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Insurance Fraud Detection Market By Component, By Deployment Mode, By Enterprise Size, By Applications: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 291 Pages
  • June 2022
  • Region: Global
  • Allied Market Research
  • ID: 5670810
Description Jump to:
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 However, many insurance companies use outdated internal systems and rely on manual process including knowledge workers or business rules for detecting the fraud on excel sheets.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

  • Solution
  • Services

By Deployment Mode

  • On-premises
  • Cloud

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
  • U.S.
  • Canada
  • 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
List of Tables
Table 1. Global Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 2. Insurance Fraud Detection Market Revenue, for Solution, by Region , 2021-2031,($Million)
Table 3. Insurance Fraud Detection Market for Solution by Country, 2021-2031,($Million)
Table 4. Insurance Fraud Detection Market Revenue, for Services, by Region , 2021-2031,($Million)
Table 5. Insurance Fraud Detection Market for Services by Country, 2021-2031,($Million)
Table 6. Global Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 7. Insurance Fraud Detection Market Revenue, for On-Premises, by Region , 2021-2031,($Million)
Table 8. Insurance Fraud Detection Market for On-Premises by Country, 2021-2031,($Million)
Table 9. Insurance Fraud Detection Market Revenue, for Cloud, by Region , 2021-2031,($Million)
Table 10. Insurance Fraud Detection Market for Cloud by Country, 2021-2031,($Million)
Table 11. Global Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 12. Insurance Fraud Detection Market Revenue, for Large Enterprises, by Region , 2021-2031,($Million)
Table 13. Insurance Fraud Detection Market for Large Enterprises by Country, 2021-2031,($Million)
Table 14. Insurance Fraud Detection Market Revenue, for Small and Medium-Sized Enterprises (Smes), by Region , 2021-2031,($Million)
Table 15. Insurance Fraud Detection Market for Small and Medium-Sized Enterprises (Smes) by Country, 2021-2031,($Million)
Table 16. Global Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 17. Insurance Fraud Detection Market Revenue, for Payment Fraud and Billing Fraud, by Region , 2021-2031,($Million)
Table 18. Insurance Fraud Detection Market for Payment Fraud and Billing Fraud by Country, 2021-2031,($Million)
Table 19. Insurance Fraud Detection Market Revenue, for Identity Theft, by Region , 2021-2031,($Million)
Table 20. Insurance Fraud Detection Market for Identity Theft by Country, 2021-2031,($Million)
Table 21. Insurance Fraud Detection Market Revenue, for Claims Fraud, by Region , 2021-2031,($Million)
Table 22. Insurance Fraud Detection Market for Claims Fraud by Country, 2021-2031,($Million)
Table 23. Insurance Fraud Detection Market Revenue, for Money Laundering, by Region , 2021-2031,($Million)
Table 24. Insurance Fraud Detection Market for Money Laundering by Country, 2021-2031,($Million)
Table 25. Insurance Fraud Detection Market, by Region, 2021-2031,($Million)
Table 26. Asia-Pacific Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 27. Asia-Pacific Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 28. Asia-Pacific Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 29. Asia-Pacific Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 30. Asia-Pacific Insurance Fraud Detection Market, by Country, 2021-2031,($Million)
Table 31. China Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 32. China Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 33. China Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 34. China Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 35. India Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 36. India Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 37. India Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 38. India Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 39. Japan Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 40. Japan Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 41. Japan Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 42. Japan Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 43. Australia Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 44. Australia Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 45. Australia Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 46. Australia Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 47. South Korea Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 48. South Korea Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 49. South Korea Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 50. South Korea Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 51. Rest of Asia-Pacific Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 52. Rest of Asia-Pacific Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 53. Rest of Asia-Pacific Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 54. Rest of Asia-Pacific Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 55. Europe Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 56. Europe Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 57. Europe Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 58. Europe Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 59. Europe Insurance Fraud Detection Market, by Country, 2021-2031,($Million)
Table 60. United Kingdom Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 61. United Kingdom Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 62. United Kingdom Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 63. United Kingdom Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 64. Germany Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 65. Germany Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 66. Germany Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 67. Germany Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 68. France Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 69. France Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 70. France Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 71. France Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 72. Italy Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 73. Italy Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 74. Italy Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 75. Italy Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 76. Spain Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 77. Spain Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 78. Spain Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 79. Spain Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 80. Russia Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 81. Russia Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 82. Russia Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 83. Russia Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 84. Rest of Europe Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 85. Rest of Europe Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 86. Rest of Europe Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 87. Rest of Europe Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 88. North America Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 89. North America Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 90. North America Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 91. North America Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 92. North America Insurance Fraud Detection Market, by Country, 2021-2031,($Million)
