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.
Insurance fraud detection is the process of identifying fraudulent activities to minimize financial losses for insurance companies and safeguard policyholders. It includes various techniques, such as data analysis, pattern recognition, and machine learning (ML) algorithms, to detect anomalies in insurance claims and prevent false and misleading information to obtain financial benefits. It also helps companies save on payouts, improve data analysis, increase trust and reputation, and prioritize their resource allocation. At present, it is widely employed in banking, financial services and insurance (BFSI), automotive, healthcare, and retail sectors across the globe.
Insurance Fraud Detection Market Trends:
The rising fraud activities, such as fake medical records, inaccurate claims, staged accidents, and identity thefts, currently represent one of the key factors positively influencing the market. In line with this, the growing need for improving operational efficiency and reducing costs is creating a positive market outlook. Moreover, key market players are introducing advanced technologies, such as artificial intelligence (AI), predictive modeling, and data analytics, for recognizing and halting fraudulent practices, which is strengthening the market growth worldwide. Apart from this, governments of various countries are introducing stringent laws and regulations, including criminal penalties, fines, and imprisonment. This, in confluence with rapid digitization and the development of cybersecurity infrastructure, is stimulating the growth of the market worldwide.
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Insurance Fraud Detection Market 2022-2027 Analysis and Segmentation:
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.
- International Business Machines Corporation,
- Lexisnexis Risk Solutions Inc. (RELX Group plc)
- SAP SE
- SAS Institute Inc.
- Software AG.
The report has segmented the market on the basis on type, deployment, application and vertical.
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: (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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