International Insurance coverage Fraud Detection Market
Dublin, Might 02, 2023 (GLOBE NEWSWIRE) — The “Insurance Fraud Detection Global Market Report 2023” report has been added to ResearchAndMarkets.com’s providing.
The worldwide insurance coverage fraud detection market grew from $5.2 billion in 2022 to $6.4 billion in 2023 at a compound annual development charge (CAGR) of 23.1%. The insurance coverage fraud detection market is predicted to develop to $15.07 billion in 2027 at a CAGR of 23.9%.
Technological developments are a key pattern gaining reputation within the insurance coverage fraud detection market. Many firms are providing new options with upgraded applied sciences to enhance the monitoring and identification of insurance coverage fraud claims for his or her clients.
For example, in December 2021, Crawford & Firm, a US-based unbiased claims administration firm, launched the Crawford Clever Fraud Detection resolution. This revolutionary resolution combines human experience with forensic evaluation, leveraging DXC Luxoft’s Monetary Crimes Intelligence platform in collaboration with IBM to enhance the detection and administration of fraudulent claims. Crawford’s important data and abilities are leveraged on this resolution, which makes use of AI to help clients in detecting and managing insurance coverage fraud.
In February 2022, Charles Taylor InsureTech, a UK-based software program supplier for the insurance coverage business acquired the bulk share of Fraud Keeper for an undisclosed quantity. The acquisition is predicted to allow Fraud Keeper to convey its confirmed expertise to new markets and shopper conditions globally.
Moreover, the deal enhances Charles Taylor’s counter-fraud technique, its specialist investigation providers investigations division. Fraud Keeper is a UK-based firm that enables detecting, stopping, mitigating, and managing fraudulent transactions within the insurance coverage sector.
North America was the most important area within the insurance coverage fraud detection market in 2022. The Asia-Pacific is predicted to be the fastest-growing area within the forecast interval. The areas coated within the insurance coverage fraud detection market report are Asia-Pacific, Western Europe, Jap Europe, North America, South America, Center East, and Africa.
The rise in cyberattacks is predicted to propel the expansion of the insurance coverage fraud detection market. A cyberattack is a harmful and intentional try by a person or organization to achieve entry to a different individual’s or organization’s knowledge. Insurance coverage firms are a superb goal for cyber-attacks since they’ve entry to a considerable amount of private policyholder knowledge.
In comparison with different industries, which maintain primarily delicate monetary knowledge, insurers usually additionally acquire a considerable amount of protected private delicate data. For example, the FBI’s Web Crime Grievance Centre (IC3), an internet site that gives customers with a standardized course of and interfaces for reporting suspected cybercrime or different illicit on-line actions within the US, noticed a 69% improve within the variety of cybercrimes reported acquired in 2020 in comparison with 2019 within the US. On common, in 2020, the FBI acquired 2,000 cybercrime experiences per day. Due to this fact, a rise in cyberattacks is driving the expansion of the insurance coverage fraud detection market.
The insurance coverage fraud detection consists of revenues earned by entities by statistical knowledge evaluation providers, multi-layered course of, behavioral biometrics providers, adaptive and predictive analytics providers. The market worth consists of the worth of associated items bought by the service supplier or included throughout the service providing. Solely items and providers traded between entities or bought to finish customers are included.
Key Attributes:
|
Report Attribute |
Particulars |
|
No. of Pages |
200 |
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Forecast Interval |
2023 – 2027 |
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Estimated Market Worth (USD) in 2023 |
$6.4 billion |
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Forecasted Market Worth (USD) by 2027 |
$15.07 billion |
|
Compound Annual Development Price |
23.9% |
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Areas Coated |
International |
A collection of firms talked about on this report consists of
Key Subjects Coated:
1. Govt Abstract
2. Insurance coverage Fraud Detection Market Traits
3. Insurance coverage Fraud Detection Market Traits And Methods
4. Insurance coverage Fraud Detection Market – Macro Financial State of affairs
4.1 COVID-19 Affect On Insurance coverage Fraud Detection Market
4.2 Ukraine-Russia Warfare Affect On Insurance coverage Fraud Detection Market
4.3 Affect Of Excessive Inflation On Insurance coverage Fraud Detection Market
5. Insurance coverage Fraud Detection Market Measurement And Development
5.1. International Insurance coverage Fraud Detection Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. International Insurance coverage Fraud Detection Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurance coverage Fraud Detection Market Segmentation
6.1. International Insurance coverage Fraud Detection Market, Segmentation By Deployment Sort, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. International Insurance coverage Fraud Detection Market, Segmentation By Part, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. International Insurance coverage Fraud Detection Market, Segmentation By Group Measurement, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. International Insurance coverage Fraud Detection Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.5. International Insurance coverage Fraud Detection Market, Segmentation By Finish Consumer, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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Insurance coverage Corporations
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Brokers And Brokers
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Insurance coverage Intermediaries
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Different Finish Customers
7. Insurance coverage Fraud Detection Market Regional And Nation Evaluation
7.1. International Insurance coverage Fraud Detection Market, Cut up By Area, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. International Insurance coverage Fraud Detection Market, Cut up By Nation, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For extra details about this report go to https://www.researchandmarkets.com/r/z3u5pn
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