PUBLISHER: Allied Market Research | PRODUCT CODE: 1139864
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139864
Insurance fraud is an illegal act on the part of either the buyer or seller of an insurance contract. Insurance fraud from the issuer includes selling policies from non-existent companies, failing to submit premiums, and churning policies to create more commissions. Buyer fraud, meanwhile, can consist of exaggerated claims, falsified medical history, post-dated policies, viatical fraud, faked death or kidnapping, and murder.
Surge in number of insurance fraud including fake medical records, inaccurate claims, abductions, and others, has led to rise of fraud detection products and solutions in the insurance market to reduce fraudulent claim settlement activities. In addition, increasing adoption of advanced analytics and technology are some of the factors propelling the market growth. Moreover, rise in cyber security infrastructure for insurance fraud detection is a major driving factor for the growth of the market. However, many insurance companies use outdated internal systems and rely on manual process including knowledge workers or business rules for detecting the fraud on excel sheets. In addition, improper handling of data and privacy of the clients are some of the major factors limiting the insurance fraud detection market. On the contrary, advances in technology and adoption of artificial intelligence and machine learning in detection of fraud in insurance claims is expected to provide lucrative growth opportunities in the coming years.
The insurance fraud detection market is segmented on the basis of component, deployment mode, enterprise size, application, and region. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premises and cloud. Based on enterprise size, it is segregated into large enterprises, and small and medium-sized enterprises. By application, the market is divided into payment fraud and billing fraud, identity theft, claims fraud, and money laundering. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the insurance fraud detection market such as BAE Systems., Duck Creek Technologies, Equifax Inc., Experian Information Solutions, Inc., FICO, FRISS, Fiserv, Inc., IBM, LexisNexis Risk Solutions Group., and SAS Institute Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the insurance fraud detection industry.
Key Benefits For Stakeholders
Key Market Segments
By Component
By Deployment Mode
By Enterprise Size
By Applications
By Region