McLagan provides compensation consulting, operational benchmarking and best practices research for the insurance industry.
Armed with over 20 years of experience in the insurance sector and current market data, our insurance team is well positioned to help clients identify opportunities and make well-informed decisions so they can meet the challenges of ever-changing market conditions.
Our deep industry knowledge, ongoing research and proprietary study data enables us to provide each consulting engagement with both quantitative and qualitative consideration. While the scope of our consulting work varies, we are highly skilled at working with organizations to:
- Provide pay advisory services to senior management and their board of directors.
- Benchmark competitive pay levels and practices and related human resource issues.
- Design annual, long-term and sales incentive plans.
Our coverage is global through our offices in Stamford, Chicago, New York, Cincinnati, London, Tokyo and Hong Kong.
McLagan offers operational benchmarking services through our sister company, Ward Group, the leading provider of benchmarking and best practices research for the insurance industry. The firm conducts detailed analysis of revenue, expenses, and staff for the entire organization and provides benchmarks to measure the operating performance of insurance companies as a whole, compared to separate business units within the organization or by country or region.
Ward Group benchmarking starts with information taken directly from the general ledger. Experienced analysts examine the data for each company, consider the differences in operating structure and map it into a common framework. The result is true apples to apples performance comparisons to other insurance companies that are not publicly available and cannot be replicated internally.
Ward Group consultants work with clients to:
- Benchmark expenses, staff and operations at a granular business level.
- Identify drivers of performance and quantify the cost of performance gaps.
- Normalize data based on business mix, distribution and geography.
- Balance the pay for performance equation.