West Monroe Boosts Investment in Insurance Industry Services with Plans to Double by 2025

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Aug 26, 2024, 11:00 ET

Firm hires industry veteran Peter McMurtrie, transfers long-tenured partners to serve growing technology needs of insurance clients

CHICAGO, Aug. 26, 2024 /PRNewswire/ -- West Monroe, a global business and technology consulting firm, today 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.

West Monroe has been delivering quantifiable financial value to insurance clients for over a decade including driving a 200% profitability increase and uncovering $20 million in annual EBITDA potential for a specialty insurance carrier, and enabling a global insurance brokerage streamline month-end close and reporting by 70% while freeing up 33% more employee time via automation.

For more information about West Monroe's insurance expertise and offerings, please visit: https://www.westmonroe.com/industries/insurance.

About West Monroe

West Monroe is a global business and technology consulting firm that partners with clients to accelerate value through technology. We stand out by not just working for, but with our clients—engaging in the journey of co-creation and aligning our goals with theirs. Our expertise spans industry, strategy, people, process, and technology, ensuring rapid and impactful outcomes. Our employee ownership structure and mindset drive this mutual success. We are consistently celebrated as a top workplace by Fortune and USA Today, and as a leading consultancy by Forbes and Forrester. Learn how we can help accelerate your business at WestMonroe.com.

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SOURCE West Monroe Partners