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:
Competitive Landscape:
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.
- FRISS
- 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:
- Solution
- Services
Breakup by Deployment Model:
- Cloud-based
- On-premises
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
- Others
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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Absorption Costing MCQs with Answers Explanation Engineering ECE
What Is Absorption Costing?
Absorption costing, also known as the all-encompassing, all-inclusive, or comprehensive costing method, is a sophisticated and perplexing managerial accounting framework that attempts to incorporate all expenses that are linked to the production of a particular product. This method is highly intricate and involves a copious amount of calculations and analyses to arrive at the total cost of production.
Every minuscule expense, whether direct or indirect, such as raw materials, labor, rent, utilities, depreciation, maintenance, insurance, and every other associated cost, is taken into account to determine the total cost of the product. The complexity of this method is staggering, and it requires extensive knowledge of accounting principles, an understanding of manufacturing processes, and advanced analytical skills to execute.
However, despite its complexity, absorption costing is still widely used in the industry due to its comprehensive approach to providing an accurate picture of the cost of production. Moreover, under the generally accepted accounting principles (GAAP) in the United States, absorption costing is an approved method for external reporting. In contrast, variable costing is prohibited, adding to the confusion and perplexity surrounding this topic.
Which of the following costs would NOT be included in the cost of goods sold calculation under absorption costing?
a) Direct materials
b) Direct labor
c) Variable manufacturing overhead
d) Fixed manufacturing overhead
Answer: c) Variable manufacturing overhead
Explanation: Under absorption costing, both fixed and variable manufacturing overhead costs are included in the cost of goods sold calculation. Direct materials and direct labor costs are also included.
When production exceeds sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: a) Higher net income than variable costing
Explanation: When production exceeds sales, there will be more fixed manufacturing overhead costs that are absorbed into the cost of goods sold calculation under absorption costing. This results in a higher net income compared to variable costing, which only includes variable manufacturing costs in the cost of goods sold calculation.
Which of the following statements is true about absorption costing?
a) It is used for external reporting purposes
b) It is used for internal decision-making purposes
c) It is the same as variable costing
d) None of the above
Answer: a) It is used for external reporting purposes
Explanation: Absorption costing is required for external financial reporting purposes, such as on the income statement and in financial statements. Variable costing, on the other hand, is often used for internal decision-making purposes.
In a period of increasing production and sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: c) The same net income as variable costing
Explanation: When production and sales increase, absorption costing and variable costing will result in the same net income. This is because there will be fewer fixed manufacturing overhead costs per unit under absorption costing, but there will also be more units sold.
