Product Code: A06948
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 However, many insurance companies use outdated internal systems and rely on manual process including knowledge workers or business rules for detecting the fraud on excel sheets.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
- The study provides in-depth analysis of the global insurance fraud detection market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global insurance fraud detection market size are provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global insurance fraud detection market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
By Deployment Mode
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Applications
- Payment Fraud and Billing Fraud
- Identity Theft
- Claims Fraud
- Money Laundering
By Region
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- North America
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- BAE Systems
- Duck Creek Technologies
- Equifax Inc.
- Experian Information Solutions, Inc.
- FICO
- FRISS
- Fiserv, Inc.
- IBM
- LexisNexis Risk Solutions Group.
- SAS Institute Inc.
TABLE OF CONTENTS
CHAPTER 1:INTRODUCTION
- 1.1.Report description
- 1.2.Key market segments
- 1.3.Key benefits to the stakeholders
- 1.4.Research Methodology
- 1.4.1.Secondary research
- 1.4.2.Primary research
- 1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
- 2.1.Key findings of the study
- 2.2.CXO Perspective
CHAPTER 3:MARKET OVERVIEW
- 3.1.Market definition and scope
- 3.2.Key findings
- 3.2.1.Top investment pockets
- 3.3.Porter's five forces analysis
- 3.4.Top player positioning
- 3.5.Market dynamics
- 3.5.1.Drivers
- 3.5.2.Restraints
- 3.5.3.Opportunities
- 3.6.COVID-19 Impact Analysis on the market
CHAPTER 4: INSURANCE FRAUD DETECTION MARKET, BY COMPONENT
- 4.1 Overview
- 4.1.1 Market size and forecast
- 4.2 Solution
- 4.2.1 Key market trends, growth factors and opportunities
- 4.2.2 Market size and forecast, by region
- 4.2.3 Market analysis by country
- 4.3 Services
- 4.3.1 Key market trends, growth factors and opportunities
- 4.3.2 Market size and forecast, by region
- 4.3.3 Market analysis by country
CHAPTER 5: INSURANCE FRAUD DETECTION MARKET, BY DEPLOYMENT MODE
- 5.1 Overview
- 5.1.1 Market size and forecast
- 5.2 On-premises
- 5.2.1 Key market trends, growth factors and opportunities
- 5.2.2 Market size and forecast, by region
- 5.2.3 Market analysis by country
- 5.3 Cloud
- 5.3.1 Key market trends, growth factors and opportunities
- 5.3.2 Market size and forecast, by region
- 5.3.3 Market analysis by country
CHAPTER 6: INSURANCE FRAUD DETECTION MARKET, BY ENTERPRISE SIZE
- 6.1 Overview
- 6.1.1 Market size and forecast
- 6.2 Large Enterprises
- 6.2.1 Key market trends, growth factors and opportunities
- 6.2.2 Market size and forecast, by region
- 6.2.3 Market analysis by country
- 6.3 Small and Medium-sized Enterprises (SMEs)
- 6.3.1 Key market trends, growth factors and opportunities
- 6.3.2 Market size and forecast, by region
- 6.3.3 Market analysis by country
CHAPTER 7: INSURANCE FRAUD DETECTION MARKET, BY APPLICATIONS
- 7.1 Overview
- 7.1.1 Market size and forecast
- 7.2 Payment Fraud and Billing Fraud
- 7.2.1 Key market trends, growth factors and opportunities
- 7.2.2 Market size and forecast, by region
- 7.2.3 Market analysis by country
- 7.3 Identity Theft
- 7.3.1 Key market trends, growth factors and opportunities
- 7.3.2 Market size and forecast, by region
- 7.3.3 Market analysis by country
- 7.4 Claims Fraud
- 7.4.1 Key market trends, growth factors and opportunities
- 7.4.2 Market size and forecast, by region
- 7.4.3 Market analysis by country
- 7.5 Money Laundering
- 7.5.1 Key market trends, growth factors and opportunities
- 7.5.2 Market size and forecast, by region
- 7.5.3 Market analysis by country
CHAPTER 8: INSURANCE FRAUD DETECTION MARKET, BY REGION
- 8.1 Overview
- 8.1.1 Market size and forecast
- 8.2 Asia-Pacific
- 8.2.1 Key trends and opportunities
- 8.2.2 Asia-Pacific Market size and forecast, by Component
