Before McKinsey, there were still angry policyholders. Before McKinsey, insurance companies lowballed claims. But McKinsey systematized it. And because the firm has no qualms about advising multiple companies in the same industry, its ideas metastasized. As competitors saw Allstate’s profit soar and its executives become wealthy, other insurers hired McKinsey. This is the McKinsey way and has been since the firm’s early days. With McKinsey, there’s no promise of exclusivity. It takes on work with multiple companies in fiercely competitive industries, from tobacco to banking to drugmakers.
