Industry Background:
Insurance fraud detection software provides an end-to-end solution for detecting, preventing, and managing both opportunistic and organized claims. It uses multiple techniques (automated business rules, embedded AI and machine learning methods, text mining, anomaly detection, and network link analysis) to automatically score millions of claims records in real-time or in batch. Growing fraud-related activities in the insurance sector are the major factor driving the market growth. North America holds the largest market share of the global insurance fraud detection software market.
According to AMA Research, the market for Insurance Fraud Detection Software is expected to register a CAGR of 20.0% during the forecast period to 2030. This growth is primarily driven by The Increasing Number of Fraudulent Auto Claims
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Fraud.net (United States), ClearSale (Brazil), Crawford & Company (United States), Oracle Corporation (United States), Riskified (Israel), NICE Actimize (United States), Kount, Inc. (United States), Scout Case Management Software (United States), IBM (United States), FRISS Inc. (United States) and Agnovi Corporation (Canada), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
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.
On 8th December 2021, Crawford & Company launches the Crawford Intelligent Fraud Detection solution. This new solution combines human expertise and forensic analysis, utilizing DXC Luxoft’s Financial Crimes Intelligence technology with IBM to further enhance how it detects and manages fraudulent claims for its clients.Global Insurance Fraud Detection Software is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Software. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Influencing Trend:
An Upsurge of Technology and Rising Digitization and 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 of Awareness Regarding the Insurance Fraud Detection Solutions
Restraints:
High Cost Associated with the Insurance Fraud Detection Software
Opportunities:
Growing Complexity in Individual or Organized Crime Is a Major Concern for Many Insurance Companies and Adoption of Automation in the Insurance Industry
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 mainly 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 market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Insurance Fraud Detection Software Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Insurance Fraud Detection Software Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Insurance Fraud Detection Software players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
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
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Insurance Fraud Detection Software Study Sheds Light on
The Insurance Fraud Detection Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insurance Fraud Detection Software 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 Software 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.