Market Overview:
The global insurance fraud detection market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The market growth is attributed to the increasing incidence of insurance fraud, rising awareness about the benefits of insurance fraud detection solutions, and growing demand for cloud-based solutions. However, the high cost of deployment and maintenance is expected to restrain the growth of this market during the forecast period. The global insurance fraud detection market can be segmented on the basis of type, application, and region. On the basis of type, it can be divided into fraud analytics, authentication, and other solutions. Fraud analytics held a major share in 2017 owing to its ability to detect various types of fraudulent activities such as medical claims frauds or automobile claim scams. The application segment includes claims fraud detection, identity theft detection payment and billing fraud detection money laundering Detection ,and other applications . Claims Fraud Detection was observed as one among popular segments in 2017 due increase in number cases related with false or exaggerated injury claims across different parts world .
Product Definition:
Insurance fraud detection is the process of identifying and investigating instances of insurance fraud. The purpose of insurance fraud detection is to reduce losses due to fraudulent claims and to prosecute those who commit insurance fraud.
Fraud Analytics:
Fraud analytics is a tool that helps in detecting frauds and lies in an insurance claim. It uses data mining techniques, statistical analysis, and computer programs to detect anomalies in the data. The main function of this software is to identify suspicious claims or fraudulent activities by using specific algorithms which are used for analyzing large volumes of data with the help of pattern recognition techniques.
The global Insurance fraud detection market size was valued at USD 1,450 million in 2016.
Authentication:
The authentication and it's usage in insurance fraud detection market is expected to witness significant growth over the forecast period. The major factor attributing to its large share includes growing incidences of insurance frauds, which have resulted in huge losses for the insurers. To avoid such losses, companies are adopting authentication technologies that help them verify an individual’s identity before issuing a policy or making a payment.
Additionally, there has been an increase in online transactions between customers.
Application Insights:
The payment and billing fraud detection application segment led the global insurance fraud detection market in 2017. This is attributed to the rising use of electronic banking and mobile payments for transactions. The growing digitalization of financial services has increased the risk of payment fraud, which can be detected using advanced analytics techniques.
The other application segment includes life science, property damage, cyber-frauds (such as computer viruses & malware), terrorism financing, food safety issues and environmental protection issues among others. The increasing number of such cases across various industries is driving growth in this segment. However, due to lack of data availability regarding these cases it becomes difficult for insurers to detect them correctly using analytics tools resulting in low penetration rate compared to other applications like claims or ID theft detection segments among others globally.
Regional Analysis:
North America accounted for the largest share of over 40% in 2017. The growth is attributed to the presence of a large number of insurance companies, which are using various fraud detection solutions. In addition, growing cyber-attacks and data breaches have led to increased adoption of these systems across North America as well as other regions.
Asia Pacific is expected to be one of the fastest-growing regions during the forecast period owing to increasing penetration and implementation by market leaders such as Allianz SE; American International Group, Inc.; China General Nuclear Power Corp.; among others.
Growth Factors:
- Increasing incidence of insurance frauds: The global insurance fraud detection market is expected to grow at a CAGR of over 16% during the forecast period. This is primarily owing to the increasing incidence of insurance frauds across the world. Insurance companies are losing billions of dollars every year due to fraudulent activities, and this is driving the demand for effective fraud detection solutions.
- Proliferation of digital channels: The growth in digital channels has led to a surge in online transactions, which are increasingly being used for committing insurance frauds. Fraudsters are taking advantage of loopholes in security systems and using sophisticated techniques to commit these crimes. This is driving the demand for better and more efficient fraud detection solutions that can effectively tackle these challenges posed by digital channels.
- Growing awareness about benefits offered by advanced analytics: There has been a growing awareness among businesses about the benefits offered by advanced analytics technologies such as machine learning and artificial intelligence (AI). These technologies can help organizations detect complex patterns in data that would otherwise be difficult to identify using traditional methods alone, thus helping organizations reduce losses caused by fraudulent activities significantly .This is expected to drive demand for advanced analytics-based fraud detection solutions in coming years .
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Fraud Detection Market Research Report
By Type
Fraud Analytics, Authentication, Other
By Application
Claims Fraud Detection, Identity Theft Detection, Payment and Billing Fraud Detection, Money Laundering Detection, Other
By Companies
FICO, IBM, BAE Systems, SAS Institute, Experian, LexisNexis, Iovation, FRISS, SAP, Fiserv, ACI Worldwide, Simility, Kount, Software AG, BRIDGEi2i Analytics Solutions, Perceptiviti
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
149
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Insurance Fraud Detection Market Report Segments:
The global Insurance Fraud Detection market is segmented on the basis of:
Types
Fraud Analytics, Authentication, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Claims Fraud Detection, Identity Theft Detection, Payment and Billing Fraud Detection, Money Laundering Detection, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- FICO
- IBM
- BAE Systems
- SAS Institute
- Experian
- LexisNexis
- Iovation
- FRISS
- SAP
- Fiserv
- ACI Worldwide
- Simility
- Kount
- Software AG
- BRIDGEi2i Analytics Solutions
- Perceptiviti
Highlights of The Insurance Fraud Detection Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Fraud Analytics
- Authentication
- Other
- By Application:
- Claims Fraud Detection
- Identity Theft Detection
- Payment and Billing Fraud Detection
- Money Laundering Detection
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Insurance Fraud Detection Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Insurance fraud detection is the process of identifying and preventing fraudulent activities related to insurance. This can include detecting claims that are not valid, or that were made in an attempt to fraudulently obtain benefits. It can also involve investigating allegations of intentional misrepresentation of facts by insurers or their agents.
