October 2024: Top 11 Actuarial Consulting Firms, Companies, and Services
Updated: October 2024
"In mathematics, the art of proposing a question must be held of higher value than solving it." – Georg Cantor.
Actuarial consulting is a field where complex mathematical and statistical methods are used to assess risk in the finance and insurance industries. The expertise of actuarial consultants is helpful in guiding companies through the intricacies of risk management, policy design, and financial planning.
The Value of Actuarial Consulting Services
Actuarial consulting firms bring valuable strategic insights to businesses, using advanced analytics to predict future financial liabilities and advising on risk management strategies. These firms employ experienced actuaries whose assessments help companies mitigate risks, thus ensuring their long-term sustainability and profitability.
By quantifying the financial impact of risk and uncertainty, actuarial consultants play a crucial role in financial decision-making processes, from pricing strategies to policy underwriting.
Actuarial consulting services extend beyond traditional insurance and pension plans. They span a wide range of sectors including healthcare, investment, and enterprise risk management.
This broadening scope signifies the growing recognition of the importance of actuarial insights in diverse business environments. Whether it's through developing more accurate models for predicting customer behavior or enhancing financial risk management frameworks, the value these firms offer is indispensable in today's data-driven world.
Choosing the Right Actuarial Consulting Firm
Identifying the actuarial consulting firm that aligns with your company's specific needs is fundamental to leveraging the benefits these services offer.
Consider the firm's expertise in your industry. The challenges faced by insurers differ markedly from those encountered by healthcare providers or investment firms. A firm with a proven track record in your sector can offer more targeted and effective advice.
In addition, assess the firm's commitment to innovation and its use of technology.
The field of actuarial science is evolving rapidly, with advancements in data analytics, artificial intelligence, and machine learning offering new ways to assess and manage risk. A forward-thinking firm that invests in technology and fosters a culture of innovation will be better equipped to provide cutting-edge solutions that can give your company a competitive edge.
TL;DR Top Actuarial Consulting Firms, Companies, and Services
Alpha Apex Group: Alpha Apex Group offers premier actuarial consulting services, aiding businesses in managing risks and optimizing financial performance across sectors like insurance, pensions, and healthcare, with a focus on precise analysis, technological integration, and proactive strategies for sustainable success.
SIGMA Actuarial Consulting Group, Inc.: A property and casualty actuarial firm offering analytics-driven decision support and risk management solutions, with a focus on reducing total costs of risk.
Oliver Wyman: A global leader in actuarial services, offering innovative risk management solutions with a comprehensive approach, leveraging a vast network of actuaries.
Actuarial Consulting Services, Inc. (ACSI): An independent third-party administrator specializing in personalized retirement plan services, ensuring compliance and alignment with business objectives without selling investment products.
Illumifin: An actuarial consulting firm focused on the insurance sector, delivering data-driven insights and solutions for product pricing, financial reporting, and other specialized needs.
Ernst & Young (EY): A global consultancy providing a wide range of actuarial services to insurance companies, focusing on regulatory changes, economic uncertainties, and technological innovations to drive strategic and operational excellence.
Alpha Apex Group, Leaders in Actuarial Consulting.
Alpha Apex Group is recognized as a premier actuarial consulting firm, providing exceptional analytical services and strategic insights that help businesses manage risks and optimize financial performance. Their expertise spans various sectors, including insurance, pensions, and healthcare, where precise actuarial analysis is crucial for operational success.
With a team of seasoned actuaries and a commitment to technological integration, Alpha Apex Group delivers comprehensive solutions that address the complexities of financial modeling, risk assessment, and regulatory compliance. They employ the latest statistical techniques and software, ensuring accurate and actionable outcomes for their clients.
Key services:
Actuarial valuation and financial modeling
Risk management consulting
Pension and retirement planning
Insurance product development and pricing
Regulatory compliance and reporting
Why work with Alpha Apex Group:
Choosing Alpha Apex Group for actuarial consulting guarantees meticulous attention to detail and industry-leading expertise, helping your business navigate the intricacies of financial and risk management with confidence. Their proactive approach not only addresses current needs but also anticipates future challenges, securing a sustainable and profitable path forward.
