LONDON, July 22, 2026 — The global insurance consulting services market is forecast to expand steadily over the next several years, driven by technological advancements and evolving industry demands, according to a new report from The Business Research Company (TBRC).

Market Projections

The report estimates the market will grow to $16.28 billion by 2030, representing a compound annual growth rate (CAGR) of 7.6% during the forecast period. The anticipated growth is supported by increased investments in AI-powered consulting, a surge in demand for data-centric decision-making tools, wider adoption of cloud-based advisory frameworks, a stronger focus on cybersecurity risk consultations, and a growing trend toward outsourcing specialized insurance advisory functions.

Key Market Players

Leading firms in the space include 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., Willis Towers Watson (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, and RiskWatch International LLC.

Market Trends

Several trends are shaping the market, including the rising use of advanced risk analytics, greater demand for regulatory compliance support, emphasis on digital transformation strategies, growth in fraud detection and claims analytics offerings, and a heightened focus on optimizing customer experience.

Technology companies in the sector are increasingly developing data-driven consultancy teams to help insurers unlock value and enhance decision-making. For instance, in May 2023, WTW launched a Data Science Consultancy unit under its Insurance Consulting and Technology division to integrate advanced analytics and machine learning into insurance workflows.

Market Segmentation

The report segments the market by service type (risk assessment and management, claims management, compliance consulting, tailored insurance solutions, insurance audits), deployment mode (on-premises, cloud), enterprise size (small and medium enterprises, large enterprises), application area (operational efficiency and cost optimization, customer experience enhancement, fraud detection and claims analytics), and end-user (insurance companies, brokers, regulatory bodies, corporates). Subcategories within risk assessment include enterprise risk management, underwriting risk evaluation, and catastrophe risk modeling. Claims management covers claims processing optimization and fraud detection. Compliance consulting includes regulatory change management and licensing support.

International Context

Globally, insurers are under pressure to modernize systems, improve risk assessment, and meet evolving regulatory standards. The insurance consulting market plays a critical role in facilitating digital transformation, particularly in regions such as North America, Europe, and Asia-Pacific, where adoption of AI and cloud technologies is accelerating. The growth of the market reflects broader trends in the financial services industry toward data-driven decision-making and operational efficiency.

Future Outlook

Over the next 2–5 years, the insurance consulting market is expected to see continued investment in analytics tools and AI, increased demand for cybersecurity consulting, and expansion of cloud-based advisory services. Regulatory changes in major insurance markets, including the European Union’s Solvency II and emerging frameworks in Asia, are likely to sustain demand for compliance consulting. Firms that integrate advanced data science capabilities are expected to gain competitive advantage.

This article is based on a market research report published by The Business Research Company. The report includes data from over 1.5 million datasets and covers 27 industries across 60+ geographies.