Deloitte changes US insurance leader; says sector ‘poised’ for growth
Deloitte has appointed a new leader of its US insurance practice with incumbent Gary Shaw moving to a role focussing on the organisation's largest and most strategic accounts.
Karl Hersch (pictured) will succeed Shaw as leader of Deloitte's US insurance sector, which is a strategic focus area within its financial services industry practice.
In his new role, Hersch will oversee more than 3,200 practitioners providing a broad range of services to organisations across the insurance industry. Hersch, a principal with Deloitte Consulting, will be responsible for leading the overall insurance sector strategy, bringing practice areas together to serve Deloitte's portfolio of insurance clients.
Hersch has 30 years of experience and has held numerous leadership roles, serving as the US insurance consulting practice leader since 2019. He has served many of the Deloitte's largest financial services clients in the US and globally, and was the insurance finance transformation practice leader as well as the financial services industry enterprise performance practice leader.
During his tenure, Shaw oversaw the growth of Deloitte's US insurance practice, while also serving as the lead client service partner for a major global insurance company.
Deloitte's insurance group brings together specialists from actuarial, risk, strategy, operations, technology, tax and audit, allowing it to offer a breadth of services to clients in the life and annuity insurance, property and casualty insurance, reinsurance, group insurance, and brokerage segments.
"I have known Karl for 25 years and am confident that his dedication to serving our clients and developing our team will enhance our capabilities to solve our clients' most important challenges in this continually evolving environment," said Shaw.
Hersch added: "Our insurance sector has seen tremendous success, and I am thrilled to lead such a talented group of professionals that continues to deliver deep experience and impactful solutions for our clients. We are poised to continue growing our business by delivering insights on the future of the industry and purpose-driven change to help our clients thrive. As technology and other sectors are converging to shape the future of insurance, we will continue to help influence the insurance industry by bringing the best of Deloitte to help clients navigate and solve the most complex and critical issues facing their businesses."
Monica O'Reilly, vice chair and US financial services industry leader for Deloitte, noted: "Karl is a seasoned leader who will bring his knowledge of the insurance industry, strong relationships with clients, and impactful leadership to the role. His ability to bring the breadth and depth of the organisation will continue to help Deloitte thrive in the marketplace and deliver lasting value for our clients."
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