- 8.2.3 Asia-Pacific Market size and forecast, by Deployment Mode
- 8.2.4 Asia-Pacific Market size and forecast, by Enterprise Size
- 8.2.5 Asia-Pacific Market size and forecast, by Applications
- 8.2.6 Asia-Pacific Market size and forecast, by country
- 8.2.6.1 China
- 8.2.6.1.1 Market size and forecast, by Component
- 8.2.6.1.2 Market size and forecast, by Deployment Mode
- 8.2.6.1.3 Market size and forecast, by Enterprise Size
- 8.2.6.1.4 Market size and forecast, by Applications
- 8.2.6.2 India
- 8.2.6.2.1 Market size and forecast, by Component
- 8.2.6.2.2 Market size and forecast, by Deployment Mode
- 8.2.6.2.3 Market size and forecast, by Enterprise Size
- 8.2.6.2.4 Market size and forecast, by Applications
- 8.2.6.3 Japan
- 8.2.6.3.1 Market size and forecast, by Component
- 8.2.6.3.2 Market size and forecast, by Deployment Mode
- 8.2.6.3.3 Market size and forecast, by Enterprise Size
- 8.2.6.3.4 Market size and forecast, by Applications
- 8.2.6.4 Australia
- 8.2.6.4.1 Market size and forecast, by Component
- 8.2.6.4.2 Market size and forecast, by Deployment Mode
- 8.2.6.4.3 Market size and forecast, by Enterprise Size
- 8.2.6.4.4 Market size and forecast, by Applications
- 8.2.6.5 South Korea
- 8.2.6.5.1 Market size and forecast, by Component
- 8.2.6.5.2 Market size and forecast, by Deployment Mode
- 8.2.6.5.3 Market size and forecast, by Enterprise Size
- 8.2.6.5.4 Market size and forecast, by Applications
- 8.2.6.6 Rest of Asia-Pacific
- 8.2.6.6.1 Market size and forecast, by Component
- 8.2.6.6.2 Market size and forecast, by Deployment Mode
- 8.2.6.6.3 Market size and forecast, by Enterprise Size
- 8.2.6.6.4 Market size and forecast, by Applications
- 8.3 Europe
- 8.3.1 Key trends and opportunities
- 8.3.2 Europe Market size and forecast, by Component
- 8.3.3 Europe Market size and forecast, by Deployment Mode
- 8.3.4 Europe Market size and forecast, by Enterprise Size
- 8.3.5 Europe Market size and forecast, by Applications
- 8.3.6 Europe Market size and forecast, by country
- 8.3.6.1 United Kingdom
- 8.3.6.1.1 Market size and forecast, by Component
- 8.3.6.1.2 Market size and forecast, by Deployment Mode
- 8.3.6.1.3 Market size and forecast, by Enterprise Size
- 8.3.6.1.4 Market size and forecast, by Applications
- 8.3.6.2 Germany
- 8.3.6.2.1 Market size and forecast, by Component
- 8.3.6.2.2 Market size and forecast, by Deployment Mode
- 8.3.6.2.3 Market size and forecast, by Enterprise Size
- 8.3.6.2.4 Market size and forecast, by Applications
- 8.3.6.3 France
- 8.3.6.3.1 Market size and forecast, by Component
- 8.3.6.3.2 Market size and forecast, by Deployment Mode
- 8.3.6.3.3 Market size and forecast, by Enterprise Size
- 8.3.6.3.4 Market size and forecast, by Applications
- 8.3.6.4 Italy
- 8.3.6.4.1 Market size and forecast, by Component
- 8.3.6.4.2 Market size and forecast, by Deployment Mode
- 8.3.6.4.3 Market size and forecast, by Enterprise Size
- 8.3.6.4.4 Market size and forecast, by Applications
- 8.3.6.5 Spain
- 8.3.6.5.1 Market size and forecast, by Component
- 8.3.6.5.2 Market size and forecast, by Deployment Mode
- 8.3.6.5.3 Market size and forecast, by Enterprise Size
- 8.3.6.5.4 Market size and forecast, by Applications
- 8.3.6.6 Russia
- 8.3.6.6.1 Market size and forecast, by Component
- 8.3.6.6.2 Market size and forecast, by Deployment Mode
- 8.3.6.6.3 Market size and forecast, by Enterprise Size
- 8.3.6.6.4 Market size and forecast, by Applications
- 8.3.6.7 Rest of Europe
- 8.3.6.7.1 Market size and forecast, by Component
- 8.3.6.7.2 Market size and forecast, by Deployment Mode
- 8.3.6.7.3 Market size and forecast, by Enterprise Size
- 8.3.6.7.4 Market size and forecast, by Applications
- 8.4 North America
- 8.4.1 Key trends and opportunities
- 8.4.2 North America Market size and forecast, by Component
- 8.4.3 North America Market size and forecast, by Deployment Mode
- 8.4.4 North America Market size and forecast, by Enterprise Size
- 8.4.5 North America Market size and forecast, by Applications
- 8.4.6 North America Market size and forecast, by country
- 8.4.6.1 U.S.
