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.