Insurance Fraud Detection Market growth is driven by growth

LONDON, July 26, 2022 (GLOBE NEWSWIRE) — According to Business Research Company’s research report on the insurance fraud detection market, the increase in cyber attacks is expected to drive the growth of the insurance fraud detection market. A cyberattack is a dangerous and deliberate attempt by an individual or organization to gain access to the data of another person or organization. Insurance companies are excellent targets for cyber attacks as they have access to a large amount of policyholders’ personal data. Compared to other industries, which primarily hold sensitive financial data, insurers typically also collect a large amount of sensitive protected personal information.

For example, the FBI’s Internet Crime Complaint Center (IC3), a website that provides users with a standardized process and interface for reporting suspected cybercrime or other illegal online activity in the US, without 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 cyber attacks 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 with a compound annual growth rate (CAGR) of 22.6%. The growth of the insurance fraud detection industry is expected to catch up $12.01 billion in 2026 in one 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 improved technologies to improve the monitoring and identification of insurance fraud claims for their customers. For example, in December 2021, Crawford & Company, an independent claims management company based in the US, launched the Crawford Intelligent Fraud Detection solution. This innovative solution combines human expertise with forensic analysis, leveraging DXC Luxoft’s Financial Crime Intelligence platform in collaboration with IBM to improve the detection and management of fraudulent claims. Crawford’s significant knowledge and skills are used in this solution, which uses AI to assist clients in detecting and managing insurance fraud.

Key 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 categorized by deployment type on-premises, cloud; from component to solution, services; according to the size of the organization in Small and Medium Enterprises (SMEs), large enterprises; with application to claims fraud, identity theft, payment and billing fraud, money laundering; from the end user to insurance companies, agents and brokers, insurance brokers, etc.

North America it was the largest region in the insurance fraud detection market in 2021. Asia-Pacific expected to be fastest growing region in the forecast period. Regions covered in the insurance fraud detection market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Global Insurance Fraud Detection Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026 is one of a series of new reports from the Business Research Company that provides insurance fraud detection market overview, market analysis insurance fraud detection market and market size and growth forecast for the entire market, insurance fraud detection market segments and geographies, insurance fraud detection market trends, fraud detection market drivers of insurance, insurance fraud detection market restraints, insurance fraud detection market key competitor revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also provides an in-depth analysis of the impact of COVID-19 on the market. The reports are based 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 forecasting. The reports identify key countries and segments for opportunities and strategies based on market trends and approaches of key competitors.

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