EMB Consultancy, also known as EMB Actuaries and Consultants, is an international actuarial business consultancy and software 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
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Becau ...
,
investments
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing is ...
,
asset management,
fraud prevention, risk enterprise management, mergers and acquisitions and
marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...
. These are areas where the widespread collection and 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
The Queen's Awards for Enterprise is an awards programme for British businesses and other organizations who excel at international trade, innovation, sustainable development or promoting opportunity (through social mobility). They are the highest ...
, first in 2003 for Innovation and again in 2007 for International Sales.
EMB is headquartered in
Epsom
Epsom is the principal town of the Borough of Epsom and Ewell in Surrey, England, about south of central London. The town is first recorded as ''Ebesham'' in the 10th century and its name probably derives from that of a Saxon landowner. The ...
, UK, internationally renowned as the home of
The Derby.
EMB was acquired by
Towers Watson
Towers Watson & Co. was a global professional services firm. Its principal lines of business were risk management and human resource consulting. It also had actuarial and investment consulting practices.
In January 2016, Towers Watson merged w ...
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
- Radar & 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 : São 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 is a UK based financial services comparison platform specialising in comparison of insurance and financial services, including car insurance, home insurance, energy, van insurance and life insurance. Confused.com's platform include ...
, 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
Solvency II Directive 20092009/138/EC is a Directive in European Union law 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 insolv ...
, 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 The International Underwriting Association (IUA) of London, better known as the IUA, represents companies that trade in the London insurance market outside Lloyd's. They include branches or subsidiaries of nearly all the world's largest internationa ...
2007 Bodily Injury Awards study.
[International Underwriting Association. http://www.iua.co.uk/Content/NavigationMenu/Events/BodilyInjurySeminar/BI_Study_Presentations.pdf] 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 Watson
Towers Watson & Co. was a global professional services firm. Its principal lines of business were risk management and human resource consulting. It also had actuarial and investment consulting practices.
In January 2016, Towers Watson merged w ...
, a NYSE listed
management consulting
Management consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives. Organizations may draw upon the services of management consultan ...
company, 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.
References
External links
* EMB website – https://web.archive.org/web/20110828192635/http://www.emb.com/
* International Underwriting Association - https://web.archive.org/web/20070626095602/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) - https://web.archive.org/web/20120717024200/http://www.actuaries.org.uk/
* Financial Services Authority - http://www.fsa.gov.uk/
* Solvency II – http://www.solvency-2.com
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Actuarial firms
International management consulting firms