Top Insurance Consulting Firms 2024 (Regional Ranking)


The Big 4 ranks among the best insurance consulting firms, surpassing even the MBB, thanks to their expertise in finance. Hence, 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.

 

What is Insurance consulting? 

Insurance consulting helps… insurance companies

In management consulting, insurance consulting supports insurance companies to solve their business problems. The service ranges across a wide variety of insurance fields: property and casualty insurance, annuity and life insurance, etc.

Insurance is an industry classification of management consulting, itself may include smaller branches such as operations, human resources, publicity, etc. 

Insurance consulting firms can be divided into 3 groups: the international firms that specialize in insurance consulting (Capco being the most notable), the big consulting powerhouses that have their own healthcare arm (MBB, Big 4) and boutique firms that focus on a local geographical area.

The Big 4 are extremely well-regarded in insurance consulting

The Big 4 firms rank high among the top insurance consulting firms, even compared to the MBB thanks to their expertise in finance-related services like accounting, auditing, and assurance. This should be no surprise since all of them started out in accounting & finance. 

If you’re looking for an insurance consulting firm, the Big 4 are usually the best choices, considering both expertise and prestige.

Insurance consulting salary and compensation

On average, an insurance consultant can make around $75,000 a year before bonuses. Depending on your experience, qualifications, seniority and how big the firm is, the average annual salary may range from $40,000 to $140,000.

Some fringe benefits that consulting firms can offer are sick leaves, vacations, payroll taxes, travel reimbursements, etc.

 

Top insurance consulting firms in the world

The following lists are sourced from Consultancy.org. It is a consultant global network that includes. consulting.us, consultancy.eu, consultancy.asia. Consultancy.org ranks firms based on depth of offerings, advisory, expertise, track records and quality of thought leadership. Data is collected from both clients and consultants.

Ranking

Firms

1

KPMG

2

Capco

3

EY

4

Deloitte

5

McKinsey & Company

6

Delta Capita

7

Bain & Company

8

BearingPoint

9

Boston Consulting Group

10

INNOPAY

11

Elixirr

12

Mazars

13

OC&C Strategy Consultants 

14

Projective

15

Q5

16

Valcon

Top insurance consulting firms in the US

Ranking

Firms

1

Capco

2

EY

3

KPMG

4

PwC

5

Deloitte

6

McKinsey & Company

7

Oliver Wyman

8

Accenture

9

Bain & Company

10

Roland Berger

11

Boston Consulting Group

12

Mercer

13

OC&C Strategy Consultants 

14

Q5

Top insurance consulting firms in Europe

Ranking

Firms

1

KPMG

2

INNOPAY

3

Delta Capita

4

Deloitte

5

OC&C Strategy Consultants 

6

Valcon

7

McKinsey & Company

8

Bain & Company

9

BearingPoint

10

Mercer

Top insurance consulting firms in Asia

Ranking

Firms

1

Deloitte

2

KPMG

3

Bain & Company

4

McKinsey & Company

5

Boston Consulting Group

6

Mercer

7

FTI Consulting

8

OC&C Strategy Consultants

9

Q5

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