Insurance Consulting Services Market Report 2026

The insurance consulting services market size has grown strongly in recent years. It will grow from $11.26 billion in 2025 to $12.15 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing regulatory complexity across insurance markets, rising exposure to operational and underwriting risks, growing need for cost optimization initiatives, expansion of insurance product portfolios, increased focus on governance and compliance frameworks.

The insurance consulting services market size is expected to see strong growth in the next few years. It will grow to $16.28 billion in 2030 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing investments in AI-driven consulting services, rising demand for data-driven decision support, expansion of cloud-based advisory models, growing focus on cybersecurity risk consulting, increasing outsourcing of specialized insurance advisory services. Major trends in the forecast period include increasing adoption of advanced risk analytics advisory, rising demand for regulatory compliance consulting, growing focus on digital transformation roadmaps, expansion of fraud detection and claims analytics services, enhanced emphasis on customer experience optimization.

The growing adoption of digital transformation is expected to drive the expansion of the insurance consulting services market in the coming years. Digital transformation involves implementing digital technologies to optimize business processes, improve customer experiences, and foster innovation throughout the organization. The rise of digital transformation is driven by the increasing demand for faster, more personalized, and seamless customer experiences to maintain competitiveness. Insurance consulting services support digital transformation by assisting insurers in modernizing core operations, adopting cloud-based platforms, and utilizing advanced analytics. They help eliminate inefficiencies by streamlining processes, enabling quicker decision-making, and enhancing customer experience, thereby promoting innovation and competitiveness. For example, in October 2024, the European Investment Bank, a Luxembourg-based lending institution of the European Union, reported that 74% of EU firms were using advanced digital technologies in 2024, up from 69% in 2022. Consequently, the rising adoption of digital transformation is fueling the growth of the insurance consulting services market.

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 companies operating 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 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance consulting services market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance consulting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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