Technology in Insurance
EY Launches Global Network Of Growth And Innovation Centers
EY Wavespace™ To Help Clients Achieve Radical Breakthroughs
Toronto, ON (Mar. 31, 2017) – EY has launched its global network of growth and innovation centers to help clients catch the next wave in radical breakthroughs in business transformation by tapping into innovative thinking across EY disciplines, experience and industry sectors.
The flagship centers, which are focused on specific disruptive growth strategies and technologies impacting industries, comprise the EY wavespace™ global network of differentiated work spaces, capabilities and proprietary intellectual property.
The wavespace centers expand EY's existing network of innovation centers(1) developed to help clients face the challenges and opportunities of continuous change, digitization and disruption. All locations feature a shared methodology and platform that combines EY's experience in areas including disruptive technologies such as artificial intelligence, robotics process automation (RPA), blockchain, data analytics, digital, customer experience and cyber security, and EY's deep industry domain and regulatory experience.
EY wavespace innovation network centers - heatmap
In a multi-million dollar investment, EY will increase its current network of 15 locations by adding centers in the Americas, Europe, the Middle East and Asia Pacific regions over the next year.The new centers will be located in Amsterdam; Atlanta; Mexico City; New York (Chelsea); Santa Monica (Silicon Beach), Calif.; São Paulo; Trivandrum, India; and Toronto. Each center has a range of technology and market focus, with dedicated teams of multi-disciplinary practitioners in disruptive innovation to help create a new market or a new way of creating value.
"Organizations face continuous disruption at an increasingly fast pace, so senior business leaders are passionate about driving change to stay competitive," said Norman Lonergan, EY Global Vice Chair, Advisory Services. "Many believe in radical transformation as the path forward to achieve their business objectives, but they don't necessarily know how to start. The EY wavespace networkencourages clients to be fearless about identifying dramatic ideas that could ultimately lead to dramatic breakthroughs."
For example, EY professionals at locations in the wavespace network have:
- Developed more than 50 business processes enabled by blockchain technology for customers in the financial services sector, including an identity management platform that provides more secure and efficient onboarding of customers and identifies potential;
- Helped an automotive OEM develop new mobility services, including premium and on-demand taxi services, smart parking and ride-sharing, and ran market-test pilots in major cities worldwide;
- Created an innovation pop-up lab for a financial services client to drive development and deployment of new technologies, products and services, and business models across the organization.
"Through our connected network of EY wavespace centers, we help clients have differentiated, eye-opening experiences because they can access capabilities and knowledge anywhere in the world," said Jeff Wong, EY Global Chief Innovation Officer. "This immersive environment and entrée to thought leaders across industries, academia, research and entrepreneurs will help traditional companies imagine future business models and different ways of working."
EY acquisitions, alliances provide capabilities from leading industries
To support an integrated approach across the wavespace network, EY has created a Founders Council comprising senior leaders from acquisitions by member firms and network alliances and across EY. As a result, clients can benefit from the intellectual property EY firms have gained through inorganic growth. Convergence sessions, where clients from disparate industries share experiences and knowledge, are also part of the wavespace centers.
"The wavespace network is a significant evolution in EY's role as an orchestrator of digital providers," said Richard Suhr, EY Global Digital Leader, Advisory. "Our digital and innovation strategy starts from the premise that no single organization can maintain digital capability and expertise across all the new digital platforms. Instead, we are helping clients draw on the 'network multiplier' effect of platform-driven ecosystems. And besides access to technology, we are providing clients avenues to knowledge from our digital collaborators and opportunities to build vital new relationships."
1. EY centers are located in —
- Americas: New York (Union Square): San Francisco, Seattle, Silicon Valley, Tel Aviv;
- EMEIA: Berlin, Dubai, London, Paris, Madrid, Warsaw;
- APAC: Hong Kong, Singapore, Shanghai, Sydney.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Source: EYGM Ltd. for Ernst & Young
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