Loading...

Insurance Fraud Detection Market by Offering (Software and Service), Application (Fraud Detection, Security Management, Claim Processing, and Risk Management), and End User (Insurance Companies, Agents & Brokers, Insurance Intermediaries, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

A06948
Pages: NA
Sep 2020 | 78 Views
 
Author(s) : NA
Tables: NA
Charts: NA
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Insurance Fraud Detection Market

Request Now !

Insurance Fraud Detection Market Outlook - 2027

Globally, the insurance fraud detection market is growing subsequently and is expected to grow during the forecast period, owing to increase in number of fraudulent claims. Insurance fraud involves several illegal activities such as selling policies from non-existent companies, refusing to request premiums, and trying to turn policies to generate additional commissions. In addition, it includes inaccurate claims, fake medical records, postdated laws, disproved death or abduction, assassination and other customer frauds. These frauds can either be on the part of an insurance policy buyer or provider. Recently, machine learning has been widely used for fraud detection with predictive analytical features that allow fraud inspection and identification in several areas such as underwriting, policy renewals, and periodic reviews.

 

Insurance Fraud Detection Market

Market scope and structure analysis:

                 Market size available for years

                              2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

  Offering, Application, End User, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

  Companies covered

Major players analyzed include SAS Institute Inc., Fair Isaac Corporation, FRISS, BAE Systems, Kount, Inc., Smility, Software AG, Megaputer Intelligence Inc., SAP SE, CaseWare International Inc, IBM,


COVID-19 scenario analysis:

  • In light of COVID-19, large number of insurance claims are being processed globally. 
  • The COVID-19 pandemic sparked a chain of fear-inducing incidents and turned into an opportunity for predatory fraud. 
  • Moreover, fraudulent claims and fake emails are also being reported by several insurance companies. 
  • These rising frauds drive the adoption of fraud detection systems among insurance firms for handling these attacks and maintaining privacy.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

Growth in demand for security concerns against fraudulent claims by insurance agents and auditors is the key drive that boosts the insurance fraud detection market growth. However, lack of integration capabilities is expected to hinder the market growth. Furthermore, growth in cyber security spending in developing economies and emergence of artificial intelligence in insurance fraud detection are expected to provide lucrative opportunities for the market growth during the forecast period. 

The global insurance fraud detection market trends are as follows:

New product launches to flourish the market:

Presently, artificial intelligence is a leading fraud detection technology that uses data and predictive analysis for identifying and preventing frauds. Through emerging data analytics innovations and analysis of internet based personalized data, companies are focused on developing AI based products to trace habits of insured individuals. Various huge companies such as Vericred, Inc. and Delta Dental are investing in such insurtech startups, thus creating several lucrative opportunities for the insurance fraud detection market.

Surge in use of fraud detection:

Most insurance companies are using automated fraud detecting methods to detect digital frauds. Large insurance providers such as Allstate Insurance Company and MetLife have adopted data analytics software to check fraud during claim processing events.  In the U.S. and Canada, insurers have been facing a loss of 5 to 10% annually. As a result, companies are more focused toward adoption of fraud detection solutions. 

                              Segments

        Subsegments

  Offering

  • Software
  • Service

  Application

  • Fraud Detection
  • Security Management
  • Claim Processing
  • Risk Management

  End User

  • Insurance Companies
  • Agents & Brokers
  • Insurance Intermediaries
  • Others

 

Key benefits of the report:

  • This study presents analytical depiction of the global insurance fraud detection market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global insurance fraud detection market share. 
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the insurance fraud detection market growth scenario. 
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed insurance fraud detection market analysis based on the present and future competitive intensity of the market.  
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 

PURCHASE OPTIONS

Start reading ,This title and over 12000 thousand more,available with Avenue Library,  T&C*

Reach out to us

Call us on
( U.S. - Canada toll free )
+1-800-792-5285,   
Int'l : +1-503-894-6022
( Europe )
+ 44-845-528-1300
Drop us an email at
help@alliedmarketresearch.com

 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

FREQUENTLY ASKED
QUESTIONS?

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

REQUEST TOC/SAMPLE

OR

Purchase Full Report of
Insurance Fraud Detection Market

  • Online Only
  • $3,687  $3,318
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Data Pack
  • $4,097  $3,687
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $6,129  $5,516
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $6,882  $6,194
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise
    License/PDF

  • $9,598  $8,638
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library Membership
  • $ 699/mo
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Start reading.
    This title and over 12,000+ are available on the Avenue Library.  T&C*.

    Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 
 

Featured Reports

 

Featured Readings

 

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

 
Get Industry Data Alerts