The Wyman Group

What The Wyman Group does

The Wyman Group, legally C.L. Wyman and Associates, Inc., is a privately-held insurance brokerage and employee benefits consulting firm headquartered in Peoria, Illinois. Founded in 1986 by Cecil Wyman, the firm serves businesses and individuals across Central Illinois through four core service lines: employee benefits consulting (health benefits management, wellness, compliance, and benchmarking), property and casualty insurance, financial services (life insurance, annuities, retirement planning, Medicare supplements), and HR & payroll technology. Ancillary benefits (dental, vision, life, disability) and small-business planning are offered as modular add-ons. The company operates as a full-service brokerage practice rather than a SaaS or technology platform, leaning on vendor partnerships and consulting expertise to deliver customized solutions; no proprietary technology stack or AI/ML capabilities are disclosed.

The business model is commission- and consulting fee-based, with revenue derived from insurance brokerage commissions and consulting work across employee benefits, property and casualty, and financial services. Pricing is not publicly disclosed and is customized per client. Distribution is direct and relationship-driven, with account managers and consultants engaging Central Illinois employer groups across enterprise and mid-market segments; inbound lead generation runs through the firm's website and a "Coverage Review" web form. The customer base spans over 250 client partnerships across both businesses (primary segment) and individuals and families (secondary segment).

The firm is locally owned and managed by Tim Wyman (President, joined 1992) and Matt Wyman (CFO), sons of founder Cecil Wyman, who retired in 2017. The company previously operated a third-party administrator subsidiary, Progressive Benefit Services, which it sold in 2007 to focus exclusively on its consulting mission. Cecil Wyman was an early Central Illinois proponent of partially self-funded health plans. The firm is the self-described largest employee benefits brokerage in Central Illinois.

Name

The Wyman Group

Legal name

C.L. Wyman and Associates, Inc.

Website

https://wyman-group.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

The Wyman Group is a privately-held insurance brokerage and employee benefits consulting firm in Peoria, Illinois, serving over 250 Central Illinois businesses and individuals across employee benefits, property & casualty, financial services, and HR/payroll technology.

Ownership category

akta.pro rank

Product category

Insurance Brokerage and Benefits Consulting

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro industry

PRIMARYFSAIAFAD

Small Group Health Insurance (2–50/100)

Financial & Insurance/Insurance — Life & Health/Group Health Insurance (Employer-Sponsored)

SECONDARYFSAIAFAC

Level-Funded Group Health Plans

Financial & Insurance/Insurance — Life & Health/Group Health Insurance (Employer-Sponsored)

SECONDARYFSAIADAB

Supplemental/Voluntary Group Term Life (Employee-Paid)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

SECONDARYFSAIADAG

Group AD&D (Standalone or Bundled with Life)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

Keywords

• Employee benefits consulting
• Insurance brokerage services
• Property casualty insurance
• HR payroll administration
• Financial planning services

Headquarters

HQ city

Peoria

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage and Consulting Fees: Revenue generated through insurance brokerage commissions and consulting fees for employee benefits, property & casualty, and financial services. The company operates as a benefits broker/consultant delivering health insurance, ancillary benefits, and risk management services to employer groups.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

The Wyman Group is an employee benefits, property & casualty, and human resources consulting firm that designs, manages, and brokers insurance and benefit programs for employer groups in Central Illinois. It delivers health benefits management (including partially self-funded plans), P&C coverage, ancillary benefits, HR/payroll technology administration, and individual/business financial planning as an integrated brokerage and consulting practice.

Product overview

The Wyman Group is an insurance and employee benefits consulting firm offering a portfolio of integrated services rather than a unified software platform. Its core offerings include Employee Benefits Consulting (health benefits management, wellness, compliance), Property & Casualty Insurance (business and personal coverage), Financial Services (business and individual planning), and HR & Payroll Technology (payroll processing, benefits administration). These services are complemented by Ancillary Benefits (dental, vision, life, disability add-ons) and Small Business Planning modules. The company positions itself as a full-service brokerage and consulting practice, utilizing technology to deliver innovative strategies while providing hands-on advisory services.

