Press release
Insurance Fraud Detection Market to Grow at a CAGR of 25.16% in the Forecast Period 2027
Insurance Fraud Detection Market
Insurance fraud detection refers to systems and services used to analyze and track data to identify irregularities and offer real-time monitoring for preventing fraud related to money or property insurance. This is done through numerous software-based solutions to analyze historical patterns and incidents in order to analyze historic incidents and patterns to predict future happenings. It detects suspicious activities performed by an insurance adjuster, provider, agent, or consumer for unlawful gains during the selling, buying, or underwriting insurance. Insurance fraud detection is also used by organizations for governance, authentication, fraud analytics, risk, and compliance to safeguard databases and identify vulnerabilities and anomalies.
Report Metric
Historical: 2016-2021
Base Year: 2020
Forecast Year: 2022-2027
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Insurance Fraud Detection Market Trends:
One of the primary factors driving the market is the rising number of insurance frauds, including abductions, fake medical records and inaccurate claims. Additionally, the increasing adoption of online applications and mobile banking services is catalyzing market growth. Other than this, the increasing utilization of advanced analytics and technology are propelling the market growth.
Besides this, the extensive application of artificial intelligence (AI) and the Internet of Things (IoT)- enabled fraud detection solutions for running self-learning models, automated business rules, image screening, text mining, network analysis, device identification, and predictive analytics is also escalating the product adoption rate. Other growth-inducing factors include significant advancements in the cyber security infrastructure and the digitalization of the insurance sector.
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Insurance Fraud Detection Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ACI Worldwide Inc, BAE Systems plc, Equifax Inc., Experian plc, Fair Isaac Corporation, Fiserv Inc., FRISS, International Business Machines Corporation, Lexisnexis Risk Solutions Inc. (RELX Group plc), SAP SE, SAS Institute Inc. and Software AG.
The report has segmented the market on the basis on type, deployment, application and vertical.
Breakup by Component:
Solution
Services
Breakup by Deployment Model:
Cloud-based
On-premises
Breakup by Organization Size:
Small and Medium-sized Enterprises
Large Enterprises
Breakup by Application:
Claims Fraud
Identity Theft
Payment and Billing Fraud
Money Laundering
Breakup by End User:
Insurance Companies
Agents and Brokers
Insurance Intermediaries
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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