Insurance industry is on the verge of a seismic shift, led by technology-driven companies. In this changing time, many insurance companies seek help from professionals to transform themselves.  Insurance consulting is becoming an exciting work opportunity. This article will provide a brief definition of insurance consulting and rankings of the top firms to work for. 

1. Insurance Consulting Overview

What is Insurance Consulting?

In management consulting, insurance consulting is the service of helping companies in the insurance industry solve their business problems. The service ranges across a wide variety of insurance fields: Property and Casualty Insurance, Annuity and Life Insurance and so on. 

In general, an insurance consultant will work with insurance companies to help them develop a growing strategy or optimize multiple aspects of their current working processes, for example enhancing the quality of underwriting execution, or devising a digital strategy and embedding analytics in claim settlement. This position is to be distinguished from insurance consultants or agents from insurance companies, who deliver necessary guidance for the insureds. 

The consulting industry is normally categorized by functions, industries or tiers. Insurance consulting is an industry classification. Firms from any tier (MBB, Big4, Boutique, etc.) can provide insurance consulting services.

Salary and Compensations

Like any other management consulting position, insurance consultant is a high paying job. On average, an insurance consultant earns approximately $67,808 per year (according to indeed.com). However, if you work for top consulting firms with insurance consulting service, you can expect your annual paycheck to be around $88,395

This comes along with many workplace perks, including bonuses, health saving accounts, life insurance, professional development assistance, etc.

2. Top Insurance Consulting Firms Rankings

Below are ranking lists of top insurance consulting firms in the world, in the U.S.A, Europe, Asia and UK, ranked by consultancy.org – global largest platform for the consulting industry. The platform provides information for consultants across many industries. 

Top Insurance Consulting Firms in the world

Rank

Name

1

KPMG

2

EY

3

Deloitte

4

McKinsey & Company

5

Capco

6

Delta Capita

7

BearingPoint

8

Bain & Company

9

Boston Consulting Group

10

Elixirr

11

INNOPAY

12

Mazars

13

OC&C Strategy Consultants

14

Projective

15

Q5

Top Insurance Consulting Firms in Europe

Rank

Name

1

KPMG

2

Cappo

3

Deloitte

4

Delta Capita

5

Innopay

6

OC&C Strategy Consultants

7

McKinsey & Company

8

Bearing Point

9

Bain & Company

10

Mercer

Top Insurance Consulting Firms in Asia

Rank

Name

1

Deloitte

2

KPMG

3

Bain & Company

4

McKinsey & Company

5

Boston Consulting Group

6

Mercer

7

OC&C Strategy Consultants

8

Q5

Top Insurance Consulting Firms in the USA

Rank

Name

1

Capco

2

EY

3

KPMG

4

PwC

5

Deloitte

6

McKinsey & Company

7

Oliver Wyman

8

Accenture

9

Roland Berger

10

Bain & Company

11

Boston Consulting Group

12

Mercer

13

OC&C Strategy Consultants

14

Q5

Top Insurance Consulting Firms in the UK

Rank

Name

1

McKinsey & Company

2

Delta Capita

3

KPMG

4

Accenture

5

BearingPoint

6

Deloitte

7

Bain & Company

8

Capco

9

Elixirr

10

FTI Consulting

11

Q5

12

Roland Berger

13

OC&C Strategy Consultants