Alvarez & Marsal (A&M) expanded its Insurance and Risk Advisory Services practice, which assists insurance firms and other corporate clients with assessing operational performance, diagnosing the cause of underperformance and developing and implementing improvement strategies. The addition of insurance industry veterans Arun Thakur, Gregory (Greg) Hoeg and Laki Balaji further strengthens A&M’s global transformation strategy and execution capability.

Thakur, who joins as a managing director based in San Francisco, has advised insurance companies of all sizes in the U.S. and Europe. With expertise that spans the spectrum of strategy, business case development, transformation roadmaps, cost efficiency and large program management, he specializes in helping insurance carriers transform their core insurance operations of claims and policy management. Prior to joining A&M, he was a strategy and transformation Partner with IBM where he advised insurance carriers on their operational transformations.

Hoeg, who joins as a senior director based in Philadelphia, is recognized for his experience in strategic planning, business process reengineering, operations improvement, organization planning and design, competitive analysis and performance measurement/benchmarking. He will lead the practice’s insurance benchmarking work, leveraging Efficient Frontier Analytics (EFA) to measure the operational efficiency and effectiveness of insurers. Previously, he served as Chief Strategy & Administrative Officer of Companion P&C Group and served in strategy and consulting roles at A.T. Kearney, Andersen Consulting and McKinsey.

Balaji, who also joins as a senior director based in Los Angeles, has developed and commercialized numerous analytical applications for insurance companies, including a model to track claims progress in real time and mitigate fraud through early identification. He has also developed methodologies to score claims experience information for policy renewal and retention. Prior to joining A&M, he held senior roles governing predictive analytics in the property and casualty insurance industry at Fair Isaac, Mitchell and Tech Mahindra.

“Insurance companies are seeking more accurate measures of performance to evaluate how they are faring against competitors and the overall market in order to minimize downside risk,” said Jim McDermott, Insurance and Risk Advisory Services managing director. “A&M helps clients assess the root cause of underperformance, whether it’s strategic or operational, and develop and implement plans that correct the source of the problem.”

“Arun, Greg and Laki have in-depth expertise and experience creating the solutions that help insurance companies benchmark, assess and improve core operations, and take strategic steps toward realigning their businesses. Their expertise further strengthens our capabilities and enhances the service offerings A&M brings to bear to help clients outperform competitors.”