Industry Background:
Insurance fraud includes any act aimed for misleading the insurance process. Insurance fraud detection is a system which is used for detecting, preventing and managing both organised and opportunistic claims fraud across numerous industry verticals. For instance, the association of British insurers in the United Kingdom has uncovered more than 130,000 fraudulent claims, which valued at US1.7 billion in 2015. Integration of technologies such as AI, machine learning, mining of text expected to drive the market of insurance fraud detection methods.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), Fair Issac Corporation (United States), SAP SE (Germany), PayPal Holdings, Inc. (United States), BAE Systems PLC (United Kingdom), RELX PLC (United Kingdom), Fiserv, Inc. (United States), Software AG (Germany), ACI Worldwide, Inc. (United States) and Experian Information Solutions (United States) |
According to AMA, the market for Insurance Fraud Detection is expected to register a CAGR of 24.2% during the forecast period to 2030. This growth is primarily driven by The increasing number of fraudulent auto claims and Growing demand for cybersecurity.
Globally, a noticeable market trend is evident Growing Demand Integration of Technologies Such As AI, Mining Text, Machine Learning Major Players, such as IBM Corporation (United States), Fair Issac Corporation (United States), SAP SE (Germany), PayPal Holdings, Inc. (United States), BAE Systems PLC (United Kingdom), RELX PLC (United Kingdom), Fiserv, Inc. (United States), Software AG (Germany), ACI Worldwide, Inc. (United States) and Experian Information Solutions (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Key Developments in the Market:
In May 2023, Teradata and FICO, the analytics software provider in the insurance claim market, partnered to bring to market integrated advanced analytic solutions for real-time payments fraud insurance claims by incorporating AI-powered decision automation and optimization to financial services, which shows the demand for fraud analytical solutions in the BFSI sector.
In November 2023, Verisk launched a solution aimed at helping insurers evaluate their underwriting models for potential unfair pricing discrimination against protected classes.
Influencing Trend:
Growing Demand Integration of Technologies Such As AI, Mining Text, Machine Learning
Market Growth Drivers:
The increasing number of fraudulent auto claims and Growing demand for cybersecurity
Challenges:
Lack Awareness Regarding the Insurance Fraud Detection Solutions, Increasing Difficulty in Identifying Fraudulent Activities at an Early Stage and Fraud Recognition Become lengthy &Exhausting Process When Data Overloaded.
Restraints:
High Cost of Insurance Fraud Detection System
Opportunities:
Growing Complexity in Individual or Organized Crime Is a Major Concern for Many Insurance Companies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Insurance Fraud Detection Market
- Analysis about New Entrants in Insurance Fraud Detection Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Insurance Fraud Detection Study Sheds Light on
The Insurance Fraud Detection Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insurance Fraud Detection industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insurance Fraud Detection industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.