CMC Europe, the specialists in delivering business change and transformation solutions in risk, regulatory and finance data, today announces the formal launch of sister company CMC Insurance Limited. Soft-launched in February 2014, the new company is a specialist firm that delivers complex programmes in regulatory, risk and finance data for the global (re)insurance market.
The business has been established to provide the (re)insurance market with effective solutions which seek to deliver preparedness for regulatory change to clients. CMC Insurance does this through its ‘Effective Delivery Made Easy™’ approach; concentrating on the delivery of practical and achievable steps to bring (re)insurance data under real control. The consultancy also offers differentiated solutions via partnerships with the biggest and best of breed technology firms.
CMC Europe is a well-regarded and established international consulting firm with a proven track record of delivering regulatory, risk and finance data programmes within the investment banking sector. CMC Europe’s chairman Steve Wyer is CMC Insurance’s operations director and an integral part of CMC Insurance's founding team.
Steve Wyer commented, "We are committed to building a true alternative to the ‘Big Four’ consultancies for the (re)insurance sector. We have seen significant demand for CMC Europe’s simple and effective change delivery service in the banking sector, and aim to replicate our approach with CMC Insurance in the (re)insurance sector.”
He continued, “Whilst we recognise that there are numerous differences between the capital markets and the (re)insurance sector, both markets are subject to similar financial services regulatory environments and therefore share common, and often complex issues. At CMC we seek to simplify the process to resolving these complex issues.”
CMC Insurance has recruited specialists to run its (re)insurance operation, who are supported by a 200-strong team of CMC consultants. The CMC Insurance team is led by Nick Stammers (pictured), who brings over 20 years’ experience in insurance, reinsurance, consulting and software.
Commenting on Nick Stammers’ appointment, Steve Wyer said, “Having someone of Nick’s calibre and experience join us is testament to the emphasis we are placing developing CMC’s (re)insurance presence. I welcome Nick to his new role and am sure that CMC’s clients will find Nick to be a valuable advisor.”
Prior to joining CMC Insurance, Nick Stammers held a senior role at Pro Insurance Solutions, a specialist insurance services provider and part of the Tawa Group. There he was focussed on growing Pro's business with new clients in the UK and Europe, across all areas of the (re)insurance sector.
Previously, Nick worked for software and consulting firm, Concentra, specialising in Business Intelligence and visual analytics for the insurance market and for a technology company, Serverside Group, where he was Director EMEA for tier one banks.
Nick Stammers, Director, CMC Insurance said, "I have been watching closely the growth and success of CMC Europe since its formation, which has been impressive. I share Steve Wyer's vision for the need of a specialist consultancy for the (re)insurance sector; a sector which is devoted exclusively to creating solutions for a select group of hard-to-place risks while delivering measurable results."
He continued, “The ever-evolving regulatory regime has posed many challenges and great expense for the sector in the past few years. Solvency II has taken much time to progress, but now a date has been set for implementation. Despite recent progress, there remain a number of hurdles for the sector to overcome in the run up to full implementation of Solvency II, with data posing particular concern.
“Our early conversations with the market indicate that the impending Solvency II deadline is being viewed by some as an issue of conformance, but to others it represents an opportunity for organisations to improve business performance. CMC Insurance looks forward to helping clients realise this opportunity, as well addressing any issues associated with data governance, risk reporting and business change.”
Read Nick's recent article on how regulatory change is a key business risk facing insurers by clicking here.