Firm hires industry veteran Peter McMurtrie, transfers long-tenured partners to serve growing technology needs of insurance clients.
West Monroe, a global business and technology consulting firm, has announced significant investments to strengthen its focus on the insurance sector. This initiative includes expanding industry-specific services, enhancing assets and talent, and making strategic investments, with the goal of doubling the insurance practice by 2025.
West Monroe has been delivering significant value to insurance carriers and brokers for over a decade, particularly through portfolio work for private equity firms and significant work in data, analytics and AI. After formalizing its insurance practice earlier this year, the practice's growth comes at a critical time as insurers face historic inflation and claims cost, increased M&A activity, and the pressure to integrate advanced technologies such as AI and machine learning.
"Doubling down in the insurance space reflects our deep industry expertise and the strong relationships we've built with our clients over the past decade," said Will Hinde, head of industry practices at West Monroe. "Clients value our hands-on approach and our dual understanding of business and technology, which allows us to provide innovative solutions that drive financial value. Our industry expertise is a key differentiator, and this continued investment is a strategic step toward our next phase of growth."
Joining the practice is Peter McMurtrie, a 30-year industry veteran and former President of Commercial insurance at Nationwide, who, along with long-tenured West Monroe leaders including Trevor Jones, Kristin Irving, Brad Ptasienski and David Crofts, bring extensive experience in leveraging technology and data for insurance value creation. Recognizing the value of deep industry expertise, West Monroe is making significant investments in hiring top talent and resources to further scale this area.
West Monroe partners with the insurance industry in four primary areas:
Data: Transforming data into a strategic asset to improve risk management, reduce losses and increase financial value.
M&A and Private Equity: Facilitating growth and value through mergers and acquisitions, particularly with heightened consolidation in the industry.
Productivity: Enhancing productivity and effectiveness in sales and underwriting through AI by helping insurance companies meet customer expectations for digital capabilities.
Advisory: Providing strategic guidance to help insurance clients navigate industry challenges, optimize operations and drive sustainable growth.
SOURCE: West Monroe
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.