Insurance Fraud Detection Market Growth, Size, Share and Forecast 2019-2025

Posted July 20, 2020 by globalomr

Global Insurance Fraud Detection Market Size, Share & Trends Analysis Report by Component (Solution and Services), by Deployment Type (Cloud and On-Premises) by end-user (SMEs, and Large Enterprise), Forecast 2019-2025

The establishment of big data analytics is projecting the growth of insurance fraud detection market. Insurance fraud is a concern for insurers that continues to increasing across the globe. Claim fraud is the common buzz of Property Insurance and Casualty Insurance named as P&C insurance industry with auto and workers compensation business segments is the major contributors. It is an individual or group effort of fraudsters with intention of inflating claims and making profit out of loss. Insurers spend large efforts and manpower for detecting fraud and have a social risk as it promotes financial crimes and penalizes the society.

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The different aspects of claim fraud owing to which essentials of insurance ecosystem are impacted in various degree of severity that includes underwriting, social costs, encourages more fraud, loss in reputation, customer relationship, regulatory compliance issue and loss of faith. The fraud detection in highly regulated sectors such as financial, healthcare, insurance, social security, retail and combating fraud is important as there is multitude of compliance, risk management measures, monetary consequence and regulations. The proliferation of new technology has produced sophisticated fraud techniques and advancement of technology aids smarter approaches to detect fraud.

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The business data is being stored and manage through IT system in the organization, therefore organization rely more on IT system to support business processes. Due to such IT systems the level of human interaction has been reduced to great extent that results in becoming the main reason for fraud to take place in organization and to prevent such frauds the organization go in for automated controls. The fraud data analytics has an important role in monitoring of fraud and early detection and this technique enables the organization to monitor the possible instances of fraud and executive an effective fraud monitoring program to secure the organization.

Digitization is an opportunity for the fraud detection as growing number of mobile devices and social media is changing the organization landscape for all sectors including insurance. Social network enables insurers to connect with their customer better that turn in aid retention, branding and customer retention. Additionally, insurance companies are harnessing digitization through using data analytics for fraud detection. The different methods of innovation of fraud detection include social network analysis, predictive analysis for big data and social customer relationship management.

Current Market Trends Covered In the Report

• Based on solution, the fraud analytics is expected to be the largest segment during the forecast period.
• North America holds the largest share in insurance fraud detection market.
• Asia-pacific is expected to be the fastest growing region in the insurance fraud detection market during the forecast period.

Global Insurance Fraud Detection Market

By Component

• Solution
• Services

By Deployment Type

• Cloud
• On-Premises

By End-User

• Small & Medium Enterprises
• Large Enterprises

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Global Insurance Fraud Detection Market– Segment by Region

North America

• United States
• Canada


• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe


• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• ACI Worldwide, Inc.
• BAE Systems, PLC
• BRIDGEi2i Analytics Solutions
• Datawalk, Inc.
• DXC Technology Co.
• Experian PLC
• Fair Isaac Corp.
• Fiserv, Inc.
• IBM Corp.
• Infogix, Inc.
• Kount, Inc.
• LexisNexis Risk Solutions, Inc.
• NCR Corp.
• Oracle Corp.
• SAS Institute, Inc.
• Scorto, Inc.
• TransUnion, LLC
• Wipro, Ltd.

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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Last Updated July 20, 2020