The rise in the use of advanced analytics and technologies to determine false medical records, inaccurate claims, kidnapping, and others drives the growth of the global insurance fraud detection market.
PORTLAND, Ore., July 4, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Insurance Fraud Detection Marketplace by component (solution, services), by deployment mode (on-premises, in the cloud), by company size (large enterprises, small and medium-sized enterprises (SMEs)), by applications (payment fraud and billing fraud, theft of Identity, Claims Fraud, Money Laundering): Global Opportunities 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.
Drivers, Constraints and Opportunities
Increasing use of advanced analytics and technologies to determine false medical records, inaccurate claims, kidnapping, and others, coupled with improvements in cybersecurity infrastructure, are driving the growth of the global insurance fraud detection market. However, improper data handling and privacy issues limit the growth of the market. On the other hand, the increased adoption of advanced technologies such as artificial intelligence and machine learning to detect insurance claim fraud creates new opportunities in the coming years.
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The Covid-19 pandemic raised insurance claims around the world in different sectors, specifically in the health sector due to the increase in the number of hospitalizations of infected patients.
With the increase in the number of claims related to health care, fraudulent claims have increased substantially. Insurance providers are adopting advanced technologies and using data to detect fraudulent claims and address losses. Additionally, they conducted cross-industry anti-fraud collaborations to protect honest customers.
Many insurance companies underwent digital transformation programs to detect sophisticated and evolving fraudulent insurance claims behavior.
The solution segment to maintain your lead status throughout the forecast period
According to the component, the segment of the solution represented the highest market share in 2021, contributing nearly three-quarters of the global insurance fraud detection market, and is estimated to maintain its leading status throughout the forecast period. This is attributed to the increase in cases of inaccurate claims, kidnappings, deaths and false 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 show the fastest CAGR of 27.8% between 2022 and 2031, due to the offering of professional and managed services including consulting, support and maintenance, and training services that are designed to for consumers to mitigate the risks of fraud.
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The payment fraud and billing fraud segment will maintain its leadership status by 2031
According to the app, the payment fraud and billing fraud segment had 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 the rise in secure fraud detection software for payment and billing fraud detection and adoption of the standard rules-based anti-fraud system offered by banks and institutions. However, the claims fraud segment is projected to witness the highest CAGR of 26.8% between 2022 and 2031. This is due to the implementation of AI-based and machine learning algorithms and solutions by of insurers to process claims quickly and efficiently.
Pacific Asia to continue its leadership position by 2031
Depending on the region, Pacific Asia contributed to the highest market share in terms of revenue in 2021, accounting for more than a third of the global market, and is projected to continue its leading position by 2031. This is attributed to the modernization and digitization trend, investments in digital hybrid tools and solutions and agency models, and adoption of advanced technologies such as AI and big data analytics. Nevertheless, North America is estimated to witness the largest CAGR of 26.6% during the forecast period. This is due to increased demand for disability insurance services, increased adoption of digital advisory tools, investments in analytics capabilities, and claims automation. Additionally, market players in this region are offering pay-as-you-go products and solutions and forming new partnerships and collaborations.
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Market leading players
Duck Creek Technologies
Experian Information Solutions, Inc.
LexisNexis Risk Solutions Group.
institute sas inc.
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