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The latest report by IMARC, titled “ InsuranceFraudDetectionMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandFore cast2023-2028
” finds that the global insurance fraud detection market to grow at a CAGR of 24.8% during 2023-2028.
Insurance fraud detection refers to systems and services used to analyze and track data to identify irregularities and offer real-time monitoring for preventing fraud related to money or property insurance. This is done through numerous software-based solutions to analyze historical patterns and incidents in order to analyze historic incidents and patterns to predict future happenings.
It detects suspicious activities performed by an insurance adjuster, provider, agent, or consumer for unlawful gains during the selling, buying, or underwriting insurance. Insurance fraud detection is also used by organizations for governance, authentication, fraud analytics, risk, and compliance to safeguard databases and identify vulnerabilities and anomalies.
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One of the primary factors driving the market is the rising number of insurance frauds, including abductions, fake medical records and inaccurate claims. Additionally, the increasing adoption of online applications and mobile banking services is catalyzing the market growth. Other than this, the increasing utilization of advanced analytics and technology are propelling the market growth.
Besides this, the extensive application of artificial intelligence (AI) and the Internet of Things (IoT)- enabled fraud detection solutions for running self-learning models, automated business rules, image screening, text mining, network analysis, device identification, and predictive analytics is also escalating the product adoption rate. Other growthinducing factors include significant advancements in the cyber security infrastructure and the digitalization of the insurance sector.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary: BreakupbyComponent:
• Solution
• Services
BreakupbyDeploymentModel:
• Cloud-based
• On-premises
BreakupbyOrganizationSize:
• Small and Medium-sized Enterprises
• Large Enterprises
BreakupbyApplication:
• Claims Fraud
• Identity Theft
• Payment and Billing Fraud
• Money Laundering
BreakupbyEndUser:
• Insurance Companies
• Agents and Brokers
• Insurance Intermediaries
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
ACI Worldwide Inc
BAE Systems plc
Equifax Inc.
Experian plc
Fair Isaac Corporation
Fiserv Inc.
FRISS International Business Machines Corporation
Lexisnexis Risk Solutions Inc. (RELX Group plc)
SAP SE
SAS Institute Inc.
• Software AG
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https://www.imarcgroup.com/insurance-fraud-detection-market
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