SIGMA Actuarial Consulting Group, Inc. is a leading property and casualty actuarial firm dedicated to empowering risk management and insurance professionals with analytics for improved decision-making and reduced total costs of risk. W
With over 25 years of experience, SIGMA has been pivotal in aiding producers, risk managers, and captive insurance companies to navigate the complexities of risk management and compete more effectively in their respective markets.
Key Services:
Actuarial Consulting
Risk Management Solutions
Analytical Decision-Making Support
Captive Feasibility Studies and Analyses
Loss Projections and Reserve Analysis
Training and Educational Resources through RISK66®
Why work with SIGMA Actuarial Consulting Group, Inc.?
SIGMA offers a blend of analytical expertise, comprehensive service offerings, and a client-centered approach to actuarial consulting. Their commitment to leveraging analytical prowess to minimize the total cost of risk and improve decision-making processes sets them apart in the industry.
Additionally, their RISK66® platform offers accessible actuarial analytics, including loss forecasting and educational resources, enhancing the capabilities of their clients.
Oliver Wyman is a leader in actuarial services, with its operation extending across the globe. The company prides itself on its comprehensive approach to risk management, blending traditional actuarial principles with innovative solutions to address the challenges faced by its diverse clientele.
With offices across North America, Europe, Asia, and beyond, Oliver Wyman's actuarial practice is one of the largest employers of actuaries worldwide. This extensive network enables the firm to offer specialized knowledge on a variety of risks, ensuring clients receive objective, independent advice tailored to their unique needs.
Key Services:
Loss reserve analyses and captive support.
Pricing, loss forecasts, and alternative risk financing studies.
Retention level analyses and economic cost of risk assessment.
Predictive analytics and support for legal assistance or expert witness roles.
Why work with Oliver Wyman Actuarial Services?
Choosing Oliver Wyman Actuarial Services means entrusting your risk management and insurance solutions to a team that understands the science behind the numbers as well as the art of crafting custom solutions to complex challenges.
Their global presence, combined with a profound depth of expertise in risk management, positions Oliver Wyman as a preferred partner for clients looking to turn risk into opportunity.
Actuarial Consulting Services, Inc. (ACSI) stands out as an independent third-party administrator (TPA) focused on retirement plans, including defined contribution plans like 401k and 403b, as well as defined benefit pension plans and cash balance plans.
Founded in 1982, ACSI has carved a niche for itself by offering comprehensive, personalized TPA services aimed at aligning retirement plans with the business objectives and compliance requirements of its clients.
Unlike many TPAs, ACSI distinguishes itself by not selling investment products or providing investment advice, ensuring an unbiased focus on high-quality, efficient administrative services.
ACSI prides itself on facilitating businesses in choosing the right retirement plan tailored to their needs, ensuring that these plans are equipped with the appropriate features and managed correctly.
For defined benefit and cash balance plan services, ACSI provides ongoing actuarial services, participant benefit calculations, and compliance assistance, among other services.
Key Services:
Retirement plan administration for defined contribution and defined benefit plans
Actuarial valuations and studies
Recordkeeping and plan consulting
Compliance testing and IRS Form 5500 preparation
Why work with Actuarial Consulting Services, Inc.?
Choosing ACSI for retirement plan administration allows businesses to outsource complex administrative tasks, ensuring their plans are compliant and strategically aligned with their goals.
ACSI's independence from financial product sales or investment advice ensures that their services are focused entirely on the client's best interests, providing a level of unbiased support that is crucial for effective retirement plan management.
Illumifin provides comprehensive actuarial consulting services tailored for the insurance sector, focusing on delivering data-driven insights and solutions.
Their expertise spans product pricing, financial reporting, due diligence, business valuation, experience analysis, and product re-rating. By serving as data and analytics liaisons, they cater to third-party administration clients with traditional and specialized actuarial needs.
Key Services:
Rate Increase Support
Assumption Development & Review
LTC Projections and Model Conversion
Mergers and Acquisitions
Financial Reporting
Staff Augmentation and Training
Why work with Illumifin?
Illumifin is known for its commitment to transparent communication and leveraging its industry experience to address the most challenging insurance issues, supported by a team of expert actuaries renowned for their innovative problem-solving skills.
