Global Insurance Fraud Detection Market Outlook and Opportunities in Grooming Regions 2020-2025 | Western Union (WU), Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit, MoneyGram, Remitly

The insurance fraud detection market is expected to register a CAGR of over 17.4% during the forecast period (2020-2025).

An insurance fraud detection software prevents, detects and manages fraud across the enterprise, making smarter decisions, increasing return on capital and driving business performance.Type of Solutions such as fraud aalytics, authentication, governance, risk and compliance are considered under the scope of the report.

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The prominent players in the global Insurance Fraud Detection market are:

Western Union (WU), Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit, MoneyGram, Remitly, Azimo, TransferGo, InstaReM, TNG Wallet, Toast Me, OrbitRemit, Smiles Mobile Remittance, Avenues India Pvt Ltd

Market Segmentation by Region:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Europe, Germany, France, UK, Italy, Russia, Rest of Europe, Central & South America

Global Insurance Fraud Detection Market Overview

Claims Fraud to hold Significant Share

- The decreasing economic growth in developed countries and the slow economic growth, coupled with macroeconomic uncertainty in emerging and third world counties over the past few years have resulted in a marked increase in the amount of insurance fraud being committed.

- For instance, insurers have identified 80 districts across India which have excelled in fraudulent claims over the past decade. They have identified rings that operate with the efficiency of a corporation with well-trained men and women who collect data with the efficiency of a 21st century start-up.

- A combination of poor due diligence in writing policies by insurance companies and the organisational efficiencies of criminals in identifying those who are on deathbed and in enlisting doctors to produce fake certificates led to frauds which are estimated to have cost over INR 10,000 crore annually to the industry in the country.

- A survey by UK comparison website Gocompare.com found that 7% of 18-to-34-year-old UK holidaymakers admitted to exaggerating a claim on their travel insurance policy, or to making up the claim in its entirety. In the UK insurance industry as a whole, the insurers uncovered 350 cases of fraud worth EUR 3.6 million every day, according to the Association of British Insurers (ABI).

- According to the South African Insurance Association, local insurance fraud is in line with international trends and statistics. The association estimates fraudulent claims in South African insurance could amount to as much as 32% of all claims submitted in any year.

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Competitive Landscape

The insurance fraud detection market comprises several global and regional players, vying for attention in a fairly-contested market space. Although the market studied poses moderately high barriers to entry for new players, several new entrants have been able to gain traction, in the market. The market is also witnessing incraesed competition among the players. The players are focusing on engagimg themselves in several partnerships, mergers and acquisitions and product innovations inorder to gain a competitve advantage.

- September 2019 - FICO extended its product portfolio to AI to fight next generation fraud and financial crime. The FICO Falcon X delivers the radical flexibility needed to counter real-time payment fraud schemes.
- January 2019 - Zurich UK, the UK subsidiary of the global insurance group, extended its 8 year partnerhsip with BAE Systems. BAE Systems will provide Zurich UK with its NetReveal Property & Casualty Fraud solution, for deployment across multiple business areas, including commercial lines, to boost fraud detection, reduce illegitimate payouts and optimise the claims process.

Furthermore, Global Insurance Fraud Detection Market following points are involved along with a detailed study of each point: –

– Global Insurance Fraud Detection Market Overview, Drivers, Restraints and Opportunities, Segmentation overview

– Global Insurance Fraud Detection Market competition by Manufacturers (2020-2026)

– Production and Consumption by Regions

– Complete profiling and analysis of Manufacturers (2020-2026)

– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses

– Industrial Chain, Sourcing Strategy and Downstream Buyers

– Marketing Strategy Analysis, Distributors/Traders

– Global Insurance Fraud Detection Market Effect Factors Analysis (2020-2026)

– Global Insurance Fraud Detection Market Forecast (2020-2026)

– Global Insurance Fraud Detection Market Research Findings and Conclusion

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.

All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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