Oliver Wyman Hits $1B Quarter

Consulting is driving Marsh McLennan’s growth engine right now, with Oliver Wyman posting a standout $1 billion quarter—up 14% even as reinsurance revenue slipped. The consulting wave is giving Marsh real pricing power and pulling in capital for new hires and tech, while insurance pricing softens worldwide. But there’s a catch: to keep margins up and investors happy, Marsh is doubling down on operational discipline and shifting resources to high-demand regions like Europe and Asia Pacific.

Meanwhile, Oliver Wyman’s deep dive into airport retail exposes a $5 billion gap: passenger numbers are soaring, but travel shopping isn’t keeping up. The main drag is Asia-Pacific, where Chinese travelers are spending less abroad, while Europe is winning thanks to fresh duty-free rules and better airport experiences. Demographics are shifting fast—Gen Z and Millennials now dominate travel spending but buy less in airports, so retailers are racing to build smarter, more personalized shopping experiences, often using AI and dynamic pricing.

On the healthcare front, UnitedHealthcare and Humana are cutting nearly a million Medicare Advantage plans for 2027, squeezing benefits and shifting toward tighter HMO networks as medical costs surge. Oliver Wyman’s actuarial team is helping carriers navigate this overhaul—expect more portfolio pruning and network renegotiations as insurers fight to keep members and margins intact. Featuring insights from CEO John Doyle and Oliver Wyman’s Brooks Conway.

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