and retirement market outlook Contents 3 5 6 Executive summary Governance structures
More informationPeople First: The Primacy of People in the Age of Digital Insurance
Accenture Technology Vision for Insurance 2016 People First: The Primacy of People in the Age of Digital Insurance Executive Summary Winning insurers in the digital age will do much more than tick off
More informationCapital Confidence Barometer
May 2016 ey.com/ccb 14th edition highlights Capital Confidence Barometer Mexican companies maintain healthy pipelines and increase their focus on alliances to spur growth Key findings 36+64+M 50+50+M 36%
More informationGlobal mining and metals tax survey. From backroom to boardroom. The CFO perspective at a glance
Global mining and metals tax survey From backroom to boardroom The CFO perspective at a glance The CFO perspective at a glance We want to help you get to the insight you need as quickly as possible. This
More informationBuilding a better retirement income solution. Insights for financial services firms
Building a better retirement income solution Insights for financial services firms Look for the other publications in this series: Money in motion Goals-based planning Implementing goals-based planning
More informationBangladesh s risk landscape: analyzing the undercurrents
Bangladesh s risk landscape: analyzing the undercurrents Analyzing theundercurrents of Bangladesh s risk landscape Fraud Investigation & Dispute Services EY Fraud Investigation & Dispute Services 2 I Bangladesh
More informationperspective Insurance against Disruption Abstract Mohan Babu
perspective Insurance against Disruption Mohan Babu Associate Vice President and Head, Insurance Practice Group, Infosys Abstract New disruptive forces continue to emerge, changing the insurance landscape
More informationThe why and how of simplified customer communications
The why and how of simplified customer communications Insurers that adopt a holistic, customer-centric approach can realize a clear and compelling business case By Bernhard J Klein Wassink, Kaenan Hertz
More informationWhy Legal Entity Management Matters
Q1 2014 Why Legal Entity Management Matters Issue 1.0 Global businesses are coming under pressure to simplify their legal entity structures. Country-by-country reporting (CbC) update Please note that since
More informationLending systems - future perfect?
WHITE PAPER Lending systems - future perfect? Executive summary Tighter regulation under the mortgage market review (MMR) introduced in April 2014 has driven borrowers into the arms of brokers intermediaries
More informationAre you ready to go public?
Insights for 5executives Are you ready to go public? Make sure you have your internal controls house in order Of special interest to Chief audit executives Chief financial officers Jasmine, Chief Executive
More informationNAVIGATING THE BUDGETING SOLUTION LANDSCAPE Enhanced Capabilities Must Match Specific Needs
NAVIGATING THE BUDGETING SOLUTION LANDSCAPE Enhanced Capabilities Must Match Specific Needs ISG ISG WHITE PAPER 2013 Information Services Group, Inc. All Rights Reserved INTRODUCTION Government and education
More informationHow do you see the opportunity in your obstacles? Key findings from the 2019 Global Private Equity Survey
How do you see the opportunity in your obstacles? Key findings from the 2019 Global Private Equity Survey For the complete survey findings, go to ey.com/pesurvey. 01 Investor capital continues to pour
More informationRecord to report. Are you audit ready?
Record to report Are you audit ready? Panel Moderator Panel Cleedon Botha Anselme Patipewe Njiakin Stephen Ntsoane EY South Africa Director EY Cameroon Associate Director EY South Africa Director Sean
More informationSmarter, Faster Product Innovation. Strategic Imperatives for Property & Casualty Insurers
Smarter, Faster Product Innovation Strategic Imperatives for Property & Casualty Insurers Insurers no longer have the luxury of long lead times and slow, cautious product rollouts. The insurance industry
More informationAccelerating expansion in Japan Risk management frameworks at a glance
Accelerating expansion in Japan Risk management frameworks at a glance Executive summary Our enterprise risk management report focuses on risk and regulation in the Japanese insurance market and a new
More informationBig Data, Small Data, Medium-sized Data
Big Data, Small Data, Medium-sized Data Making the most of what you ve got 19 April 2016 Phil Joubert William Chan phil.joubert@hk.ey.com William-KW.Chan@hk.ey.com A Big Data timeline Google trends Big
More informationAI Strategies in Insurance
AI TRANSFORMATION AI Strategies in Insurance Executive Brief Executive Summary The insurance industry is evolving rapidly with large volumes of data and increasing challenges from new technologies. Early
More informationImpact of Digital Documents in Insurance
Impact of Digital Documents in Insurance Andrew Hellard Product Marketing Manager April 2016 1 Agenda 1 Introductions 2 What is digital insurance? 3 4 Customer communications in a digital world Questions
More informationAnalysis of Costs and Benefits Associated with Implementing SIF
Analysis of Costs and Benefits Associated with Implementing SIF Study For additional information about the SIF Association and for a copy of the entire Analysis of Costs and Benefits Associated with Implementing
More information