Differentiator

Problem solved

Functional benefit

Products and services

• Employee Benefits Consulting Health benefits management, design, funding strategies (including partially self-funded plans), wellness development, employee communication, vendor administration, compliance support, and benchmarking services for employer groups in Central Illinois.
• Property & Casualty Insurance Complete line of coverage for business and personal insurance needs including business property, auto, liability, workers' compensation, crime, professional liability, and personal coverage such as home/auto, watercraft, and umbrella policies.
• Financial Services Professional financial planning services for businesses and individuals including business consultation, life insurance, disability protection, annuities, long-term care insurance, Medicare supplements, and retirement planning.
• HR & Payroll Technology Comprehensive HR and payroll services including payroll processing, tax compliance, human resources management, benefits administration, employee/manager self-service portals, FSA/COBRA administration, and 401(k) services.
• Ancillary Benefits Additional employee benefit coverages including dental, disability, vision, life, critical illness, and identity theft monitoring/recovery, offered as part of a comprehensive employee benefits package.
• Small Business Planning Specialized insurance planning services tailored for small businesses, helping select appropriate plans and coverage options within the firm's broader brokerage and consulting offering.

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves7 records

Expansion highlights2 records

Broad incumbents

• NFP: Mid-size insurance brokerage and consulting firm (now part of Aon) offering employee benefits, P&C, wealth management, and HR consulting. Highly comparable service mix to The Wyman Group's multi-line practice, though at significantly larger scale.
• Brown & Brown, Inc. Large national insurance brokerage delivering employee benefits, P&C, and risk solutions across the U.S. Competitive incumbent for mid-market employer accounts in Central Illinois that might otherwise consider The Wyman Group.
• Hub International: Large North American insurance brokerage with deep regional offices across the Midwest. Comparable to The Wyman Group on product mix (benefits, P&C, personal lines) but operates at substantially greater scale, often entering the same mid-market segment Wyman targets.
• USI Insurance Services: National insurance brokerage and consulting firm offering employee benefits, P&C, and retirement solutions to mid-market and large employers. Overlaps with Wyman Group's core offerings, with USI acting as a competitive incumbent for larger Central Illinois accounts.
• Arthur J. Gallagher & Co. One of the largest global insurance brokerages providing risk management, employee benefits, and consulting services. Comparable on the employee benefits brokerage function; represents the 'big Chicago consultant' that The Wyman Group explicitly positions against on cost.
• Marsh & McLennan: Global professional services firm operating the world's largest insurance brokerage (Marsh). Comparable on employee benefits and risk consulting offerings; represents the largest-scale competitive alternative for mid-market and enterprise clients in Wyman Group's territory.

Direct peers

• Hylant Group: Toledo, Ohio-based commercial insurance brokerage specializing in employee benefits, P&C, and risk services for mid-market businesses. Comparable as a regional Midwest broker with a multi-line service portfolio similar to The Wyman Group's offering.
• Cottingham & Butler: Dubuque, Iowa-based insurance brokerage offering employee benefits, P&C, and risk management consulting to mid-market employers in the Midwest. Closely comparable to The Wyman Group in scale, geographic orientation, and integrated services model.
• Holmes Murphy & Co. Iowa-based insurance brokerage and employee benefits consultancy serving mid-market employers across the Midwest. Highly comparable to The Wyman Group given similar size, multi-line service mix (benefits, P&C, risk management), and deep regional focus with comparable client segments.
• OneDigital: National employee benefits and HR consulting firm focused on mid-market and large employers. Comparable to The Wyman Group on the benefits and HR/payroll consulting side, though broader and tech-enabled; serves as the benchmark for what a scaled version of the Wyman model could look like.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/The-Wyman-Group-110908102304168
• LinkedInlinkedin.com/company/the-wyman-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 The Wyman Group