Noble Consulting Services

What Noble Consulting Services does

Noble Consulting Services, Inc. is a privately held U.S. insurance regulatory consulting firm founded in 1997 and headquartered in Indianapolis, Indiana. It operates as the insurance regulatory consulting group of KSM (Katz, Sapper & Miller), a top-60 U.S. CPA firm, giving it access to the back-office scale and referral pipeline of a larger accounting network while retaining a specialized brand. The firm employs 11–50 people across offices in Indianapolis, Cincinnati, Omaha, Hartford, and Columbus, and provides financial examination and consulting services to state insurance regulators throughout the United States, with secondary work for insurance companies, PBMs, managed care entities, captive insurers, and risk retention groups.

The firm's product is a portfolio of twelve complementary consulting service lines delivered on turn-key and service-for-hire engagements: risk-focused financial examinations (the core offering), market regulation examinations, PBM/PSAO examinations, regulatory supervision/rehabilitation/liquidation, transactional services (Form A/D, extraordinary dividends), investment review, actuarial services, IT and cybersecurity reviews, reinsurance services, ERM/ORSA and corporate governance assessments, managed care regulatory services, and litigation support. Service delivery rests on credentialed human expertise — including AIE, CIE, MCM, AMCM, AES, CISA, ARA, and ARe designations — applied against NAIC frameworks (NAIC risk-focused approach, NAIC Market Regulation Handbook, NAIC Financial Condition Examiners Handbook, NAIC Insurance Data Security Model Law) and NIST cybersecurity standards. There is no technology product or platform; the offering is professional services.

Noble generates revenue through project-based professional services fees paid by state insurance regulators (primary) and regulated insurance entities (secondary). GTM is sales-led and relationship-based, relying on the firm's reputation since 1997, client referrals, repeat multi-year exam mandates, and KSM network distribution rather than consumer-facing marketing. The firm holds lead and participating state roles on many of the country's largest coordinated insurance exams and currently serves as Special Deputy Receiver for a major life insurance group liquidation, anchoring a steady, regulator-funded revenue base. No public revenue or headcount figures are disclosed and there is no independent outside ownership or venture funding.

Name

Noble Consulting Services

Legal name

Noble Consulting Services, Inc.

Website

https://noblecon.net

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Noble Consulting Services is an Indianapolis-based insurance regulatory consulting firm (founded 1997) operating as KSM's specialty practice, providing NAIC-aligned financial, market, actuarial, and cybersecurity examinations to U.S. state insurance regulators and regulated entities.

Ownership category

akta.pro rank

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Professional Consulting Services: Noble Consulting Services generates revenue through providing specialized consulting and examination services to insurance regulators and insurance companies. Services are delivered on a project basis (turn-key engagements) and on a service-for-hire basis, suggesting a mix of fixed-fee project engagements and hourly/consulting fee arrangements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Noble Consulting Services is a professional services firm that provides financial examination, market regulation, actuarial, cybersecurity, reinsurance, and managed care regulatory consulting services to state insurance regulators and insurance companies throughout the United States. Engagements are delivered on both turn-key and service-for-hire bases, spanning all lines of insurance business (life, health, RRGs, property and casualty, captives) and including troubled company rehabilitation and liquidation support. The firm operates as KSM (Katz, Sapper & Miller)'s insurance regulatory consulting group.

Product overview

Noble Consulting Services is a consulting firm (a division of Katz, Sapper & Miller) that provides financial examination and consulting services exclusively to insurance regulators throughout the United States. The firm operates as a unified service offering rather than a platform-plus-modules architecture. Its portfolio consists of twelve distinct but complementary service lines: Risk-Focused Financial Examinations and Analysis (the core offering), Market Regulation Examinations, Pharmacy Benefit Manager (PBM) Examinations, Regulatory Supervision/Rehabilitation/Liquidation Services, Transactional Services, Investment Review and Analysis, Actuarial Services, Information System and Cybersecurity Reviews, Reinsurance Services, Corporate Governance/Enterprise Risk Management/ORSA Assessments, Managed Care Regulatory Services, and Litigation Support Services. These services are offered both on a turn-key and service-for-hire basis to support state regulators in financial examinations, market regulation, troubled company work, and compliance assessment across all lines of insurance business.