Table 93. U.S. Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 94. U.S. Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 95. U.S. Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 96. U.S. Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 97. Canada Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 98. Canada Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 99. Canada Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 100. Canada Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 101. LAMEA Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 102. LAMEA Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 103. LAMEA Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 104. LAMEA Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 105. LAMEA Insurance Fraud Detection Market, by Country, 2021-2031,($Million)
Table 106. Latin America Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 107. Latin America Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 108. Latin America Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 109. Latin America Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 110. Middle East Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 111. Middle East Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 112. Middle East Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 113. Middle East Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 114. Africa Insurance Fraud Detection Market, by Component, 2021-2031,($Million)
Table 115. Africa Insurance Fraud Detection Market, by Deployment Mode, 2021-2031,($Million)
Table 116. Africa Insurance Fraud Detection Market, by Enterprise Size, 2021-2031,($Million)
Table 117. Africa Insurance Fraud Detection Market, by Applications, 2021-2031,($Million)
Table 118. Bae Systems: Company Snapshot
Table 119. Bae Systems: Operating Segments
Table 120. Bae Systems: Product Portfolio
Table 121. Bae Systems: Net Sales
Table 122. Bae Systems: Key Stratergies
Table 123. Duck Creek Technologies: Company Snapshot
Table 124. Duck Creek Technologies: Operating Segments
Table 125. Duck Creek Technologies: Product Portfolio
Table 126. Duck Creek Technologies: Net Sales
Table 127. Duck Creek Technologies: Key Stratergies
Table 128. Equifax Inc.: Company Snapshot
Table 129. Equifax Inc.: Operating Segments
Table 130. Equifax Inc.: Product Portfolio
Table 131. Equifax Inc.: Net Sales
Table 132. Equifax Inc.: Key Stratergies
Table 133. Experian Information Solutions, Inc.: Company Snapshot
Table 134. Experian Information Solutions, Inc.: Operating Segments
Table 135. Experian Information Solutions, Inc.: Product Portfolio
Table 136. Experian Information Solutions, Inc.: Net Sales
Table 137. Experian Information Solutions, Inc.: Key Stratergies
Table 138. Fico: Company Snapshot
Table 139. Fico: Operating Segments
Table 140. Fico: Product Portfolio
Table 141. Fico: Net Sales
Table 142. Fico: Key Stratergies
Table 143. Friss: Company Snapshot
Table 144. Friss: Operating Segments
Table 145. Friss: Product Portfolio
Table 146. Friss: Net Sales
Table 147. Friss: Key Stratergies
Table 148. Fiserv, Inc.: Company Snapshot
Table 149. Fiserv, Inc.: Operating Segments
Table 150. Fiserv, Inc.: Product Portfolio
Table 151. Fiserv, Inc.: Net Sales
Table 152. Fiserv, Inc.: Key Stratergies
Table 153. Ibm: Company Snapshot
Table 154. Ibm: Operating Segments
Table 155. Ibm: Product Portfolio
Table 156. Ibm: Net Sales
Table 157. Ibm: Key Stratergies
Table 158. Lexisnexis Risk Solutions Group.: Company Snapshot
Table 159. Lexisnexis Risk Solutions Group.: Operating Segments
Table 160. Lexisnexis Risk Solutions Group.: Product Portfolio
Table 161. Lexisnexis Risk Solutions Group.: Net Sales
Table 162. Lexisnexis Risk Solutions Group.: Key Stratergies
Table 163. Sas Institute Inc.: Company Snapshot
Table 164. Sas Institute Inc.: Operating Segments
Table 165. Sas Institute Inc.: Product Portfolio
Table 166. Sas Institute Inc.: Net Sales
Table 167. Sas Institute Inc.: Key Stratergies
List of Figures
Figure 1. Insurance Fraud Detection Market Segmentation
Figure 2. Insurance Fraud Detection Market,2021-2031
Figure 3. Insurance Fraud Detection Market,2021-2031
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Insurance Fraud Detection Market:Drivers, Restraints and Opportunities
Figure 12. Insurance Fraud Detection Market,By Component,2021(%)
Figure 13. Comparative Share Analysis of Solution Insurance Fraud Detection Market,2021-2031(%)
Figure 14. Comparative Share Analysis of Services Insurance Fraud Detection Market,2021-2031(%)
Figure 15. Insurance Fraud Detection Market,By Deployment Mode,2021(%)
Figure 16. Comparative Share Analysis of On-Premises Insurance Fraud Detection Market,2021-2031(%)
Figure 17. Comparative Share Analysis of Cloud Insurance Fraud Detection Market,2021-2031(%)
Figure 18. Insurance Fraud Detection Market,By Enterprise Size,2021(%)
Figure 19. Comparative Share Analysis of Large Enterprises Insurance Fraud Detection Market,2021-2031(%)
Figure 20. Comparative Share Analysis of Small and Medium-Sized Enterprises (SMEs) Insurance Fraud Detection Market,2021-2031(%)
Figure 21. Insurance Fraud Detection Market,By Applications,2021(%)
Figure 22. Comparative Share Analysis of Payment Fraud and Billing Fraud Insurance Fraud Detection Market,2021-2031(%)
Figure 23. Comparative Share Analysis of Identity Theft Insurance Fraud Detection Market,2021-2031(%)
Figure 24. Comparative Share Analysis of Claims Fraud Insurance Fraud Detection Market,2021-2031(%)
Figure 25. Comparative Share Analysis of Money Laundering Insurance Fraud Detection Market,2021-2031(%)
Figure 26. Insurance Fraud Detection Market by Region,2021
Figure 27. China Insurance Fraud Detection Market,2021-2031($Million)
Figure 28. India Insurance Fraud Detection Market,2021-2031($Million)
Figure 29. Japan Insurance Fraud Detection Market,2021-2031($Million)
Figure 30. Australia Insurance Fraud Detection Market,2021-2031($Million)
Figure 31. South Korea Insurance Fraud Detection Market,2021-2031($Million)
Figure 32. Rest of Asia-Pacific Insurance Fraud Detection Market,2021-2031($Million)
Figure 33. United Kingdom Insurance Fraud Detection Market,2021-2031($Million)
Figure 34. Germany Insurance Fraud Detection Market,2021-2031($Million)
Figure 35. France Insurance Fraud Detection Market,2021-2031($Million)
Figure 36. Italy Insurance Fraud Detection Market,2021-2031($Million)
Figure 37. Spain Insurance Fraud Detection Market,2021-2031($Million)
Figure 38. Russia Insurance Fraud Detection Market,2021-2031($Million)
Figure 39. Rest of Europe Insurance Fraud Detection Market,2021-2031($Million)
Figure 40. U.S. Insurance Fraud Detection Market,2021-2031($Million)
Figure 41. Canada Insurance Fraud Detection Market,2021-2031($Million)
Figure 42. Latin America Insurance Fraud Detection Market,2021-2031($Million)
Figure 43. Middle East Insurance Fraud Detection Market,2021-2031($Million)
Figure 44. Africa Insurance Fraud Detection Market,2021-2031($Million)
Figure 45. Top Winning Strategies, by Year
Figure 46. Top Winning Strategies, by Development
Figure 47. Top Winning Strategies, by Company
Figure 48. Product Mapping of Top 10 Players
Figure 49. Competitive Dashboard
Figure 50. Competitive Heatmap of Top 10 Key Players
Figure 51. Bae Systems.: Net Sales ,($Million)
Figure 52. Duck Creek Technologies.: Net Sales ,($Million)
Figure 53. Equifax Inc..: Net Sales ,($Million)
Figure 54. Experian Information Solutions, Inc..: Net Sales ,($Million)
Figure 55. Fico.: Net Sales ,($Million)
Figure 56. Friss.: Net Sales ,($Million)
Figure 57. Fiserv, Inc..: Net Sales ,($Million)
Figure 58. IBM.: Net Sales ,($Million)
Figure 59. Lexisnexis Risk Solutions Group..: Net Sales ,($Million)
Figure 60. Sas Institute Inc..: Net Sales ,($Million)

