CMC launches re/insurance consulting firm
CMC Europe, a banking sector consultancy firm, has a new consultancy business focused on helping the re/insurance sector focus on regulatory change.
CMC Insurance, a sister company of CMC Europe, will deliver what it describes as effective solutions that seek to deliver preparedness for regulatory change to clients.
The CMC Insurance team will be led by Nick Stammers, who brings over 20 years’ experience in insurance, reinsurance, consulting and software.
Prior to joining CMC Insurance, Stammers held a senior role at Pro Insurance Solutions, a specialist insurance services provider and part of the Tawa Group. There, he focused on growing Pro's business with new clients in the UK and Europe, across all areas of the re/insurance sector.
Previously he has 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.
CMC Europe’s chairman Steve Wyer, is also CMC Insurance’s operations director and an integral part of CMC Insurance's founding team.
Wyer said: "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.
“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.”
Stammers 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.
“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.”
