Etihad Credit Insurance contracts EY for strategy advisory in the UAE

The UAE’s federal export credit entity Etihad Credit Insurance has awarded a strategy and operational transformation contract to EY.

Commencing operations last year to support the UAE’s non-oil exporters in the development of a diversified local economy, state-entity Etihad Credit Insurance (ECI) has tapped Big Four professional services firm Ernst & Young to provide insights and solutions in the areas of strategy and operational transformation – with the aim of enhancing ECI’s “processes, standards and framework to better support UAE businesses.”

“ECI is committed to consistently maintaining seamless operations that are compliant and adaptive of top-notch technology,” said ECI Director of IT and Operations Ali Saleh Al Ali. “Collaborating with a reputable advisory firm like EY is a strategic move as it will provide ECI premium solutions and tools that are cost-effective and reliable as well as help us in further streamlining our processes according to industry standards and practices.”

Through a range of export credit, financing and investment insurance products, ECI expects in the next three years to be supporting $40 billion or more worth of exports and re-exports, and has in the past two months signed a number of agreements, including partnering with the Dubai Chamber of Commerce, tapping French credit insurance software firm Tinubu Square as a technology partner, and establishing a collaboration deal with UK Export Finance following the Lord Mayor of London’s recent visit to the region.

In line with the sustainable economic development and diversification aims of the UAE’s Vision 2021 agenda, the latest deal with EY will see the Big Four advisory provide ECI with insights and “quality services and solutions” as to the agency’s strategy and operations, in a move which ECI CEO Massimo Falcioni says is a crucial step towards helping UAE businesses to establish their presence locally and globally.

“Today, the emergence of technology, data analytics, cloud computing and new tools and techniques are providing companies with greater levels of assurance and unique insights,” said Falcioni. “ECI is focused on incorporating the latest industry practices, technology and tools to help. The collaboration between ECI and EY, known for its high-quality​ advisory services, technical excellence and broad understanding of financial and non-financial factors, is a crucial step towards this direction.”

EY MENA Insurance Leader Sanjay Jain noted the importance of agencies such as ECI on global trade. “Export Credit Agencies (ECAs) and Trade Credit Insurers play a significant role in supporting global trade and promoting (re) exports. ECI has a critical role in the UAE’s economic diversification agenda and EY is looking to support this vision through our proven credentials with other global ECAs.” According to Jain, the project will be led by Swiss-based EY Financial Services Advisory Partner Joerg Thews.