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The global insurance fraud detection industry attained a value of almost USD 2.7 billion in 2020. The market is further expected to grow in the forecast period of 2021-2026 at a CAGR of about 26% to reach USD 10.8 billion by 2026. The market is primarily being driven by stringent regulations. North America is the largest region for the market.
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Properties and Applications
Fraud analytics require a range of computational technologies to analyse the processes and infrastructure of organisations to identify vulnerabilities in which fraud can occur. Such systems track and analyse data from various data sources; identify irregularities and alleged and suspicious conduct on all channels and provide monitoring in real-time for fraud prevention. Fraud analytics refers to the foundation of all fraud detection tools for insurance companies. Most suppliers offer conventional rules-based computational fraud models, while some prefer strategies for artificial intelligence and machine learning. Fraud detection tools detect fraud proactively and help fulfil compliance requirements.
The industry can be divided based on technology, organisation, deployment, service, solution, application, and region.
On the basis of technology, the industry can be divided into:
Solutions can be divided into:
Services can be divided into professional and managed services.
Professional services are further segmented into the following:
Based on organisation, the industry can be divided into small and medium-sized enterprises and large enterprises.
Deployment is further classified into cloud and on-premises.
The industry can be broadly categorised based on its applications into:
The EMR report looks into the regional markets of insurance fraud detection like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
The main driving factors behind the market growth are the need for companies to efficiently handle enormous numbers of identities, boost operational efficiency, increase customer experience, maximize the use of advanced analysis techniques, and strict regulatory compliance.
The lack of awareness among organisations, combined with a lack of integration of fraud detection options through organisational networks, of the value of fraud detection solutions and inappropriate implementation may restrict the industry growth.
The report presents a detailed analysis of the following key players in the global insurance fraud detection industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Questions Answered in the Report:
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Insurance Fraud Detection Market Analysis
6.1 Global Insurance Fraud Detection Historical Market (2016-2020) & Forecast (2021-2026)
6.2 Global Insurance Fraud Detection Market Breakup by Technology
6.3 Global Insurance Fraud Detection Market Breakup by Technology: Historical Market (2016-2020) & Forecast (2021-2026)
6.4 Global Insurance Fraud Detection Market Breakup by Organization
6.4.1 Small and Medium-Sized Enterprises
6.4.2 Large Enterprises
6.5 Global Insurance Fraud Detection Market Breakup by Organization: Historical Market (2016-2020) & Forecast (2021-2026)
6.5.1 Small and Medium-Sized Enterprises
6.5.2 Large Enterprises
6.6 Global Insurance Fraud Detection Market Breakup by Deployment
6.7 Global Insurance Fraud Detection Market Breakup by Deployment: Historical Market (2016-2020) & Forecast (2021-2026)
6.8 Global Insurance Fraud Detection Market Breakup by Service
6.8.1 Professional Services
188.8.131.52 Consulting Services
184.108.40.206 Training and Education
220.127.116.11 Support and Maintenance
6.8.2 Managed Services
6.9 Global Insurance Fraud Detection Market Breakup by Service: Historical Market (2016-2020) & Forecast (2021-2026)
6.9.1 Professional Services
18.104.22.168 Consulting Services
22.214.171.124 Training and Education
126.96.36.199 Support and Maintenance
6.9.2 Managed Services
6.10 Global Insurance Fraud Detection Market Breakup by Solution
6.10.1 Fraud Analytics
6.10.3 Governance, Risk, and Compliance
6.11 Global Insurance Fraud Detection Market Breakup by Solution: Historical Market (2016-2020) & Forecast (2021-2026)
6.11.1 Fraud Analytics
6.11.3 Governance, Risk, and Compliance
6.12 Global Insurance Fraud Detection Market Breakup by Application
6.12.1 Claims Fraud
6.12.2 Identity Theft
6.12.3 Payment Fraud and Billing Fraud
6.12.4 Money Laundering
6.13 Global Insurance Fraud Detection Market Breakup by Application: Historical Market (2016-2020) & Forecast (2021-2026)
6.13.1 Claims Fraud
6.13.2 Identity Theft
6.13.3 Payment Fraud and Billing Fraud
6.13.4 Money Laundering
6.14 Global Insurance Fraud Detection Market Breakup by Region
6.14.1 North America
188.8.131.52 United States of America
184.108.40.206 United Kingdom
6.14.3 Asia Pacific
6.14.4 Latin America
6.14.5 Middle East & Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
6.15 Global Insurance Fraud Detection Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
6.15.1 North America
126.96.36.199 United States of America
188.8.131.52 United Kingdom
6.15.3 Asia Pacific
6.15.4 Latin America
6.15.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
7 SWOT Analysis
8 Porter’s Five Forces Analysis
8.2 Buyer’s Power
8.3 Supplier’s Power
8.4 New Entrants
8.5 Degree of Rivalry
9 EMR’s Key Indicators for Demand
10 EMR’s Key Indicators for Price
11 Competitive Landscape & Supplier Analysis
11.1 FICO [FICO (NYSE)]
11.1.1 Company Overview
11.1.2 Financial Analysis
11.2 IBM [IBM (NYSE)]
11.2.1 Company Overview
11.2.2 Financial Analysis
11.3 BAE Systems [BA (LON)]
11.3.1 Company Overview
11.3.2 Financial Analysis
11.4 SAS Institute
11.4.1 Company Overview
11.4.2 Financial Analysis
11.5 Experian [ EXPN (LON)]
11.5.1 Company Overview
11.5.2 Financial Analysis
11.6.1 Company Overview
11.6.2 Financial Analysis
11.7.1 Company Overview
11.7.2 Financial Analysis
11.8.1 Company Overview
11.8.2 Financial Analysis
11.9.1 Company Overview
11.9.2 Financial Analysis
11.10 Fiserv [FISV (NASDAQ)]
11.10.1 Company Overview
11.10.2 Financial Analysis
11.11 ACI Worldwide [ACIW (NASDAQ)]
11.11.1 Company Overview
11.11.2 Financial Analysis
12 Events and Development
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