A concern shared by the major insurance-consulting firms' clients is the impact recent and ongoing regulatory actions will have on the industry, including the move toward a more international accounting standard; the work that is continuing as a result of Dodd-Frank; and other changes that may be introduced by the National Association of Insurance Commissioners (NAIC) or the Federal Insurance Office in the next few years.
Ernst & Young's clients are asking, “How will we meet what will be a lot more significant and timely demand for data and not kill ourselves from a profitability perspective?” says Insurance Advisory Practice Leader Dave Hollander.
As a result, Hollander says, clients want to create strategies designed to make their information a lot more accessible and transparent, regardless of what those future information demands may entail.
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