Tomorrow’s insurance leaders will be defined by their ability to do three things particularly well. Acquire and maintain loyal customers. Run efficient operations. And produce timely, action-ready business insight that enables them to capitalize on opportunities.
With more than 20 years of deep industry experience, West Monroe Partners can offer far more than broad business and technology support for today’s operations. We offer the insight that can help you develop winning strategies for driving future growth and competitive advantage.
Forty percent of all insurance consumers will shop for insurance this year.
Are you doing everything possible to attract and retain customers in a marketplace characterized by declining loyalty? We can help you identify the best and most appropriate target markets. Define the ideal type and level of interaction with every customer…every time. And establish strategies for managing broker/agent relationships. With the right strategies and approaches, our clients often improve customer retention by 10 to 20 percent.
Insurance leaders can deliver new products and services to the market in less than six months.
Do you have adequate flexibility in your operations to keep pace with change? We can help you streamline processes, employ the most appropriate technology solutions, and create the agility needed to deliver new products to the market as fast as—or faster than—industry averages.
Tomorrow’s leaders can identify opportunities and capitalize on them before others do.
Does your organization have the insight necessary to do so? We can help you produce meaningful and useful analytics to manage costs and profitability. Forecast market trends and future results faster than competitors. Predict the impact of factors that drive behavior. And accomplish much more.
How can we help you make sure your organization is one of the leaders?
Greater visibility and more responsive business operations
Data Management & Governance
West Monroe enabled business users at one of the world’s largest insurance brokers and property/casualty third-party claims administrators to analyze client revenue in new ways.
Customer Experience is particularly vital in the insurance industry because empowered policyholders are changing the rules of the game, including how firms think about their business and operating models.
Research has shown that a policyholder’s perception of an insurance company is developed as a result of their interaction across multiple-channels, not through one individual transaction or moment in time, and that a positive and effortless customer experience can result in increased policyholder satisfaction, loyalty, advocacy and greater customer lifetime value.