Industry Background:
Insurance Claims Investigation helps in evaluating the legitimacy of a claim. This service helps the claims adjuster to how to properly handle claims. Inappropriately Claims Investigations are required because, although many claims are genuine, there are some of them are not. Accordingly, these illegitimate claims predictably cost around USD 80 billion every year across the insurance industry. There are various types of insurance claim investigation services are that drive huge demand in this industry.
According to AMA Research, the market for Insurance Claim Investigation is expected to register a CAGR of 12.8% during the forecast period to 2030. This growth is primarily driven by The Rise in Occurrences of Fraud in the Insurance Industry
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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 Diversified Financial Services sector in the
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 Corporate Investigative Services, Inc. (United States), Lowers & Associates (United States), PJS Investigations Pty Ltd. (Australia), CoventBridge Group (United States), Robertson&Co (United Kingdom), ICORP Investigations (United States), Brumell Group (United States), John Cutter Investigations (United States), UKPI (United Kingdom) and Kelmar Global (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.
Key Developments in the Market:
In March 2024, Plummer Insurance, Inc. announced the acquisition of Classic One Insurance from Riverstone Bank.
In Jan 2020, EMC Insurance Companies announced a collaboration with FRISS for fraud detection solutions in the insurance industry. Through this partnership, they reduce insurance fraud and further increase profitability. By this initiative, the company enhances its offering across the globe.The market is fragmented by key leading players who are focusing on production technologies, improving efficiency, and service life. There are numerous growth opportunities in the market that can be captured by tracking the ongoing process improvement and financial flexibility by funding in optimal business strategies.
Influencing Trend:
Continuous Development in Technology and Increase in Market Competencies
Market Growth Drivers:
The Rise in Occurrences of Fraud in the Insurance Industry, Development in the Insurance Industry and High Movement Towards Digitization
Challenges:
Lack of Consumer Awareness
Restraints:
High Cost Associated with Insurance Claim Investigation Services
Opportunities:
Increase Investment from Government Projects and The Rise in Investment in Organic Growth Strategies
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 Claim Investigation 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 Claim Investigation 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 Claim Investigation 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 Claim Investigation Study Sheds Light on
The Insurance Claim Investigation Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insurance Claim Investigation industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insurance Claim Investigation 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.