EY Actuarial Services positions itself as a partner to insurance companies navigating through major regulatory changes, economic uncertainties, and the rapid pace of technological evolution.
With a forward-looking approach, EY helps insurers not only to withstand these challenges but to harness them as opportunities for strategic, investment, and operational excellence.
Key Services:
Actuarial Transformation and Offshoring: Guiding insurers to optimize their actuarial systems for integrated risk and finance reporting in a cost-efficient manner.
Analytics: Leveraging statistical training and industry experience to provide analytical and modeling solutions that enhance decision-making.
Audit and Assurance: Technical support for auditing actuarial items and assistance with financial reporting, including new standards implementation and system reviews.
Banking and Capital Markets Quantitative Consulting Services: Development and validation of quantitative risk measurement methodologies.
Capital Management: Assistance with understanding and managing complex capital requirements, including in-house model development and stakeholder management.
Cyber Risk Measurement and Insurance: Integrated services for measuring and managing financial risks from cyberattacks.
Why work with EY Actuarial Services?
EY stands out for its global presence and multidisciplinary approach, combining industry knowledge with technological innovation to offer integrated services that address the most pressing challenges in the insurance sector.
Their proactive stance on regulatory changes and investment in cutting-edge technologies like Robotic Process Automation (RPA) positions them as a leader in actuarial services, ready to guide companies through transformational changes and operational efficiencies.
7. Wakely Consulting Group
Wakely Consulting Group is a leading provider of healthcare actuarial consulting services. With a focus on helping clients navigate the complexities of the evolving healthcare landscape, Wakely employs a blend of the finest tools, talent, and data to deliver exceptional solutions.
Established in 1966 and evolving into its current form in 1999, the firm has expanded its footprint across the United States, operating offices in key locations to harness top-tier talent. Their approach is rooted in a client-centric philosophy, ensuring projects of all sizes receive the same level of dedication and expertise.
Wakely focuses on producing innovative solutions and outstanding service. The firm’s expertise covers a broad range of healthcare industry facets, from carriers to providers and governmental agencies, with a strong capability in data analytics that provides clients with unique insights.
Key Services:
Medicare Consulting
Medicaid Consulting
Government and Non-Profit Consulting
Commercial Consulting
Broker Consulting Services
Investment Services
Value-based Payment Services
Quality Solution and Care Management Analyses
Why work with Wakely Consulting Group?
Wakely Consulting Group is positioned to guide clients through the healthcare sector's challenges with an understanding of actuarial practices, a commitment to leveraging diverse talent for innovative solutions, and a significant focus on client and employee satisfaction.
Their extensive experience and dedication to staying ahead of industry trends make them an invaluable partner for navigating the complexities of healthcare actuarial consulting.
8. Aon
Aon Actuarial & Analytics tackles the multifaceted aspects of risk management through a comprehensive suite of services. They specialize in risk quantification essential for crafting sustainable and successful risk management strategies.
Aon's innovative Risk Finance Decision Platform and Cost of Risk Allocation system underscore their commitment to aligning financial and actuarial analysis with insurance market dynamics, facilitating optimal risk management strategies for organizations.
Key Services:
Loss Reserving and Forecasting
Collateral Review and Negotiation
Cyber Modeling
Captive Feasibility Studies
Risk Appetite Modeling and Retention Analysis
Why Work with Aon?
Choosing Aon Actuarial & Analytics offers access to one of the largest pools of Property & Casualty consulting expertise in North America. Their broad industry coverage, innovative analytical tools, and comprehensive services ensure tailored, effective risk management solutions that align with your organizational goals and risk appetite.
Their focus on integrating financial and actuarial analysis with current market conditions aims to deliver sustainable, value-driven risk management strategies.
9. APR LLP
APR LLP is an actuarial firm with a history of delivering high-quality solutions to insurance companies and financial institutions within the UK and beyond.
For over 15 years, APR has specialized in providing interim resourcing support and actuarial consulting projects, distinguishing itself through a combination of quality and expertise that delivers substantial value.
The firm is known for its actuarial team of associates and contractors, capable of addressing all actuarial needs and offering access to some of the most challenging and diverse actuarial projects available.
Key Services:
Interim Resourcing Support
Actuarial Consulting Projects
Actuarial and Technical Solutions
Why work with APR LLP?
