Justin Balcombe joins L.E.K. Consulting’s insurance practice

16 March 2021 Consultancy.uk 2 min. read
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L.E.K. Consulting has appointed Justin Balcombe to co-lead the firm’s insurance practice. The London based expert will now head up the practice with fellow Partner Ashish Khanna.

Commenting on the news, Justin Balcombe said, “The insurance industry faces enormous challenges, from the impact of the Covid-19 pandemic, to regulation, the ESG agenda, digitisation and consolidation, and L.E.K. is a go-to adviser for insurers and their suppliers to turn to. The firm has a stellar reputation for its strategic advisory work, and I am excited to become part of the team.”

Balcombe brings more than three decades of experience in the insurance industry to L.E.K Consulting, and has previously advised CEOs, company boards and senior management teams on strategy, performance, business transformation and innovation. He has deep experience across the insurance value chain, including personal, large commercial and speciality lines, life, re-insurance, technology and claims management.

 Justin Balcombe joins L.E.K. Consulting to co-head insurance practice

Most recently, Balcombe was a Partner with Oliver Wyman’s insurance practice, following two years as a Managing Director with strategy consulting giant Boston Consulting Group. He was previously UK Head of General Insurance for Big Four firm KPMG and Insurance Segment Leader with its rival EY, and also held a similar role with Steria before that.

Speaking on Balcombe’s extensive experience, Clay Heskett, Head of L.E.K. Consulting’s Europe region, stated, “Justin is one of Europe’s leading consultants in insurance and brings a vast amount of experience advising senior management on their complex strategic issues. We are delighted that he has joined the firm and look forward to working with him as he expands our insurance practice.”

Taking up his new role in L.E.K.’s London office, Balcombe will co-head the firm’s insurance practice. This will see him lead the practice alongside fellow Partner Ashish Khanna. Having joined the firm in 2006, Khanna has substantial experience in strategy, decision support, mergers and acquisitions, and performance improvement projects across the UK, European and global markets.

Earlier in 2021, L.E.K. promoted two of its London based advisors to partners. Both Stephen Roper and Rebecca Scottorn had both been with the consultancy since 2011, before being appointed into the partnership as part of a global intake of eighteen new equity leaders.