Some of the major players in the insurance fraud detection market are FICO, IBM, BAE Systems, SAS Institute, Experian, LexisNexis, Iovation, FRISS, SAP, Fiserv, ACI Worldwide, Simility, Kount, Software AG, BRIDGEi2i Analytics Solutions, Perceptiviti.
The insurance fraud detection market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Insurance Fraud Detection Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Insurance Fraud Detection Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Insurance Fraud Detection Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Insurance Fraud Detection Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Insurance Fraud Detection Market Size & Forecast, 2018-2028
4.5.1 Insurance Fraud Detection Market Size and Y-o-Y Growth
4.5.2 Insurance Fraud Detection Market Absolute $ Opportunity
Chapter 5 Global Insurance Fraud Detection Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Insurance Fraud Detection Market Size Forecast by Type
5.2.1 Fraud Analytics
5.2.2 Authentication
5.2.3 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Insurance Fraud Detection Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Insurance Fraud Detection Market Size Forecast by Applications
6.2.1 Claims Fraud Detection
6.2.2 Identity Theft Detection
6.2.3 Payment and Billing Fraud Detection
6.2.4 Money Laundering Detection
6.2.5 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Insurance Fraud Detection Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Insurance Fraud Detection Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Insurance Fraud Detection Analysis and Forecast
9.1 Introduction
9.2 North America Insurance Fraud Detection Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Insurance Fraud Detection Market Size Forecast by Type
9.6.1 Fraud Analytics
9.6.2 Authentication
9.6.3 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Insurance Fraud Detection Market Size Forecast by Applications
9.10.1 Claims Fraud Detection
9.10.2 Identity Theft Detection
9.10.3 Payment and Billing Fraud Detection
9.10.4 Money Laundering Detection
9.10.5 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Insurance Fraud Detection Analysis and Forecast
10.1 Introduction
10.2 Europe Insurance Fraud Detection Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Insurance Fraud Detection Market Size Forecast by Type
10.6.1 Fraud Analytics
10.6.2 Authentication
10.6.3 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Insurance Fraud Detection Market Size Forecast by Applications
10.10.1 Claims Fraud Detection
10.10.2 Identity Theft Detection
10.10.3 Payment and Billing Fraud Detection
10.10.4 Money Laundering Detection
10.10.5 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Insurance Fraud Detection Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Insurance Fraud Detection Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Insurance Fraud Detection Market Size Forecast by Type
11.6.1 Fraud Analytics
11.6.2 Authentication
11.6.3 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Insurance Fraud Detection Market Size Forecast by Applications
11.10.1 Claims Fraud Detection
11.10.2 Identity Theft Detection
11.10.3 Payment and Billing Fraud Detection
11.10.4 Money Laundering Detection
11.10.5 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Insurance Fraud Detection Analysis and Forecast
12.1 Introduction
12.2 Latin America Insurance Fraud Detection Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Insurance Fraud Detection Market Size Forecast by Type
12.6.1 Fraud Analytics
12.6.2 Authentication
12.6.3 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Insurance Fraud Detection Market Size Forecast by Applications
12.10.1 Claims Fraud Detection
12.10.2 Identity Theft Detection
12.10.3 Payment and Billing Fraud Detection
12.10.4 Money Laundering Detection
12.10.5 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Insurance Fraud Detection Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Insurance Fraud Detection Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Insurance Fraud Detection Market Size Forecast by Type
13.6.1 Fraud Analytics
13.6.2 Authentication
13.6.3 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Insurance Fraud Detection Market Size Forecast by Applications
13.10.1 Claims Fraud Detection
13.10.2 Identity Theft Detection
13.10.3 Payment and Billing Fraud Detection
13.10.4 Money Laundering Detection
13.10.5 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Insurance Fraud Detection Market: Competitive Dashboard
14.2 Global Insurance Fraud Detection Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 FICO
14.3.2 IBM
14.3.3 BAE Systems
14.3.4 SAS Institute
14.3.5 Experian
14.3.6 LexisNexis
14.3.7 Iovation
14.3.8 FRISS
14.3.9 SAP
14.3.10 Fiserv
14.3.11 ACI Worldwide
14.3.12 Simility
14.3.13 Kount
14.3.14 Software AG
14.3.15 BRIDGEi2i Analytics Solutions
14.3.16 Perceptiviti