Choosing APR LLP means engaging with a firm that is not just run by actuaries but is deeply rooted in understanding the complex needs of the insurance and financial sector. APR's innovative approach leverages a blend of employed and contractor teams, ensuring clients receive a perfectly tailored blend of technical expertise and experience.
Their reputation for developing top actuarial talent assures that both clients and associates benefit from solutions that are precisely tailored to their needs.
10. Huggins Actuarial Services, Inc.
Huggins Actuarial Services, Inc., is an independent consulting firm in the actuarial and risk management domain. The company, recognized for its innovative solutions, offers a variety of tactical and strategic consulting services aimed at addressing the multifaceted challenges of actuarial and risk management.
Its service offerings are diverse, including but not limited to, loss reserving, enterprise risk management, appointed actuary services, economic capital modeling, rate making & product development, predictive analytics, actuarial forensic litigation & valuation services, individual claims simulation models, captive feasibility studies, and warranty & other accruals (Huggins Actuarial Services, Inc.).
Industries:
Insurers
Reinsurers
Self-insurers
Captives and risk retention groups
Healthcare companies and professionals
Brokers
Risk managers
Insurance departments and public agencies
Audit firms
Accountants
Investment bankers
Lawyers
Key Services:
Loss Reserving: Analysis, actuarial opinions, and reporting
Enterprise Risk Management: Comprehensive risk identification, quantification, monitoring, and management
Appointed Actuary: Essential actuarial services
Economic Capital Modeling: Financial impact quantification of risk
Predictive Analytics: Statistical techniques for making predictions based on current and historical facts
Actuarial Forensic Litigation & Valuation Services: Extensive experience in trial and pre-trial support, including expert witness testimony.
Why work with Huggins Actuarial Services, Inc.?
The firm distinguishes itself with a commitment to quality service delivered by highly skilled professionals. Their integrated team approach ensures responsive, technically excellent solutions tailored to client needs.
With a heritage dating back to 1911, Huggins Actuarial Services has evolved from being a leading authority on clergy pensions to a comprehensive provider of actuarial services. Today, they continue this legacy, combining analytical prowess and business acumen to design and manage risk control programs.
11. NovaRest Actuarial Consulting
NovaRest Actuarial Consulting specializes in offering data-driven insights to enhance healthcare affordability and efficiency while managing risks for stakeholders.
With over two decades in business, the company is known for its commitment to delivering personalized, ethical solutions without overpromising, thus always overdelivering.
Founded and led by Donna Novak, the team at NovaRest consists of actuaries with prestigious designations and extensive experience in the health industry, ranging from 20 to 30 years.
Key Services:
Product development and rate setting for health plans.
Regulatory support including Medicare bid and rate filing reviews.
Financial reporting and expert witness testimony.
Why work with NovaRest Actuarial Consulting?
NovaRest prides itself on combining the technical abilities of larger firms with the personal touch of a smaller company.
Their actuarial expertise is backed by a philosophy of honesty and ethical practice, offering competitive rates and ensuring that every client receives tailored, impactful solutions.
Key Factors to Consider When Choosing an Actuarial Consulting Firm
Reputation and Experience: Look for firms with a strong reputation in the industry, demonstrated by their track record and the experience of their actuaries. The depth of experience in specific areas of actuarial science can be a strong indicator of their capability to handle your needs.
Range of Services: Consider the variety of services offered. Firms that provide a broad range of services, including risk management, financial reporting, and compliance, can offer more comprehensive support for your business.
Technological Capabilities: In today’s data-driven environment, it’s crucial that the actuarial firm employs the latest technologies and software to ensure accurate and efficient analysis and reporting.
Client Testimonials and References: Seek out feedback from current and former clients to gauge their satisfaction with the actuarial firm's services, communication, and outcomes.
Regulatory Compliance: Ensure the actuarial firm is well-versed in the latest regulations and standards governing your industry, as well as international standards if your operations are global.
What Actuarial Consulting Firm Will You Choose?
The right actuarial consulting firm is important for any business that deals with risk assessment and financial forecasting. The actuarial firm you choose will play a critical role in your company’s ability to navigate financial risks, comply with regulations, and make informed decisions about future strategies.
