A second win in a row for EY marks it out as something of a specialist in the insurance consulting world.

Asset modelling, ESG and technology – these three areas have become a focus for the company over the last few years. While its work in traditional actuarial areas such as internal model applications remains, the company has also helped insurers to implement ground-breaking projects on the investment side to benefit wider society.

The consultant's hard work has been particularly noteworthy in the last year, in which time EY has helped 10 UK insurers deploy into new asset classes.

It worked with one such insurer to bring an innovative long-term fixed rate mortgage product to market, by validating the proposed valuation, capital, structuring and rating methodologies.

It has also supported a number of clients to develop their equity investment capabilities to manufacture long-term, capital-friendly assets to back their annuity business. For one UK insurer, this culminated in the launch of the capital arm of the business earlier this year.

At the same time, the firm has been firing up to aid asset managers navigate the insurance landscape, in particular regulatory challenges.

Specifically, the team worked with 16 asset managers over the last year and performed Solvency II qualifying eligibility assessments for infrastructure, CREL, private debt, derivative strategies, credit linked notes and trade finance.

On ESG, the company has supported insurers on climate scenario analysis and modelling, understanding the implications of transition and physical risks on investment portfolios, and incorporating the results into their ongoing business planning and strategy.

EY is also no slouch when it comes to technology, with products that streamline capital modelling functions to allow quicker decision-making, and more sophisticated and flexible securitisation models to help asset structuring functions achieve efficient and optimal structuring.