Insurance Fraud Detection Market By Component (Solution, Services), By Deployment Mode (On-premises, Cloud), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), By Applications (Payment Fraud and Billing Fraud, Identity Theft, Claims Fraud, Money Laundering): Global Opportunity Analysis and Industry Forecast, 2021-2031
Insurance fraud is an illegal act on the part of either the buyer or seller of an insurance contract. Insurance fraud from the issuer includes selling policies from non-existent companies, failing to submit premiums, and churning policies to create more commissions. Buyer fraud, meanwhile, can consist of exaggerated claims, falsified medical history, post-dated policies, viatical fraud, faked death or kidnapping, and murder.
Surge in number of insurance fraud including fake medical records, inaccurate claims, abductions, and others, has led to rise of fraud detection products and solutions in the insurance market to reduce fraudulent claim settlement activities. In addition, increasing adoption of advanced analytics and technology are some of the factors propelling the market growth. Moreover, rise in cyber security infrastructure for insurance fraud detection is a major driving factor for the growth of the market. However, many insurance companies use outdated internal systems and rely on manual process including knowledge workers or business rules for detecting the fraud on excel sheets. In addition, improper handling of data and privacy of the clients are some of the major factors limiting the insurance fraud detection market. On the contrary, advances in technology and adoption of artificial intelligence and machine learning in detection of fraud in insurance claims is expected to provide lucrative growth opportunities in the coming years.
The insurance fraud detection market is segmented on the basis of component, deployment mode, enterprise size, application, and region. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premises and cloud. Based on enterprise size, it is segregated into large enterprises, and small and medium-sized enterprises. By application, the market is divided into payment fraud and billing fraud, identity theft, claims fraud, and money laundering. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the insurance fraud detection market such as BAE Systems., Duck Creek Technologies, Equifax Inc., Experian Information Solutions, Inc., FICO, FRISS, Fiserv, Inc., IBM, LexisNexis Risk Solutions Group., and SAS Institute Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance fraud detection industry.
Key benefits for stakeholders
The study provides in-depth analysis of the global insurance fraud detection market along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global insurance fraud detection market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global insurance fraud detection market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
Solution
Services
By Deployment Mode
On-premises
Cloud
By Enterprise Size
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Applications
Payment Fraud and Billing Fraud
Identity Theft
Claims Fraud
Money Laundering
By Region
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
Europe
United Kingdom
Germany
France
Italy
Spain
Russia
Rest of Europe
North America
U.S.
Canada
LAMEA
Latin America
Middle East
Africa
Key Market Players
BAE Systems
Duck Creek Technologies
Equifax Inc.
Experian Information Solutions, Inc.
FICO
FRISS
Fiserv, Inc.
IBM
LexisNexis Risk Solutions Group.
SAS Institute Inc.
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