Ernst & Young News

Transforming Claims for the Digital Era

As insurers undertake digital transformation programs, many rightfully turn to the claims function. Claims is a very good candidate for such initiatives because of its importance to the relationship between customers and their insurers. Claimants and insurers both want speedy …

Changes Coming to Claims Talent Management

The claims talent management shortage will be relieved somewhat by increased automation and changing skill requirements, according to an industry report released last year by Ernst & Young. Nicole Michaels and Charlie Mihaliak, partners in Ernst & Young’s insurance practice, …

Ernst & Young: Innovation Key to Success for U.S. P/C Insurers in 2016

The next year likely will be one of continued disruptive change in the U.S. property/casualty insurance market, and insurers will need to focus on innovation in all areas of the business to remain successful, according to the 2016 EY US …

Washington Jury Finds Auditors Liable for $10M in Madoff Losses

A jury in King County Superior Court has found the firm of Ernst & Young negligent and liable for half of more than $20 million lost by a Washington state investment company in the wake of Bernie Madoff’s multi-decade investment …

P/C Insurers Focus on Underwriting, Data and Analytics in 2014: EY Report

In the face of continued economic, competitive and regulatory challenges, property/casualty insurers are seizing opportunities to improve underwriting discipline, drive operating efficiencies and leverage data and enhanced analytics to sustain growth and widen their performance advantage, according to EY’s 2014 …

Top 10 Risks for Insurers: Report

As insurers adjust to a new environment of lower asset returns and stricter regulation, macroeconomic trends and a slow growth rate top the industry’s risk agenda, according to a new report released by Ernst & Young, “Business Pulse: Exploring the …

Bribes OK in Business, Say Growing Number of Global Executives

A growing number of senior executives around the world are willing to pay bribes to win or keep business, as the hunt for growth supersedes concerns over ethics and regulatory fines, according to a survey published on Wednesday. Ernst & …

Ernst & Young Survey: Consumers Demand Personalized Service From Insurers

U.S. insurance consumers want their insurers to offer more personalized service and reward customer loyalty, according to Ernst & Young’s Global Consumer Insurance Survey 2012. The survey also finds that consumers of life/annuity and property/casualty policies are willing to buy …

Ernst & Young Paying $2M in Audit Settlement

The watchdog agency for the accounting industry said Wednesday that it has fined big firm Ernst & Young $2 million for alleged lapses in three audits of a pharmaceutical company. The Public Company Accounting Oversight Board said the civil fine …

Ernst & Young Sued for $900M Over Madoff Audits

Ernst & Young LLP has been sued for $900 million by the liquidators of a fund that once funneled money to the now-imprisoned swindler Bernard Madoff. The lawsuit, filed on behalf of M-Invest Ltd, accused Ernst & Young of negligence, …