Advisory services firm EY Canada has announced that it will launch a new insurers centre of excellence. Moreover, it will also look at actuarial services.

The bilingual centre will be based in both Toronto and Québec City. It will offer insurers guidance on regulatory changes and how to keep up with digital transformation.

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. 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.”

Growth in insurance sector is expected to remain weak in the near-term, according to EY Insurance Outlook 2019.

To tackle this, insurance companies need to put greater focus on technology and innovative initiatives that could optimise costs and drive wider distribution, the report added.

EY Canada insurance leader Janice Deganis said: “Margin pressures are straining the growth potential of many insurers in Canada. Digital transformation is no longer optional, but absolutely necessary to optimize costs and reinvest in future-focused areas of the business that generate results.”

Apart from aiding its clients in their business transformation, the centre will also assist them in complying with regulatory changes like IFRS 17 and navigate digital transformation.

Deganis added: “People are our greatest assets, and we’re leveraging – and recruiting – bilingual talent from across the country with backgrounds in strategy and business transformation, accounting standards, actuarial science and information to better service the insurance sector.”