Global Actuarial Service Market Overview:
Actuarial services are a way for businesses to determine, assess, and plan for the financial impact of risk. Actuaries use mathematical and statistical models to assess risk in the insurance and finance industries. In addition to mathematical and statistical methods, actuaries use probability, finance, economics, and computer programming to create actuarial models. Actuarial science evaluates and forecasts future payouts for insurance and other financial industries such as the pension industry. Other disciplines, such as economics, probability, and computer programming, are also used to develop actuarial models. Actuarial services forecast risk and uncertainty and assist businesses in planning for future probabilities and possibilities.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rise of Advanced Analytics and Big Data in Actuarial Services
Market Growth Drivers:
Increasing Demand from Insurance Sector and Growth of Non-Traditional Actuarial Services
Challenges:
High Competition among Established Players
Restraints:
High Cost of Actuarial Services
Opportunities:
Growing Actuarial Services in Pharmaceutical and Medical Sector
Competitive Landscape:
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Some of the key players profiled in the report are KPMG Global (Netherlands), Ernst & Young (United Kingdom), Marsh McLennan (United States), Wipro (India), Deloitte (United States), Capita (United Kingdom), Baker Tilly US, LLP (United States), BDO LLP (United Kingdom), Aon (United Kingdom), CBIZ, Inc. (United States), SS&C Technologies (United States) and Lockton Companies (United States). Additionally, following companies can also be profiled that are part of our coverage like Xceedance (United States) and ARGenesis (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Actuarial Service market by 2028. Considering Market by Services, the sub-segment i.e. Due diligence services will boost the Actuarial Service market.
Latest Market Insights:
In November2020 Deloitte had announced the acquisition of pension scheme administration and actuarial consultancy arm of Kerr Henderson Group. Following the acquisition of a portfolio of nearly 100 pension schemes from Legal & General's final pay consulting business, the transaction is the next step in Deloitte's pension’s business expansion.
In November 2022, Oliver Wyman, a global management consulting firm and a subsidiary of Marsh McLennan acquired Avascent. Avascent is a management consulting firm specializing in Aerospace and Defense (A&D), focusing on serving corporate and private equity clients. This acquisition further strengthens Oliver Wyman's capabilities in the A&D sector, allowing them to provide enhanced consulting services to clients in this industry. The merger brings together the expertise and resources of both firms, positioning them to deliver comprehensive solutions and strategic insights to their clients in the A&D sector.
In July 2022, Ernst & Young announced the enhancement of its EY Insurance Industry Cloud for SAP solutions. This enhancement is aimed at assisting insurance organizations in accelerating their digital transformation initiatives. By leveraging SAP solutions and EY's industry-specific capabilities, the EY Insurance Industry Cloud provides a tailored cloud-based platform for insurers to streamline their operations, improve customer experiences, and drive innovation. The enhanced solution will offer advanced functionalities such as data analytics, automation, and artificial intelligence to help insurers optimize their processes and make data-driven decisions. This announcement reflects EY's commitment to supporting insurance companies in their digital journey and enabling them to stay competitive in the evolving market.
What Can be Explored with the Actuarial Service Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Actuarial Service Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Actuarial Service
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Actuarial Service market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Actuarial Service market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Insurance Sector, Healthcare and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.