Business and technology consulting company West Monroe is set to make “significant” investments to double its insurance practice by 2025.
The company is set to bolster its services in the insurance sector, aiming to enhance its offerings through strategic investments in talent and technology including machine learning and AI.
Go deeper with GlobalData
This move comes as the company recognises the growing challenges and opportunities within the insurance industry, including increased mergers and acquisitions (M&A) activity, historic inflation, as well as the integration of advanced technologies.
West Monroe has been a key player in the insurance market for more than ten years with its expertise in data, analytics and AI, and works with private equity companies.
The formalisation of West Monroe’s insurance practice earlier this year marks a pivotal moment for the company as it seeks to capitalise on the industry’s evolving landscape.
Peter McMurtrie, a professional with three decades of experience and the former president of commercial insurance at Nationwide, joins West Monroe’s insurance practice.
McMurtrie, along with West Monroe veterans such as Trevor Jones, Kristin Irving, Brad Ptasienski and David Crofts, will focus on harnessing technology and data to drive value in the insurance sector.
West Monroe’s partnership with the insurance industry spans four areas – data, M&A and private equity, productivity and advisory services.
The company focuses on aiding insurers in transforming data into a strategic asset, facilitating growth through M&A, enhancing productivity with AI, and offering strategic guidance to optimise operations and achieve sustainable growth.
Its track record includes increasing profitability by 200% and identifying $20m in annual earnings before interest, taxes, depreciation and amortisation (EBITDA) potential for a specialty insurance carrier.
The company also claims to have helped a global insurance brokerage client in managing its month-end close and reporting by 70% and freed up 33% more employee time through automation.
West Monroe industry practices head Will Hinde said: “Doubling down in the insurance space reflects our deep industry expertise and the strong relationships we have built with our clients over the past decade.
“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 towards our next phase of growth.”
