EY Canada has launched a centre of excellence for insurance and actuarial services, which aims to help insurers comply with regulatory changes like IFRS 17.
The centre is based in Toronto and Québec City. In addition to guiding insurers on regulatory change, EY said it will support insurers with digital transformation.
Services provided at the centre 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.
EY Canada financial services leader Paul Battista said insurers face immense pressure to modernise their businesses while, at the same time, manage increasingly complex actuarial and accounting standards.
He commented: “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.”
The EY Insurance Outlook 2019 says the insurance sector growth is expected to remain weak in the near-term and will demand greater focus on technology and innovative initiatives to optimise costs and drive wider distribution and market reach.
InsuranceERM is hosting an IFRS 17 conference on 27 February in London. For more information see https://www.insuranceerm.com/content/events/ifrs-17-conference.html
Companies:EY
People:Paul Battista
