Global Insurance Fraud Detection Market, By Component (Solutions, Services), By Solution (Fraud Ana

Published Date: | Report Code : IT1958565

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Insurance Fraud Detection relates to insurance fraud detection and avoidance through facilities and alternatives such as fraud assessment and authentication. In insurance, unexpected murder and dismemberment (AD & D) is a strategy that provides advantages to the beneficiary if the source of murder is an incident. This is a restricted, usually less costly type of life insurance.

In the days to come, the solution segment is expected to have a larger market size on the fraud detection market. Fraud detection vendors help insurance organizations address the security challenges and threats they pose as a result of their organizations ' increased use of digital technologies such as IoT and BYOD to enhance the customer experience. The alternatives are divided into fra

Fraud analytics is a skill involving a number of analytical methods that evaluate the processes and database of companies in order to recognize the vulnerabilities where fraud can occur. These alternatives monitor and evaluate information from multiple information outlets; identify anomalies and suspect & uncommon conduct across all sites, and provide a real-time system for controlling illicit activities.

The authentication solution helps companies validate the identity of individual transactions as well as restrict unauthorized access across networks, servers, and other infrastructure organizations. Business-wide GRC solution is implemented to manage business risks and comply with the regulatory environment. The multiple benefits offered by these alternatives to the insurance industry in addressing their safety problems will push organizations to embrace large-scale approaches for insurance fraud identification.

Key Factors Impacting Market Growth:

  • Improved adoption of advanced analytical techniques

  • Enhanced operational efficiency and increased customer experience

  • Strict regulatory compliance

  • Unawareness of the insurance institutes to solutions to fraud detection

Key Developments:

  • Oct 2018, BAE Systems and Mphasis created a collaboration in order to safeguard financial institutions and organizations from developing unlawful operations by offering alternatives capable of detecting fraud and money laundering.

  • May 2018, iovation added new functionality to its solution, FraudForce, such as integration points, advanced reuse of rules, staging and rule permissions, and control.

  • May 2017, FRISS introduced a fresh online variant of FRISS Analytics with comprehensive possibilities for analytics, network display, and tracking.

Regional Analysis:

By region, the insurance fraud detection market is estimated to be dominated by North America, Western Europe, and the Asia Pacific during the forecast period. With technological advancements and a cluster of global companies operating in these regions, these regions hold key to the growth and development of the insurance fraud detection market during the forecast period. Most of the leading companies have operations in these regions to cater the potential end users in the respective region.

North America the insurance fraud detection market is further segmented by US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe. Asia Pacific region is segmented by China, Japan, South Korea, India and Australia. Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.

Companies Covered: FICO, IBM, BAE Systems, SAS Institute, Experian, LexisNexis, Iovation, FRISS, SAP, Fiserv, ACI Worldwide, Simility, Kount, Software AG, BRIDGEi2i Analytics Solutions & Perceptiviti...

Market Segmentation:

By Component:

  • Solutions

  • Services

By Solution:

  • Fraud Analytics

    • Predictive Analytics

    • Descriptive Analytics

    • Social Media analytic

    • Big Data Analytics

  • Authentication

    • Single-factor authentication

    • Multi-factor authentication

    • Risk-based authentication

  • Governance, Risk, and Compliance

  • Others

By Services:

  • Professional Services

    • Consulting Services

    • Training and Education

    • Support and Maintenance

  • Managed Services

By Deployment Type:

  • Cloud

  • On-Premises

By Application:

  • Claims Fraud

  • Identity Theft

  • Payment Fraud and Billing Fraud

  • Money Laundering

By Region:

  • North America

    • By Country (US, Canada, Mexico)

    • By Component

    • By Solutions

    • By Services

    • By Deployment Type

    • By Application

  • Western Europe

    • By Country (Germany, UK, France, Spain, Rest of Western Europe)

    • By Component

    • By Solutions

    • By Services

    • By Deployment Type

    • By Application

  • Eastern Europe

    • By Country (Russia, Turkey, Rest of Eastern Europe)

    • By Component

    • By Solutions

    • By Services

    • By Deployment Type

    • By Application

  • Asia Pacific

    • By Country (China, Japan, India, Rest of Asia Pacific)

    • By Component

    • By Solutions

    • By Services

    • By Deployment Type

    • By Application

  • Middle East

    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)

    • By Component

    • By Solutions

    • By Services

    • By Deployment Type

    • By Application

  • Rest of the World

    • By Region (South America, Africa)

    • By Component

    • By Solutions

    • By Services

    • By Deployment Type

    • By Application

Reasons To Buy This Report:

  • Market size estimation of the insurance fraud detection market on a regional and global basis

  • Unique research design for market size estimation and forecast

  • Profiling of major companies operating in the market with key developments

  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment

  • By Sub-segment

  • By Region/Country

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