LONDON, July 26, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the insurance fraud detection market, 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 excellent targets 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 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 global insurance fraud detection market size is expected to grow from $4.24 billion in 2021 to $5.19 billion in 2022 at a compound annual growth rate (CAGR) of 22.6%. The insurance fraud detection industry growth is expected to reach $12.01 billion in 2026 at a CAGR of 23.3%.
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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.
Major players in the insurance fraud detection market are 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., Scorto Inc., TransUnion LLC, Wipro Ltd., Accenture, CI Worldwide Inc., Equifax Inc., and Perceptiviti.
The global insurance fraud detection market segmentation is categorised by deployment type into on-premises, cloud; by component into solution, services; by organization size into Small and Medium-Sized Enterprises (SMEs), large enterprises; by application into claims fraud, identity theft, payment and billing fraud, money laundering; by end-user into insurance companies, agents and brokers, insurance intermediaries, others.
North America was the largest region in the insurance fraud detection market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance fraud detection market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Insurance Fraud Detection Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide insurance fraud detection market overviews, insurance fraud detection market analyze and forecast market size and growth for the whole market, insurance fraud detection market segments and geographies, insurance fraud detection market trends, insurance fraud detection market drivers, insurance fraud detection market restraints, insurance fraud detection market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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