Insurance Fraud Detection Market is Growing at a CAGR of 25.16% During 2022-2027

According to the latest report by IMARC Group, titled, "Insurance Fraud Detection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″, The global insurance fraud detection market is expected to exhibit a CAGR of 25.16% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Industry Definition and Application:

Insurance fraud detection involves using software-based solutions to identify and prevent fraudulent money or property insurance activities. It analyzes historical patterns and incidents to predict future occurrences, employing statistical analysis with artificial intelligence (AI), machine learning, and traditional rule-based fraud analytics models. It is used by organizations for fraud analytics, authentication, governance, risk, and compliance to safeguard databases and identify anomalies and vulnerabilities. It detects suspicious activities by insurance providers, agents, adjusters, or consumers for unlawful gains during buying, selling, or underwriting of insurance. As a result, insurance fraud detection finds extensive applications in the banking, financial services, and insurance (BFSI), automotive, healthcare, and retail industries across the globe.

Insurance Fraud Detection Market Trends and Drivers:

The global insurance fraud detection market is primarily driven by increasing insurance fraud across various industries. Moreover, the rising use of insurance fraud detection systems to detect any attempts to cover up evidence, misrepresent incidents, or inflate the severity of losses incurred is positively influencing market growth. Additionally, the increasing prevalence of fraudulent activities such as inaccurate claims, false medical records, post-dated laws, abductions, and deaths has catalyzed market growth. Furthermore, the surging adoption of artificial intelligence (AI) and the Internet of Things (IoT) enabled fraud detection solutions by organizations that use automated business rules, self-learning models, text mining, image screening, network analysis, predictive analytics, and device identification for fraud detection is contributing to the market growth. Other factors, including rapid digitization of the insurance sector, surging adoption of online applications, and significant improvements in cyber security infrastructure, are also anticipated to drive the market further.

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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.
Software AG.

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

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