Executive Summary

According to the report, titled, “Insurance Fraud Detection Market," the insurance fraud detection market size was valued at $3.3 billion in 2021, and is estimated to reach $28.1 billion by 2031, growing at a CAGR of 24.2% from 2022 to 2031.

According to FBI, the insurance industry in the U.S. consists of over 7000 companies that collectively received over $1 trillion annually in premiums. FBI also estimates the total cost of life insurance fraud detection (non-health insurance) to be more than $40 billion annually. Furthermore, it must be noted that insurance fraud is not a victimless crime, the losses due to frauds, impact all the involved parties through increased premium costs, trust deficit during the claims process and impacts to process efficiency and innovation. Hence, the insurance industry has an urgent need to develop capability that can help identify potential frauds with a high degree of accuracy, so that other claims can be cleared rapidly while identified cases can be scrutinized in detail.

On the basis of application, the payment fraud and billing fraud segment is the highest growing segment. This is attributed to the fact that insurance claim fraud detection software helps in identifying payment and billing fraud, by offering various data analytics, artificial intelligence, and data integration solutions.

Based on region, Asia-Pacific attained the highest insurance fraud detection market growth in 2021. This was attributed to the fact that modernization or digitalization is the most accelerating the insurance fraud detection market trends in Asia-Pacific. At start of the pandemic many companies were reluctant to sell insurance without a face-to-face interaction, but as it started to increase insurers started to invest in digital tools & solutions, and hybrid agency model.

Insurance frauds increased during the COVID-19 pandemic and investigations have largely moved to digital channels. Moreover, fraudulent claims and fake emails are also being reported by several insurance companies. These rising frauds drive the adoption of AI in insurance fraud detection systems among insurance firms for handling these attacks and maintaining privacy.

Key Findings of the Study

  • By component, the solution segment led the insurance fraud detection market in terms of revenue in 2021.
  • By deployment mode, the on-premises segment accounted for the highest insurance fraud detection market share in 2021.
  • By region, Asia-Pacific generated the highest revenue in 2021.
  • The key players profiled in the insurance fraud detection market analysis are 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.

Companies Mentioned

  • Bae Systems
  • Duck Creek Technologies
  • Equifax Inc.
  • Experian Information Solutions, Inc.
  • Fico
  • Friss
  • Fiserv, Inc.
  • Ibm
  • Lexisnexis Risk Solutions Group.
  • Sas Institute Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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