Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "Insurance Fraud Detection Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global insurance fraud detection market grew from $5.2 billion in 2022 to $6.4 billion in 2023 at a compound annual growth rate (CAGR) of 23.1%. The insurance fraud detection market is expected to grow to $15.07 billion in 2027 at a CAGR of 23.9%.
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.
In February 2022, Charles Taylor InsureTech, a UK-based software provider for the insurance industry acquired the majority share of Fraud Keeper for an undisclosed amount. The acquisition is expected to enable Fraud Keeper to bring its proven technology to new markets and client situations globally.
Additionally, the deal complements Charles Taylor's counter-fraud strategy, its specialist investigation services investigations division. Fraud Keeper is a UK-based company that allows detecting, preventing, mitigating, and managing fraudulent transactions in the insurance sector.
North America was the largest region in the insurance fraud detection market in 2022. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance fraud detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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, the FBI's Internet Crime Complaint Centre (IC3), a website that provides users with a standardized process and interfaces for reporting suspected cybercrime or other illicit online activities in the US, saw a 69% increase in the number of cybercrimes reported received in 2020 compared to 2019 in the US. On average, in 2020, the FBI received 2,000 cybercrime reports per day. Therefore, an increase in cyberattacks is driving the growth of the insurance fraud detection market.
The insurance fraud detection includes revenues earned by entities by statistical data analysis services, multi-layered process, behavioral biometrics services, adaptive and predictive analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $6.4 billion |
| Forecasted Market Value (USD) by 2027 | $15.07 billion |
| Compound Annual Growth Rate | 23.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- ACI Worldwide Inc.
- BAE Systems
- BRIDGEi2i Analytics Solutions Pvt. Ltd.
- Datawalk Inc.
- DXC Technology Co.
- Experian PLC
- Fair Isaac Corp.
- Fiserv Inc.
- FRISS
- IBM Corp.
- iovation Inc.
- Kount Inc.
- LexisNexis
- Oracle Corp.
- SAP SE
- SAS Institute Inc.
- Scorto Inc.
- TransUnion LLC
- Wipro Ltd.
- Accenture
- CI Worldwide Inc.
- Equifax Inc
- Perceptiviti
Key Topics Covered:
1. Executive Summary
2. Insurance Fraud Detection Market Characteristics
3. Insurance Fraud Detection Market Trends And Strategies
4. Insurance Fraud Detection Market - Macro Economic Scenario
4.1 COVID-19 Impact On Insurance Fraud Detection Market
4.2 Ukraine-Russia War Impact On Insurance Fraud Detection Market
4.3 Impact Of High Inflation On Insurance Fraud Detection Market
5. Insurance Fraud Detection Market Size And Growth
5.1. Global Insurance Fraud Detection Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Fraud Detection Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurance Fraud Detection Market Segmentation
6.1. Global Insurance Fraud Detection Market, Segmentation By Deployment Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- On-Premises
- Cloud
6.2. Global Insurance Fraud Detection Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solution
- Services
6.3. Global Insurance Fraud Detection Market, Segmentation By Organization Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Small And Medium-Sized Enterprises (SMEs)
- Large Enterprises
6.4. Global Insurance Fraud Detection Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Claims Fraud
- Identity Theft
- Payment And Billing Fraud
- Money Laundering
6.5. Global Insurance Fraud Detection Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Insurance Companies
- Agents And Brokers
- Insurance Intermediaries
- Other End Users
7. Insurance Fraud Detection Market Regional And Country Analysis
7.1. Global Insurance Fraud Detection Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Insurance Fraud Detection Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/z3u5pn
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