The global insurance fraud detection market is expected to exhibit a CAGR of 25.16% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Insurance fraud detection refers to the identification and prevention of fraudulent activities related to money or property insurance. It involves the use of various software-based solutions to analyze historic patterns and incidents to predict future occurrences. The software performs statistical analysis using artificial intelligence (AI), machine learning and traditional rule-based fraud analytics models. Insurance fraud detection is commonly used by organizations for fraud analytics, authentication, governance, risk and compliance to safeguard databases and identify anomalies and vulnerabilities. The software also detects suspicious activity by an insurance provider, agent, adjuster or consumer for unlawful gains during buying, selling or underwriting of insurance. As a result, it finds extensive applications across various industries, including banking, financial services and insurance (BFSI), automotive, healthcare and retail.
Insurance Fraud Detection Market Trends:
The increasing occurrence of insurance frauds across industries is one of the key factors driving the growth of the market. Insurance fraud detection systems are widely used to identify any cover-up of the evidence, misinterpretation of the incident or inflating the severity of the loss caused. Moreover, the rising incidence of inaccurate claims, fake medical records, postdated laws, abductions, deaths and other customer frauds is also providing a thrust to the market growth. In line with this, organizations are widely using artificial intelligence (AI) and the Internet of Things (IoT)-enabled fraud detection solutions for running automated business rules, self-learning models, text mining, image screening, network analysis, predictive analytics and device identification, which is also contributing to the growth of the market. These systems can aid in prompt estimation and delivery of actionable insights to advance claims processes. Other factors, including rapid digitization of the insurance sector, along with significant improvements in the cyber security infrastructure, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insurance fraud detection market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment model, organization size, application and end user.
Breakup by Component:
Breakup by Deployment Model:
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
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis
||Component, Deployment Model, Organization Size, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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Key Questions Answered in This Report:
- How has the global insurance fraud detection market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global insurance fraud detection market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment model?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global insurance fraud detection market and who are the key players?
- What is the degree of competition in the industry?