Insurance Consulting Services Market Report 2025

The insurance consulting services market size has grown strongly in recent years. It will grow from $10.42 billion in 2024 to $11.26 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%. Growth in the historic period was driven by increasing regulatory compliance requirements, rising adoption of digital transformation in insurance, growing demand for risk management expertise, greater complexity in insurance products, and an increasing focus on cost optimization by insurers.

The insurance consulting services market size is expected to see strong growth in the next few years. It will grow to $15.15 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. Growth in the forecast period is expected to be driven by the rising demand for cyber risk management solutions, increasing need for personalized insurance strategies, greater focus on climate risk assessment, and growing adoption of cloud-based solutions. Key trends projected for this period include advancements in AI-driven consulting platforms, enhanced data analytics for risk assessment, development of customized digital insurance solutions, innovations in compliance management tools, and progress in integrated consulting and technology services.

The increasing adoption of digital transformation is expected to drive growth in the insurance consulting services market in the coming years. Digital transformation involves leveraging digital technologies to improve business processes, enhance customer experiences, and foster innovation across organizations. Its adoption is rising as insurers aim to deliver faster, more personalized, and seamless customer experiences to remain competitive. Insurance consulting services support this transformation by helping companies modernize core operations, implement cloud-based solutions, and apply advanced analytics. These services streamline processes, accelerate decision-making, and improve customer engagement, boosting efficiency and competitiveness. For example, in May 2023, the European Investment Bank reported that 69% of EU firms had implemented advanced digital technologies in 2022, up from 61% in 2021, highlighting the growing momentum for digital transformation.

Companies in the insurance consulting services market are increasingly investing in data-driven consultancy units to enhance decision-making and risk management. Data science consultancy units utilize artificial intelligence, machine learning, and advanced analytics to extract insights from large insurance datasets, optimizing underwriting, pricing, claims processing, and customer engagement. For instance, in May 2023, Willis Towers Watson (WTW) plc, a UK-based insurance consulting firm, launched a Data Science Consultancy unit within its Insurance Consulting and Technology (ICT) business. The unit aims to help insurers harness data effectively, integrate advanced analytics into business operations, and overcome challenges related to data quality and risk management, ultimately enabling better-informed decisions.

In March 2025, Accenture plc, a UK-based professional services company, acquired Altus Consulting Corporation for an undisclosed sum. This acquisition allows Accenture to strengthen its digital insurance capabilities and support clients in reinventing their businesses with advanced digital solutions. Altus Consulting Corporation, based in the US, specializes in management and insurance consulting services, and the acquisition enhances Accenture’s ability to deliver innovative, data-driven strategies to help insurers serve their customers more effectively.

Major players in the insurance consulting services market are Accenture plc, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, KPMG International Limited, Capgemini SE, Marsh McLennan Agency, McKinsey & Company, The Boston Consulting Group Inc., S&P Global Inc., WTW plc, Bain & Company, Moody's Corporation, Oliver Wyman Group, FTI Consulting Inc., Verisk Analytics Inc., Mercer LLC, Roland Berger Holding GmbH, Kroll LLC, Milliman Inc., Projective Group, Paladin Risk Management Services, RiskWatch International LLC.

North America was the largest region in the insurance consulting services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance consulting services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the insurance consulting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Insurance consulting services provide specialized guidance and strategic support to insurance companies and corporate clients. They focus on optimizing operations, enhancing risk management, ensuring regulatory compliance, improving product strategies, and strengthening customer engagement. These services aim to boost efficiency, reduce risk, ensure compliance, and increase customer trust and profitability within the insurance ecosystem.

The main types of insurance consulting services include risk assessment and management, claims management, compliance consulting, tailored insurance solutions, and insurance audits. Risk assessment and management involves identifying, analyzing, and mitigating potential threats to minimize their impact on an organization’s objectives and operations. These services are delivered through various deployment modes, including on-premises and cloud-based solutions, and cater to both small and medium-sized enterprises as well as large enterprises. Applications include operational efficiency and cost optimization, enhancing customer experience, and fraud detection and claims analytics, with key end users including insurance companies, brokers, regulatory bodies, and corporate clients.

The insurance consulting services market research report is one of a series of new reports that provides insurance consulting services market statistics, including insurance consulting services industry global market size, regional shares, competitors with an insurance consulting services market share, detailed insurance consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the insurance consulting services industry. This insurance consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The insurance consulting services market includes revenues earned by entities through policy analysis, premium optimization, employee benefits consulting, and strategic planning for insurance coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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