KPMG Australia has appointed senior global insurance and wealth executive Tim Thomas to lead a specialist Insurance & Wealth Management strategy practice within the firm’s Global Strategy Group.
Tim joins from Prudential Financial of US, where as Regional Vice-President, he ran Strategy and Corporate Development for the company’s Asia-Pacific operations. His remit was to help mature businesses find new avenues of growth through refreshed advice-based distribution models and partnerships.
He was also instrumental in growing Prudential’s Asia footprint into new high growth markets such as Malaysia and Indonesia. He led large-scale initiatives to bring new-to-market retirement income solutions to the region, and has been leading innovation efforts to bring traditional business models into the digital ecosystem.
Tim’s move into consulting is on the back of successfully leading a significant operational transformation as the CEO of Prudential’s Malaysia life insurance operations. He has served on several boards in Asia, and is familiar with the ever-increasing expectations of regulators on market conduct and corporate governance.
Over the last 20 years Tim has worked across Asia-Pacific in strategic leadership, corporate development and operational management roles. He is a market entry expert, having brought AXA into India as AXA’s Chief Representative in India.
Tim started his career in Australia, and was involved in several large transformation programs in the wealth and insurance sector. This included developing the AXA wealth management turn-around in Australia, and corporate finance roles with the Colonial Group.
Tim is joined at KPMG Australia by Maurice van den Heuval, who has moved from KPMG Netherlands’ insurance strategy practice and will be a senior leader in Tim’s team. Maurice has more than 15 years’ experience working as a management consultant in the financial services sector, specialising in the intersection between strategy and execution in the insurance sector.
Tim Thomas said: “The Australian insurance and wealth management market is going through an unprecedented period of change, in client expectations, political and regulatory pressure, M&A, and technological advancement. Firms in Australia are increasingly looking to global experiences and non-traditional capabilities to build sustainability into their business models.
“My team will be committed to helping insurance and wealth executives guide the industry through the current political and market uncertainties, and make bold leadership decisions that strengthen performance whilst positioning for longer-term success. I am delighted to be joining KPMG at a time when the market is becoming more aware that moving from strategic clarity to sustainable business change requires deep multi-disciplinary expertise and execution stamina.”
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