EMB Consultancy
Encyclopedia
EMB Consultancy, also known as EMB Actuaries and Consultants, is an international actuarial business consultancy and sofware provider. EMB was originally established as a strategic and actuarial advisor to non-life insurers
. The company has developed and now operates in a growing range of business functions and sectors, such as banking, investments, asset management, fraud prevention, risk enterprise management, mergers & acquisitions and marketing
. These are areas where the widespread collection & use of data and financial models have become commonplace.
The company now employs over 300 people in 11 countries. Revenues in the year to April 2009 were £27 million. It has twice received the Queen's Awards for Enterprise
, first in 2003 for Innovation and again in 2007 for International Sales.
EMB is headquartered in Epsom
, UK, internationally renowned as the home of the Epsom Derby
.
EMB was acquired by Towers Watson
on 1 Feb 2011.
- Emblem
- Rate Assessor & Classifier (Pricing)
- ResQ (Reserving)
- Igloo (Capital Modeling)
- RePro (Reinsurance)
UK: Epsom, London & Cambridge
United States of America (USA): San Diego, San Antonio, Chicago & Changrin Falls
Germany: Cologne
France: Paris
Scandinavia: Norway
Spain: Madrid
Netherlands: Amsterdam
South Africa: Johannesburg
India: Haryana
Japan: Tokyo
Brazil : Sao Paulo
Australia (Quantium Group): Sydney
Together with Confused.com
, EMB jointly researches and publishes the quarterly Confused.com/EMB UK Car Insurance Price Index. In addition, it produces an annual Motor Insurance Industry Report, analysing the performance of UK motor insurers based on returns to the Financial Services Authority
.The company also carries out regular research into UK consumer attitudes towards aggregators. Alongside its advice to clients on Solvency II
, it has also investigated the potential financial impact of aspects of the EU-wide legislation due to come into effect in 2012.
EMB staff were closely involved in the International Underwriting
Association 2007 Bodily Injury Awards study. Several partners and consultants are also part of working parties for professional bodies such as the Institute of Actuaries and the Casualty Actuarial Society, covering subjects such as asbestos-related diseases and usage-based car insurance.
EMB staff have also contributed to the refining of the actuarial education curriculum for the non-life insurance field.
, a NYSE listed management consulting company, has signed a definitive agreement to acquire EMB. The company is due to trade under the Towers Watson name in 2011. EMB will likely form the non-life consulting division of Towers Watson. All software will become the licensed property of Towers Watson.
International Underwriting Association - http://www.iua.co.uk/AM/Template.cfm?Section=Home
Confused.com - http://www.confused.com/
Casualty Actuarial Society - http://casact.org/
Institute of Actuaries (UK) - http://www.actuaries.org.uk/
Financial Services Authority - http://www.fsa.gov.uk/
Solvency II – http://www.solvency-2.com
General insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
. The company has developed and now operates in a growing range of business functions and sectors, such as banking, investments, asset management, fraud prevention, risk enterprise management, mergers & acquisitions and marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
. These are areas where the widespread collection & use of data and financial models have become commonplace.
History
EMB was founded in 1993 by Andrew English and Mike Brockman, who were later joined by Peter Matthews. EMB thus stands for English-Matthews-Brockman, the founding members of the company.The company now employs over 300 people in 11 countries. Revenues in the year to April 2009 were £27 million. It has twice received the Queen's Awards for Enterprise
Queen's Awards for Enterprise
The Queen's Awards for Enterprise is an awards programme for British businesses and other organizations who excel at international trade, innovation or sustainable development. They are the highest official UK awards for British businesses...
, first in 2003 for Innovation and again in 2007 for International Sales.
EMB is headquartered in Epsom
Epsom
Epsom is a town in the borough of Epsom and Ewell in Surrey, England. Small parts of Epsom are in the Borough of Reigate and Banstead. The town is located south-south-west of Charing Cross, within the Greater London Urban Area. The town lies on the chalk downland of Epsom Downs.-History:Epsom lies...
, UK, internationally renowned as the home of the Epsom Derby
Epsom Derby
The Derby Stakes, popularly known as The Derby, internationally as the Epsom Derby, and under its present sponsor as the Investec Derby, is a Group 1 flat horse race in Great Britain open to three-year-old thoroughbred colts and fillies...
.
EMB was acquired by Towers Watson
Towers Watson
Towers Watson is a global consulting firm. Its principal lines of business are risk management and human resource consulting. It also has strong actuarial, investment consulting, and reinsurance brokerage practices. The Towers Watson corporate offices are in New York, New York.Towers Watson was...
on 1 Feb 2011.
Software
The company is one of the world’s leading providers of actuarial and analytical software with the majority of the largest non-life insurers (by gross premium income) using EMB's software. Key software sold worldwide include- Emblem
- Rate Assessor & Classifier (Pricing)
- ResQ (Reserving)
- Igloo (Capital Modeling)
- RePro (Reinsurance)
Offices
EMB Offices include:UK: Epsom, London & Cambridge
United States of America (USA): San Diego, San Antonio, Chicago & Changrin Falls
Germany: Cologne
France: Paris
Scandinavia: Norway
Spain: Madrid
Netherlands: Amsterdam
South Africa: Johannesburg
India: Haryana
Japan: Tokyo
Brazil : Sao Paulo
Australia (Quantium Group): Sydney
Research
In addition to its client consultancy work, EMB carries out widely-quoted industry analysis and research.Together with Confused.com
Confused.com
Confused.com, part of the Admiral Group, is a British price comparison website specialising in insurance and financial services.-History:Confused.com launched in 2002, becoming the UK’s first car insurance comparison site. It is based in Cardiff, Wales with its offices located near the headquarters...
, EMB jointly researches and publishes the quarterly Confused.com/EMB UK Car Insurance Price Index. In addition, it produces an annual Motor Insurance Industry Report, analysing the performance of UK motor insurers based on returns to the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
.The company also carries out regular research into UK consumer attitudes towards aggregators. Alongside its advice to clients on Solvency II
Solvency II
The Solvency II Directive is an EU Directive that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency....
, it has also investigated the potential financial impact of aspects of the EU-wide legislation due to come into effect in 2012.
EMB staff were closely involved in the International Underwriting
Underwriting
Underwriting refers to the process that a large financial service provider uses to assess the eligibility of a customer to receive their products . The name derives from the Lloyd's of London insurance market...
Association 2007 Bodily Injury Awards study. Several partners and consultants are also part of working parties for professional bodies such as the Institute of Actuaries and the Casualty Actuarial Society, covering subjects such as asbestos-related diseases and usage-based car insurance.
EMB staff have also contributed to the refining of the actuarial education curriculum for the non-life insurance field.
Future
In late 2010, Towers WatsonTowers Watson
Towers Watson is a global consulting firm. Its principal lines of business are risk management and human resource consulting. It also has strong actuarial, investment consulting, and reinsurance brokerage practices. The Towers Watson corporate offices are in New York, New York.Towers Watson was...
, a NYSE listed management consulting company, has signed a definitive agreement to acquire EMB. The company is due to trade under the Towers Watson name in 2011. EMB will likely form the non-life consulting division of Towers Watson. All software will become the licensed property of Towers Watson.
External links
EMB website – http://www.emb.comInternational Underwriting Association - http://www.iua.co.uk/AM/Template.cfm?Section=Home
Confused.com - http://www.confused.com/
Casualty Actuarial Society - http://casact.org/
Institute of Actuaries (UK) - http://www.actuaries.org.uk/
Financial Services Authority - http://www.fsa.gov.uk/
Solvency II – http://www.solvency-2.com