If you are looking for Biggest Actuarial Firms, then you have landed at the right place. In this article we have provided the complete information about Top 10 Biggest Actuarial Firms in the World.
Actuarial firms provide actuarial, statistical, risk-management, and related services to insurance companies, and other large institutions with a need to carefully calibrate risk. Here is the list of Top 10 Biggest Actuarial Firms.
Top 10 Biggest Actuarial Firms
Accenture is an Irish professional service that provides consultancy at a global level, about 120 countries. In 2008, it was mentioned in Ethisphere Institute’s “World’s Most Ethical Companies”.
It differs from other companies in its methods of technology implementation. This focuses more on results instead of formal and inefficient approaches. It also takes part in community outreach programs such as:
- Training community health workers in Africa.
- Hosting Summer immersion programs to help girls advance in STEM subjects.
- In COVID-19 providing help to working parents by tripling its dependent-care hours.
2. McKinsey and Company
One of the “Big Three” management consultancy firms. Today, it employs more than 30,000 staff across more than 120 offices. It is able to generate revenues higher than $8.8 billion annually.
McKinsey is devoted to providing its clients effective predictive insights that maintain and improve business consistency. Its deliverables are:
- Creating go-to-market strategies for entering commercial and governmental insurance markets.
- Helping to develop new products or improve them – such as high-performance networks.
- Improve risk-adjustment programs of clients.
- Analyzing cost and revenue; finding opportunities of cutting down costs and improving growth.
AON is a UK professional services company with over 500 offices worldwide. They provide firms with insights for risk management and deliver efficient solutions for retirement and healthcare plans. It is devoted to developing a diverse environment regardless of sex, race, age, or ethnicity. It has a manpower of more than 50,000 in 120 countries.
Mission: Providing insights to reduce volatility and improve performance; via the use of proprietary data and analytics.
4. APR Actuarial Solutions
APR is devoted to providing actuarial and technical solutions for insurance and finance firms. APR’s different and unique approach is to employ its own workers as well as hire teams on a contractual basis. This allows them to provide an accurate blend of experience and expertise for a wide variety of client’s requirements. Some notable features of APR are:
- The flexible, high-quality, dual team approach solutions, which sets APR apart from the competition.
- A devoted team of talented employees with tasks none other than via APR.
- Ability to couple with contractors to provide cost-effective solutions focused on value and risk reduction.
5. Barnett Waddingham
It is another one of the UK’s largest actuarial consulting firms. They offer a personal touch to their services – treating the client’s firm as one of their own. They specialize in Direct Benefit (DB) pension issues and have an in-depth knowledge of the matter.
They also have a significant understanding of risk markets for employer consulting firms. Some of the most important deliverables are:
- Bringing insights and solutions based entirely on the client’s needs.
- Providing solutions to meet pension scheme goals.
6. BDO Global
BDO claims to offer the right mix of skills and expertise in the insurance sector. BDO provides audit services for national and international insurance clients; and covers 162 countries.
They have incredible actuarial skills and experience in the valuation of life and non-life companies. In the vast deliverables of BDO, it also provides advice on:
- Regulatory and Accounting services
- Internal audits and compliances
- Digitization and cybersecurity implementation
- And finally, providing first aid support for insurers against issues from COVID-19
Buck has the wisdom of years from being operational for more than a century (1916). It started as solely devoted to actuarial services. It has now expanded towards consultancy services across pensions; health and life insurances; personal financial planning and investing.
Notable features of Buck are:
- Consulting services for trustees and plan sponsors.
- Partnering with clients for efficient and effective decisions.
- Providing support across every step of the pension journey.
- Risk management and plan wind-up strategies.
- Cost management through cash funding negotiations, liability management, and merger planning.
8. XPS Pensions Group
XPS is the UK’s largest actuarial firm that specializes in pension actuarial. They have deep experience and can invest in solutions beneficial to clients. And also, they are agile to adapt quickly to the needs of changing world.
Approach: To filter out unnecessary information and provide clients access to the latest technology. This enables the clients to monitor scheme funding in real-time, test different scenarios as well as control the range of pension scheme risks.
- Revenues over $150 million.
- 1,000 staff in 15 different UK locations.
- Addresses needs of both Pension trustees and sponsoring companies for over 1,200 schemes.
- Undertakes pension administration for 800,000 scheme members.
9. Lewis & Ellis
Lewis & Ellis is a US-based firm with headquarters in Texas, and offices in Dallas, Kansas City, London, Baltimore, Denver, and Indianapolis. It was recognized as one of the leading actuarial firms in 2019 by Best’s Review magazine.
It has a massive client count of 52 and loss reserves totaling up to a whopping $9.2 billion. What separates Lewis & Ellis from other firms is the use of a suite of windows-based actuarial software to assist consultants in providing efficient solutions. The software includes:
- Actuarial pricing and projection system,
- A statutory and tax reserve factor generator for traditional life plans,
- Traditional life insurance’s exposure study via Monte Carlo Simulations,
- And a life settlement pricing system.
GAD is the UK’s Government Actuary Department (GAD) and provides actuarial services to the public sector. It is focused mainly on pension schemes. It provides analysis on financial issues – such as risk and uncertainty – faced by the public sector in:
- Insurance and Investment,
- Data, modeling, and quality assurance,
- Pensions and social security.
The GAD expanded significantly after World War 2. It now has 2 offices, in London and Edinburgh, with more than 200 employees.
Out of these 200, 165 are actuaries and analysts, whose main role is to do the best they can for the benefit of the taxpayer.
We hope the above information will definitely help you. If you found this help full then please comment your opinions and do share with your friends and colleagues. Thank You…