Business advisory and consulting services
Strategy only matters if it delivers. We collaborate with insurers and asset managers to turn intent into outcomes, bringing together delivery, operations, technology, data and AI with ownership that drives real progress.
Turning business strategy into measurable outcomes.
We help insurers and asset managers translate ambition into delivery: improving performance, cost efficiency and growth through target operating design and business transformation. From product launches to M&A transactions, post-merger integration to operational improvement, we combine deep industry expertise, advanced analytics and hands-on execution to deliver lasting impact at pace.
Our engagements are designed to embed capability within your organisation – strengthening teams, ways of working and outcomes without creating long term dependency on external support.
Benefits of working with Milliman
We build capability, not consultancy dependency
We leave your team stronger than we found it. We improve processes, implement practical solutions and equip your teams with the tools, frameworks and knowledge to sustain progress long after the engagement ends.
Our goal is for you to confidently own the improvement—and keep building on it without us.
Insurance and asset management expertise with a fresh perspective
We combine the long-standing established industry expertise with a modern, pragmatic, new team. In a complex environment shaped by regulation, market volatility and cost pressure, changes are inevitable. Our blended team provides you with an additional layer of capability and experience that allows us to adapt quickly and deliver practical, informed recommendations tailored for you.
Outcome-driven, time-bound engagement
We agree on clear objectives, defined milestones and transparent timelines up front. We avoid open-ended consulting cycles and focus on tangible results, delivered at pace and within your scope, so results land quickly.
Collaborative delivery with your teams
We don’t parachute in and prescribe solutions. Our approach is deliberately collaborative. We work alongside your teams, integrating with them to jointly design and deliver practical improvements. We value and respect internal expertise, co developing solutions that are realistic, adoptable and sustainable across business, risk, compliance, finance and technology
Business operations improvement
We design and deliver scalable operating models aligned to growth strategies, regulatory expectations and customer needs.
Support we provide includes:
- Target operating model (TOM) design and implementation: Define and embed operating models that align strategy, structure, processes, governance and capabilities to enable scalable and efficient execution.
- Vendor strategy and selection: Develop sourcing and vendor strategies, including outsource versus insource assessments, evaluation criteria and supplier selection, to provide value for money and increase performance and governance to improve resilience.
- Cost transformation: Identify, quantify and deliver sustainable cost-reduction opportunities through operational efficiency, process optimisation and structural change while protecting value and performance.
- Location and workforce strategy: Design location and talent models that balance cost, capability, risk and resilience, including workforce segmentation.
- M&A and transaction support: Pre‑deal due diligence, post‑merger integration and synergy creation across operations, people, data, technology and governance to accelerate value creation.
Data and AI strategy
We enable organisations to turn data and artificial intelligence (AI) into practical, governed capabilities that deliver measurable outcomes. Support we provide includes:
Data strategy and data operating model
Define company-wide data strategies and operating models that clarify ownership, decision rights, architecture and ways of working to enable data efficiency at scale.
AI use‑case identification, prioritisation and value tracking
Identify and assess high‑impact AI use cases, prioritise them based on feasibility and value, and establish mechanisms to track benefits and business impact.
Data analysis, insight generation and visualization
Deliver advanced analytics and insights through rigorous analysis and clear visualisation, enabling leaders to make faster, better‑informed decisions.
Data governance, quality management and controls
Design and embed data governance frameworks, quality standards and controls for trusted, compliant and resilient data across the organisation.
Change and transformation
We enable organisations to deliver complex change programmes from mobilisation through delivery, stabilisation and benefits realisation.
Support we provide includes:
- Change effectiveness: Support portfolio prioritisation to focus investment on what matters most, supported by clear change organisation structures that enable strong governance, accountability, and effective delivery.
- Transformation strategy and governance:Build clear transformation roadmaps and governance structures that align leadership, decision making and accountability to drive sustainable change.
- Programme and portfolio delivery:Lead complex programmes and portfolios end to end, ensuring timely delivery, milestone management and alignment to overall business plan.
- Assurance, recovery and risk oversight: Identify delivery risks early and design recovery programmes to get underperforming initiatives back on track.
- Business case development and value realisation:Build robust, evidence‑based business cases and establish tracking mechanisms to ensure benefits are realised and sustained over time.
Technology strategy and architecture
We define and deliver technology strategies that help businesses scale, optimise resilience and future proof their technology architecture. Support we provide includes:
Application and architecture strategy
Define application and technology architectures that align with business strategy, simplify complexity and support scalability.
Platform and vendor strategy (including third‑party risk)
Source platforms and vendors and model third‑party risks to future-proof operations.
Technology simplification and rationalisation
Reduce technology complexity & cost through rationalisation, and streamline legacy technology to modernise where necessary.
CIO advisory and technology operating model
Advise CIOs and technology leaders on operating models, governance and capability design to improve decision making, performance and strategic impact.
See how Milliman is helping clients
- Outsourcing and operating model transformation for a major UK life insurer
- Enterprise data strategy for a global asset manager
- Global private markets platform launch for an investment house
- Post-merger integration for major asset manager
Outsourcing and operating model transformation for a major UK life insurer
Led the outsourcing and lift-out of middle- and back-office services, redesigning the future-state operating model and governing the transition to reduce risk, cost and complexity.
Challenge
Our client aimed to outsource middle-office and fund services to a new supplier, with a priority on maintaining operational continuity throughout the transition. The target operating model (TOM) also needed to be redesigned post lift-out.
Approach
We led supplier mobilisation and programme governance, aligning lift-out delivery to the heads of terms. We defined the future-state TOM and transition roadmap and managed the programme end to end from inception through delivery.
Outcome
Lift-out completed within seven months. We reduced operational risk during migration, introduced clearer governance under the new supplier model and lowered the client’s ongoing operating costs.
We’re here to help
Ask the tough questions. We’re ready for them.