- 8.4.6.1.1 Market size and forecast, by Component
- 8.4.6.1.2 Market size and forecast, by Deployment Mode
- 8.4.6.1.3 Market size and forecast, by Enterprise Size
- 8.4.6.1.4 Market size and forecast, by Applications
- 8.4.6.2 Canada
- 8.4.6.2.1 Market size and forecast, by Component
- 8.4.6.2.2 Market size and forecast, by Deployment Mode
- 8.4.6.2.3 Market size and forecast, by Enterprise Size
- 8.4.6.2.4 Market size and forecast, by Applications
- 8.5 LAMEA
- 8.5.1 Key trends and opportunities
- 8.5.2 LAMEA Market size and forecast, by Component
- 8.5.3 LAMEA Market size and forecast, by Deployment Mode
- 8.5.4 LAMEA Market size and forecast, by Enterprise Size
- 8.5.5 LAMEA Market size and forecast, by Applications
- 8.5.6 LAMEA Market size and forecast, by country
- 8.5.6.1 Latin America
- 8.5.6.1.1 Market size and forecast, by Component
- 8.5.6.1.2 Market size and forecast, by Deployment Mode
- 8.5.6.1.3 Market size and forecast, by Enterprise Size
- 8.5.6.1.4 Market size and forecast, by Applications
- 8.5.6.2 Middle East
- 8.5.6.2.1 Market size and forecast, by Component
- 8.5.6.2.2 Market size and forecast, by Deployment Mode
- 8.5.6.2.3 Market size and forecast, by Enterprise Size
- 8.5.6.2.4 Market size and forecast, by Applications
- 8.5.6.3 Africa
- 8.5.6.3.1 Market size and forecast, by Component
- 8.5.6.3.2 Market size and forecast, by Deployment Mode
- 8.5.6.3.3 Market size and forecast, by Enterprise Size
- 8.5.6.3.4 Market size and forecast, by Applications
CHAPTER 9: COMPANY LANDSCAPE
- 9.1. Introduction
- 9.2. Top winning strategies
- 9.3. Product Mapping of Top 10 Player
- 9.4. Competitive Dashboard
- 9.5. Competitive Heatmap
- 9.6. Key developments
CHAPTER 10: COMPANY PROFILES
- 10.1 BAE Systems
- 10.1.1 Company overview
- 10.1.2 Company snapshot
- 10.1.3 Operating business segments
- 10.1.4 Product portfolio
- 10.1.5 Business performance
- 10.1.6 Key strategic moves and developments
- 10.2 Duck Creek Technologies
- 10.2.1 Company overview
- 10.2.2 Company snapshot
- 10.2.3 Operating business segments
- 10.2.4 Product portfolio
- 10.2.5 Business performance
- 10.2.6 Key strategic moves and developments
- 10.3 Equifax Inc.
- 10.3.1 Company overview
- 10.3.2 Company snapshot
- 10.3.3 Operating business segments
- 10.3.4 Product portfolio
- 10.3.5 Business performance
- 10.3.6 Key strategic moves and developments
- 10.4 Experian Information Solutions, Inc.
- 10.4.1 Company overview
- 10.4.2 Company snapshot
- 10.4.3 Operating business segments
- 10.4.4 Product portfolio
- 10.4.5 Business performance
- 10.4.6 Key strategic moves and developments
- 10.5 FICO
- 10.5.1 Company overview
- 10.5.2 Company snapshot
- 10.5.3 Operating business segments
- 10.5.4 Product portfolio
- 10.5.5 Business performance
- 10.5.6 Key strategic moves and developments
- 10.6 FRISS
- 10.6.1 Company overview
- 10.6.2 Company snapshot
- 10.6.3 Operating business segments
- 10.6.4 Product portfolio
- 10.6.5 Business performance
- 10.6.6 Key strategic moves and developments
- 10.7 Fiserv, Inc.
- 10.7.1 Company overview
- 10.7.2 Company snapshot
- 10.7.3 Operating business segments
- 10.7.4 Product portfolio
- 10.7.5 Business performance
- 10.7.6 Key strategic moves and developments
- 10.8 IBM
- 10.8.1 Company overview
- 10.8.2 Company snapshot
- 10.8.3 Operating business segments
- 10.8.4 Product portfolio
- 10.8.5 Business performance
- 10.8.6 Key strategic moves and developments
- 10.9 LexisNexis Risk Solutions Group.
- 10.9.1 Company overview
- 10.9.2 Company snapshot
- 10.9.3 Operating business segments
- 10.9.4 Product portfolio
- 10.9.5 Business performance
- 10.9.6 Key strategic moves and developments
- 10.10 SAS Institute Inc.
- 10.10.1 Company overview
- 10.10.2 Company snapshot
- 10.10.3 Operating business segments
- 10.10.4 Product portfolio
- 10.10.5 Business performance
- 10.10.6 Key strategic moves and developments