West Monroe doubles down on insurance practice
West Monroe doubles down on insurance practice | Insurance Business America
Insurance News
West Monroe doubles down on insurance practice
Investment includes onboarding of 30-year industry veteran
Insurance News
By
Terry Gangcuangco
West Monroe, a global consulting firm specializing in business and technology, has made a series of strategic investments aimed at bolstering its insurance sector focus. The initiatives include expanding industry-specific services, enhancing assets and talent, and making targeted investments, all with the objective of doubling the size of its insurance practice by next year.
For more than a decade, West Monroe has served insurance carriers and brokers, particularly through its work with private equity firms and its expertise in data, analytics, and artificial intelligence.
West Monroe collaborates with the insurance industry across four key areas: data – turning data into a strategic asset to enhance risk management, reduce losses, and boost financial value; M&A and private equity – driving growth and value through mergers and acquisitions; productivity – improving efficiency in sales and underwriting through AI; and advisory – offering strategic advice to help insurance clients.
The firm’s formalization of its insurance practice earlier this year coincided with a pivotal period marked by rising inflation, escalating claims costs, increased M&A activity, and the growing demand in the industry for technologies like AI and machine learning.
Will Hinde, head of industry practices at West Monroe, noted: “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.
The expansion includes the recent arrival of Peter McMurtrie (pictured), a 30-year industry veteran who was president of commercial insurance at Nationwide. He joined a team of seasoned West Monroe leaders, including Trevor Jones, Kristin Irving, Brad Ptasienski, and David Crofts.
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