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," he said.
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, including:
- "Finance and actuarial transformation – supports customers by delivering new risk and regulatory change, and aggregate corporate data by customer and by channel."
- "Back office operations – experienced industry consultants have provided the ability to drive regulatory, risk, profitability and efficiency concerns into targeted lines of business."
- Risk – 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."