Differentiator

Problem solved

Functional benefit

Products and services

• Risk-Focused Financial Examinations and Analysis Financial examinations conducted in accordance with the NAIC risk-focused approach, including primary analysis of insurance companies and secondary reviews of others' analytical work to support ongoing risk surveillance and emerging issue identification for state insurance regulators and insurance companies across all lines of business (life, health, RRGs, P&C, captives).
• Market Regulation Examinations Full-scope and targeted market regulation examinations conducted on a single-state or multistate basis by AIE-, CIE-, MCM-, and AMCM-designated experts, ensuring compliance with state-specific statutes, rules, and regulations per the NAIC Market Regulation Handbook. Includes MHPAEA compliance reviews and stand-alone or integrated operational and market regulation reviews.
• Pharmacy Benefit Manager (PBM) Examinations Customized PBM examination and analysis plans, targeted or full-scope PBM examinations, and Pharmacy Service Administrative Organizations (PSAO) exams to support insurance regulators in reviewing state PBM statutes, rules, and regulations.
• Regulatory Supervision, Rehabilitation, and Liquidation Services Corrective action plan monitoring, enforcement solutions, and regulatory responses for troubled companies, including receivership, conservation, rehabilitation, and liquidation support services. Includes service as Special Deputy Receivers to insurance commissioners.
• Transactional Services Regulatory and business guidance on transactions, including structuring, due diligence, license preservation, regulatory approvals, title insurance agency joint ventures, Form A filings (acquisition compliance analysis), Form D filings (inter-company and affiliated reinsurance agreement analysis), and extraordinary dividend request analysis.
• Investment Review and Analysis Analysis of complex insurance investment portfolios, identifying high-risk areas and regulatory concerns, with expertise in derivatives, complex asset classes, asset-liability management, and structured securities, to help regulators assess financial stability and compliance.
• Actuarial Services Regulatory actuarial support including reserve testing and certification, policy form and rate filing reviews, ORSA modeling, appointed actuary services, actuarial audits, financial analysis, Form D reviews, actuarial opinion evaluations, permitted practice requests, and reserve valuation across all lines of business.
• Information System and Cybersecurity Reviews IT general and application controls reviews per the NAIC Financial Condition Examiners Handbook, and cybersecurity reviews aligned with NAIC and NIST Cybersecurity Framework standards, including compliance with the NAIC Insurance Data Security Model Law, conducted by AES- and CISA-certified IT specialists.
• Reinsurance Services Reinsurance examination support provided by ARA- and ARe-designated specialists covering risk management and distribution, reinsurance theory, contract provisions, risk transfer determination, and insurance accounting, including review of complex reinsurance transactions and commutation decisions.
• Corporate Governance, Enterprise Risk Management, and ORSA Assessments Comprehensive evaluations of corporate governance practices and risk oversight, ERM development, ORSA filings, financial reporting compliance, forensic accounting, and investment portfolio evaluations, leveraging expertise of former regulators, insurance executives, examiners, and analysts.
• Managed Care Regulatory Services Regulatory approvals, licensing, operational modifications, service area expansions, product filings, and compliance reviews for appeals and utilization review operations for managed care companies.
• Litigation Support Services Expert witness and litigation consulting services for insurance regulatory matters.

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Katz, Sapper & Miller (KSM)coreStrategic or Co-development PartnerNoble Consulting Services is the insurance regulatory consulting group of KSM (Katz, Sapper & Miller), one of the top 60 accounting firms in the United States. The partnership provides Noble with the backing and resources of a larger CPA firm while maintaining specialized focus on insurance regulatory consulting.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Milliman: Global actuarial and consulting firm with a dedicated insurance regulatory practice serving state insurance departments on financial examinations, ORSA reviews, and reserve certifications. Closest direct peer to Noble on actuarial and risk-focused exam work for insurance regulators.
• Oliver Wyman: Major insurance consulting practice that supports insurance regulators and insurers on risk-focused surveillance, market regulation, and ORSA. Directly comparable to Noble on regulatory advisory engagements with insurance departments and large carriers.
• Lewis & Ellis: Specialty insurance actuarial and regulatory consulting firm providing examination support, rate and form review, and actuarial services to state insurance regulators. Direct competitor to Noble on actuarial and market regulation engagements.
• Pinnacle Actuarial Resources: Independent actuarial consulting firm serving state insurance regulators and insurers with reserve certifications, rate and form filings, and statutory financial examination support. Direct peer on actuarial-led regulatory engagements.

Emerging players

• Husch Blackwell: Law firm with a dedicated insurance regulatory practice advising state insurance departments and insurers on examinations, licensing, transactional matters, and compliance. Comparable to Noble's regulatory advisory and litigation support offerings through a legal lens.

Broad incumbents

• Deloitte (Insurance Regulatory practice): Big Four insurance practice providing regulatory examinations, market conduct reviews, and risk advisory to state insurance departments and large insurers. Broad incumbent competing for the same regulatory exam work as Noble.
• WTW (Willis Towers Watson): Global insurance and risk advisory firm with actuarial and regulatory consulting capabilities serving insurance regulators and insurers on financial condition reviews and risk management. Broad incumbent adjacent to Noble's offerings.
• EY (Insurance Regulatory practice): Big Four firm with an insurance advisory practice delivering financial examinations, actuarial reviews, and risk-focused surveillance to state regulators. Competes with Noble on multi-state coordinated exams and large insurer engagements.
• KPMG (Insurance Regulatory practice): Big Four firm with a national insurance regulatory practice delivering financial examinations, risk-focused reviews, and ORSA support to state insurance departments. Competes with Noble for lead-state and large coordinated exam mandates.
• PwC (Insurance Regulatory practice): Big Four firm serving insurance regulators on financial examinations, ORSA, and reinsurance reviews as part of a broader insurance and risk advisory portfolio. Direct overlap with Noble's core exam and reinsurance services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Noble Consulting Services