Digitization market by number of mobile devices and social media is changing the business landscape for all the sectors including insurance sector. With the advancements in technologies, insurance companies are harnessing the technologies such as artificial intelligence and data analytics for fraud detection. As handling fraud manually has always been costly for insurance companies and the big data trend always leaves a huge risk for fraud going undetected in data if not analyzed thoroughly. In the last few years, the insurance companies are realizing the importance of analytics in the fraud detection space and are opting for fraud detection solutions and services. Fraud detection solution providers are focusing on providing robust and more holistic tools for fraud detection for claims management, employee and vendor details in an integrated fashion. A significant surge in claims has been caused by the pandemic and the ensuing economic climate, which is raising the danger of fraud. For instance, in comparison to 2018, the Singaporean government received more than three times as many reports of bogus claims in 2020. The rise was mostly brought on by an increase in reports of bogus health insurance claims. Thus, the global insurance fraud detection market is gaining traction.
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Insurance fraud is a serious risk for insurers worldwide and it is becoming worse every year. The insurance industry's most prevalent topic of debate is claims fraud, with the auto and workers compensation business segments being the main contributors. Frauds are often the result of an individual or group of fraudsters working together with the goal of inflating claims and ultimately turning a profit off of a loss. The traditional method used by insurance firms to identify and address frauds is the expert judgement of agents, adjusters, and special investigation units. In the past, when fraudsters were less sophisticated than they are now, this strategy was somewhat successful. Additionally, the volume of claims was manageably low, making it feasible to detect fraud.
Global Insurance Fraud Detection Market Report Highlights
- In the global insurance fraud detection market, software segment has the highest share in the year 2021. Due to the severity of fraud, insurers are using cutting-edge fraud detection software that effectively evaluate untapped data and reduce fraud loss. During the policy application, servicing, and claims procedures, insurers frequently gather large volumes of Big Data in several formats (structured, semi-structured, and unstructured), which are seldom assessed in fraud investigation operations. Due to the incorporation of advanced technologies in the software is helping the companies to plan measures to reduce identity theft in the insurance process (application to claims). In the long term, an insurance fraud detection system's goal is to increase an insurance company's total claims ratio by lowering refunds in the event of false claims. Thus, with the advancements the fraud detection software the market is expected to rise in the upcoming years.
- Insurance fraud detection has various applications such as claims fraud, medical billing and payment frauds, money laundering detection, identity theft and others. Given the variety of fraud types and the low proportion of known frauds in typical samples, detecting insurance fraud has been a difficult challenge. The cost of false warnings must be weighed with the benefits from loss prevention when developing detection algorithms. Since the beginning, the insurance business has struggled with the problem of fraudulent insurance claims. On the one hand, there is the difficulty of degrading client satisfaction through postponed payments or drawn-out investigations during a stressful time. In the last few years due to emerging technologies, predictive modelling and link analysis which looks at connections between things like people, locations, and events have supplemented more conventional methods such employing automatic red flags and business rules. Thus, with advancing technologies the global insurance fraud detection market is expected to flourish in the upcoming years.
- Asia Pacific is anticipated to be the fastest growing region in the global insurance fraud detection market in the upcoming years. The insurance sector in Asia Pacific region is not an exception; as more procedures are digitalized, there have been more cases of fraud in the sector as a whole. According to analyst assessments, between 10% and 15% of all insurance claims involve fraud incidents. On the other hand, the last few years, utilizing cutting-edge tools like artificial intelligence (AI), machine learning (ML), and data analytics tools are assisting insurers in spotting potential fraud in individual data as well as on online communities like social networks, where organized schemes involving numerous linked claims are being carried out.
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Global Insurance Fraud Detection Market Segmentation:
Absolute Markets Insights has segmented the global insurance fraud detection market on the basis of offering, deployment, organization size, application and region:
Global Insurance Fraud Detection Market Offering Outlook (Revenue, USD Million, 2015 - 2030)
Global Insurance Fraud Detection Market Deployment Outlook (Revenue, USD Million, 2015 - 2030)
- On premise
Global Insurance Fraud Detection Market Organization Size Outlook (Revenue, USD Million, 2015 - 2030)
- Small and Medium Organizations
- Large Organizations
Global Insurance Fraud Detection Market Application Outlook (Revenue, USD Million, 2015 - 2030)
- Claims Fraud
- Medical Billing and Payment Frauds
- Money Laundering Detection
- Identity Theft
Global Insurance Fraud Detection Market Regional Outlook (Revenue, USD Million, 2015 - 2030)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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List of Key Players of Global Insurance Fraud Detection Market:
- Actico GmbH
- BAE Systems
- Equifax, Inc.
- Experian Information Solutions, Inc.
- Fiserv, Inc.
- LexisNexis Risk Solutions Group
- Life Insurance International
- SAP SE
- SAS Institute Inc.
- Shift Technology
- Other Market Participants
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