Insurance Fraud Detection Market Size | Industry Report 2028

IMARC Group, a leading market research company, has recently releases report titled “Insurance Fraud Detection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global insurance fraud detection market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the insurance fraud detection market?

The global insurance fraud detection market is expected to exhibit a growth rate (CAGR) of 24.8% during 2023-2028.

What is insurance fraud detection?

Insurance fraud detection refers to systems and services used to analyze and track data to identify irregularities and offer real-time monitoring for preventing fraud related to money or property insurance. This is done through numerous software-based solutions to analyze historical patterns and incidents in order to analyze historic incidents and patterns to predict future happenings. It detects suspicious activities performed by an insurance adjuster, provider, agent, or consumer for unlawful gains during the selling, buying, or underwriting insurance. Insurance fraud detection is also used by organizations for governance, authentication, fraud analytics, risk, and compliance to safeguard databases and identify vulnerabilities and anomalies.

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What are the growth prospects and trends in the insurance fraud detection industry?

One of the primary factors driving the market is the rising number of insurance frauds, including abductions, fake medical records and inaccurate claims. Additionally, the increasing adoption of online applications and mobile banking services is catalyzing the market growth. Other than this, the increasing utilization of advanced analytics and technology are propelling the market growth. Besides this, the extensive application of artificial intelligence (AI) and the Internet of Things (IoT)- enabled fraud detection solutions for running self-learning models, automated business rules, image screening, text mining, network analysis, device identification, and predictive analytics is also escalating the product adoption rate. Other growth-inducing factors include significant advancements in the cyber security infrastructure and the digitalization of the insurance sector.

What is included in market segmentation?

The report has segmented the market into the following categories:

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 (U.S. Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
• Latin America (Brazil, Mexico)
• Middle East Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• 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.

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