Insurance Fraud Detection Market on the Rise: Expected Demand of US$ 28.1 Billion by 2031 | At a 24.2% CAGR- IBM, FICO

Insurance Fraud Detection Market on the Rise: Expected Demand of US$ 28.1 Billion by 2031 | At a 24.2% CAGR- IBM, FICO

NEW CASTLE, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- Insurance frauds cover the range of improper activities which an individual may commit in order to achieve a favorable outcome from the insurance company. This could range from staging the incident, misrepresenting the situation including the relevant actors and the cause of incident and finally the extent of damage caused. Insurance fraud detection is a challenging problem, given the variety of fraud patterns and relatively small ratio of known frauds in typical samples. While building detection models, the savings from loss prevention needs to be balanced with cost of false alerts. Machine learning techniques allow for improving predictive accuracy, enabling loss control units to achieve higher coverage with low false positive rates.

Allied Market Research recently published a report, titled, "Insurance Fraud Detection Market 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): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global insurance fraud detection industry generated $3.3 billion in 2021, and is expected to reach $28.1 billion by 2031, witnessing a CAGR of 24.2% from 2022 to 2031.

🔸𝐆𝐫𝐚𝐛 𝐘𝐨𝐮𝐫 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐂𝐨𝐧𝐭𝐞𝐧𝐭𝐬 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/7313

Drivers, Restraints, and Opportunities

Rise in use of advanced analytics & technologies for determining fake medical records, inaccurate claims, abductions, and others along with improvements in cyber security infrastructure drive the growth of the global insurance fraud detection market. However, improper handling of data and privacy issues limit the market growth. On the other hand, surge in adoption of advanced technologies such as artificial intelligence and machine learning for detecting fraud in insurance claims creates new opportunities in the coming years.

Covid-19 Scenario

The Covid-19 pandemic raised the claims of insurances across the globe in different sectors, specifically in the healthcare sector due to surge in number of hospitalizations of infected patients.
With the rise in number of claims related to healthcare, the fraudulent claims surged substantially. Insurance providers are adopting advanced technologies and utilizing data to detect fraudulent claims and tackle losses. Moreover, they carried out cross-industry anti-fraud collaborations to protect honest customers.
Many insurance companies underwent the digital transformation programs to detect sophisticated and evolving fraudulent insurance claim behaviors.
The Solution Segment to Maintain Its Lead Status Throughout the Forecast Period

🔸𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/7313?reqfor=covid

Based on component, the solution segment accounted for the highest market share in 2021, contributing to nearly three-fourths of the global insurance fraud detection market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to rise in instances of inaccurate claims, abductions, deaths, and fake medical records along with the integration of insurance fraud detection solutions with the internet of things (IoT) and artificial intelligence (AI). However, the services segment is expected to manifest the fastest CAGR of 27.8% from 2022 to 2031, owing to offering of professional & managed services including consulting, support & maintenance, and training services that are designed for consumers to mitigate fraud risks.

The Payment Fraud and Billing Fraud Segment to Maintain Its Leadership Status By 2031

Based on application, the payment fraud and billing fraud segment held the highest share in 2021, accounting for nearly two-fifths of the global insurance fraud detection market, and is projected to maintain its leadership status by 2031. This is due to surge in insurance fraud detection software for payment and billing fraud detection and adoption of standard rule-based anti-fraud system offered by banks and institutions. However, the claims fraud segment is projected to witness the highest CAGR of 26.8% from 2022 to 2031. This is owing to implementation of machine learning and AI-based algorithms and solutions by insurers to process claims quickly and efficiently.

🔸𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 !!! 𝐋𝐈𝐌𝐈𝐓𝐄𝐃-𝐓𝐈𝐌𝐄 𝐎𝐅𝐅𝐄𝐑 - 𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 :- https://www.alliedmarketresearch.com/checkout-final/8221b0263ef49f48ff0f9964cad727b5

Asia-Pacific to Continue Its Lead Position by 2031

Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2021, accounting for more than one-third of the global market, and is projected to continue its lead position by 2031. This is attributed to the trend of modernization & digitalization, investments in digital tools & solutions and hybrid agency models, and adoption of advanced technologies such as AI and big data analytics. However, North America is estimated to witness the largest CAGR of 26.6% during the forecast period. This is due to rise in the demand for disability insurance services, increase in adoption of digital advisor tools, investments in analytics capabilities and claims automation. In addition, market players in this region are offering pay-as-you-go product & solutions and forming new partnerships and collaborations.

Leading 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.

🔸𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: 𝐈𝐧𝐬𝐢𝐝𝐞𝐫'𝐬 𝐆𝐮𝐢𝐝𝐞 𝐭𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/7313

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