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The global insurance fraud detection market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19% during 2021-2026. 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 on different end use industries. 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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global insurance fraud detection market, along with forecasts at the global, regional and country level from 2021-2026. 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:
Breakup by Application:
Breakup by End User:
Breakup by Region:
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||2020|
|Segment Coverage||Component, Deployment Model, Organization Size, Application, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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