The Insurance Fraud Detection by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Insurance Fraud Detection , The insurance fraud detection market size has grown exponentially in recent years. It will grow from $6.23 billion in 2023 to $7.66 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The growth in the historic period can be attributed to rising instances of insurance fraud, complexity of fraud schemes, regulatory compliance requirements, customer demand for security, globalization of insurance markets..
The insurance fraud detection market size is expected to see exponential growth in the next few years. It will grow to $18.04 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The growth in the forecast period can be attributed to global data sharing platforms, regulatory emphasis on fraud prevention, insider threat detection, enhanced identity verification, increased cybersecurity measures. Major trends in the forecast period include rise of advanced analytics and machine learning, collaboration with insurtech companies, focus on real-time fraud prevention, focus on digital identity verification, use of geospatial data for risk assessment, regulatory compliance and reporting..
The increase in cyberattacks is expected to propel the growth of the insurance fraud detection market. A cyberattack is a dangerous and intentional attempt by an individual or organization to gain access to another person’s or organization’s data. Insurance companies are an excellent target for cyber-attacks since they have access to a large amount of personal policyholder data. Compared to other industries, which hold mainly sensitive financial data, insurers typically also collect a large amount of protected personal sensitive information. For instance, in June 2022, according to the Anti-Phishing Working Group, a US-based organization, in the first quarter of 2022, the APWG recorded a total of 1,025,968 phishing attacks, a 15% rise from the fourth quarter of 2021, when 888,585 attacks were reported. Therefore, an increase in cyberattacks is driving the insurance fraud detection market growth.
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The insurance fraud detection market covered in this report is segmented –
1) By Deployment Type: On-Premises, Cloud
2) By Component: Solution, Services
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Claims Fraud, Identity Theft, Payment And Billing Fraud, Money Laundering
5) By End User: Insurance Companies, Agents And Brokers, Insurance Intermediaries, Other End Users
Technological advancements are a key trend gaining popularity in the insurance fraud detection market. Many companies are offering new solutions with upgraded technologies to improve the monitoring and identification of insurance fraud claims for their customers. For instance, in December 2021, Crawford & Company, a US-based independent claims management company, launched the Crawford Intelligent Fraud Detection solution. This innovative solution combines human expertise with forensic analysis, leveraging DXC Luxoft’s Financial Crimes Intelligence platform in collaboration with IBM to improve the detection and management of fraudulent claims. Crawford’s significant knowledge and skills are leveraged in this solution, which uses AI to assist customers in detecting and managing insurance fraud.
The insurance fraud detection market report table of contents includes:
- Executive Summary
- Insurance Fraud Detection Market Characteristics
- Insurance Fraud Detection Market Trends And Strategies
- Insurance Fraud Detection Market – Macro Economic Scenario
- Global Insurance Fraud Detection Market Size and Growth
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- Global Insurance Fraud Detection Market Competitive Benchmarking
- Global Insurance Fraud Detection Market Competitive Dashboard
- Key Mergers And Acquisitions In The Insurance Fraud Detection Market
- Insurance Fraud Detection Market Future Outlook and Potential Analysis
- Appendix
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