The latest report by IMARC Group titled, “Insurance Fraud Detection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, finds that the global insurance fraud detection market size to grow at a CAGR of 25.16% during 2022-2027. 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.
We are tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 the 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.
- Based on the component, the market has been bifurcated into solution and services.
- On the basis of the deployment model, the market has been classified into cloud-based and on-premises.
- Based on the organization size, the market has been categorized into small and medium-sized enterprises, and large enterprises.
- On the basis of the application, the market has been divided into claims fraud, identity theft, payment and billing fraud, and money laundering.
- Based on the end user, the market has been segmented into insurance companies, agents and brokers, insurance intermediaries, and others.
- On the basis of the region, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ACI Worldwide Inc, BAE Systems plc, Equifax Inc., Experian plc, Fair Isaac Corporation, Fiserv Inc., FRISS.com, International Business Machines (IBM) Corporation, Lexisnexis Risk Solutions Inc. (RELX Group plc), SAP SE, SAS Institute Inc. and Software AG.
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