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Actuarial Services in the US Procurement Price, Data and Insights
Actuarial service providers assess risk in insurance and finance industries using a variety of disciplines, including probability, statistics, economics, and computer programming. Risk is measured in terms of its financial impact on clients. The key buyers of actuarial services include insurance providers, financial institutions, and government agencies.
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What’s included in this market coverage
IBISWorld's research coverage on the Actuarial Services procurement and pricing environment in the United States includes market dynamics, buyer power scores, supply chain vendors with pricing trends and forecasts.
About this Market
What’s this procurement report about?
This procurement coverage of the Actuarial Services market in the United States includes Insurance Risk Assessment Services, Financial Risk Assessment Services, Pension & Retirement Plan Evaluations, Loss Reserving & Analysis and Catastrophe Risk Assessment. Standard coding in this coverage includes ISIC-6629-Other activities auxiliary to insurance and pension funding, NACE-66.29-Other Activities Auxiliary To Insurance And Pension Funding, NAICS-524298-All Other Insurance Related Activities and UNSPSC-80101512-Actuarial consulting services.
What common market terminology is included?
Common market terminology included in the Actuarial Services procurement coverage includes Actuary (A person that analyzes the probability and likely cost to a company of employee disability, sickness, injury, death, or loss of company property.), Management Consultant (A consultant who provides advice and assistance to businesses and other organizations on various issues, including management.) and Accounting (The discipline of measuring, organizing, and communicating the financial information of an institution.).
What companies are included as top suppliers?
The top companies covered in the Actuarial Services procurement report as suppliers are Willis Towers Watson Plc, Milliman, Inc., Aon Plc, Marsh & Mclennan Companies, Inc. and Kpmg International Limited.
Opportunity Assessment
What’s included in the Opportunity Assessment chapter?
The Opportunity Assessment chapter provides a comprehensive market analysis of the Actuarial Services market in the United States category, including buyer power scoring, market pricing trends, vendor landscape, cost structure, and strategic negotiation levers.
The market pricing trends include the Market Price (2026) per hour per actuary, a five year price forecast and a supply chain risk score. Vendor coverage includes a market share and cost structure breakdown.
Analysis includes a comprehensive SWOT analysis of and recent developments impacting the Actuarial Services market environment.
Buyer Power Score
What’s included in the Buyer Power Score chapter?
The Buyer Power Score chapter assesses key components impacting Actuarial Services procurement including the recent price trend, forecast price trend, availability of substitutes, switching costs, product specialization, average vendor risk, market share concentration, supply chain risk, price driver volatility and recent price volatility.
These components generate a Buyer Power Score that ranges from -5 (strongly favoring sellers) to +5 (strongly favoring buyers) plus a recommended strategy for procurement specialists.
Price Environment
What’s included in the Price Environment chapter?
The Price Environment chapter covers detailed pricing analysis and datasets on Actuarial Services market environment. This includes insights into market pricing Market Price (2026), price forecasts, volatility, specialization, substitutes and switching costs.
Datasets in the Price Environment chapter include vendor cost structure, breakdowns of wage rates by geography and specialty, key external economic and labor drivers impacting the market and market pricing models.
Supply Chain & Vendors
What’s included in the Supply Chain & Vendors chapter?
The Supply Chain & Vendors chapter covers the concentration, risk and diversity of the Actuarial Services market. This includes datasets on the market’s top suppliers, detailed analysis on the key sourcing risks and supply chain dynamics, with environmental, social and governance (ESG) considerations and scores.
Business Requirements
What’s included in the Business Requirements chapter?
The Business Requirements chapter covers vendor relationships, qualifications, service level agreements and key performance indicators. These inputs provide insight into the planning process through the buying lead time, vendor relationship and vendor qualifications. The sourcing process include key RFP elements like an organizational overview, project budget, selection criteria, project schedule, proposal format, inventory control, cost containment, regulation, quality control, distribution and key contract clauses.
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Frequently Asked Questions
What is the current market price for Actuarial Services?
The 2026 benchmark market price for Actuarial Services is $371 per hour per actuary. Prices have increased at a CAGR of 2.55 from 2023-26.
Who are the top vendors in the Actuarial Services market?
The top vendors in the Actuarial Services market include Willis Towers Watson Plc, Milliman, Inc., Aon Plc, Marsh & Mclennan Companies, Inc. and Kpmg International Limited.
What industries supply the Actuarial Services market?
The top industries supplying the Actuarial Services market are Commercial Building Construction in the US, Commercial Real Estate in the US, Computer & Packaged Software Wholesaling in the US, Computer Manufacturing in the US, Software Publishing in the US, Office Supply Stores in the US and Art & Office Supply Manufacturing in the US.
What is the supply chain risk for Actuarial Services?
Low supplier concentration fosters price competition and strengthens buyer negotiation leverage. With a low level of market share concentration, the actuarial services market features many competing vendors. Buyers benefit from strong pricing competition and are not dependent on a few dominant suppliers. This environment empowers buyers to regularly benchmark vendors, run competitive RFPs, and negotiate favorable commercial terms. Procurement teams should capitalize on this structure to diversify suppliers, drive down costs, and negotiate for innovative service offerings.
What factors affect the price of Actuarial Services?
Geographic coverage influences pricing due to varying levels of risk associated with different regions, affected by local regulations, economic conditions, and demographics. High-risk areas may have higher fees due to complex risk assessments, while stable regions might see lower pricing.
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