The proliferation of advanced analytics and technologies to determine false medical records, inaccurate claims, kidnappings and others is driving the growth of the global insurance fraud detection market.
PORTLAND, Or.† July 4, 2022 /PRNewswire/ — Allied Market Research recently released a report entitled: †Insurance fraud detection market By Component (Solution, Services), By Deployment Mode (on-premises, Cloud), By Company Size (Large Enterprises, Small and Medium Enterprises (SMEs)), By Application (Payment and Billing Fraud, Identity Theft, Claims Fraud, Money Laundering): Global opportunity analysis and industry forecast, 2021-2031.” According to the report, the global insurance fraud detection industry $3.3 billion in 2021, and is expected to reach $28.1 billion by 2031, at a CAGR of 24.2% from 2022 to 2031.
Drivers, limitations and opportunities
Increased use of advanced analytics and technologies to determine false medical records, inaccurate claims, kidnappings and others, along with improvements in cybersecurity infrastructure, are fueling the growth of the global insurance fraud detection market. However, mishandling of data and privacy issues are limiting market growth. On the other hand, the surge in the use of advanced technologies such as artificial intelligence and machine learning to detect fraud in insurance claims creates new opportunities in the coming years.
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Covid-19 scenario
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The Covid-19 pandemic increased insurance claims around the world in several sectors, most notably in the healthcare sector due to an increase in hospitalizations of infected patients.
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With the increase in the number of health-related claims, fraudulent claims increased sharply. Insurers apply advanced technologies and use data to detect fraudulent claims and address losses. In addition, they conducted cross-industry anti-fraud collaborations to protect honest customers.
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Many insurance companies have undergone the digital transformation programs to detect advanced and evolving fraudulent behavior of insurance claims.
The solution segment to maintain lead status during the forecast period
On a component basis, the solutions segment was responsible for the highest market share by 2021, contributing to nearly three-quarters of the global insurance fraud detection market, and is expected to maintain its leading status over the forecast period. This is attributed to the proliferation 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% from 2022 to 2031, thanks to the provision of professional and managed services, including consulting, support and maintenance, and training services designed for consumers to reduce fraud risk.
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Payment fraud and billing fraud segment to maintain its leadership status by 2031
Based on the filing, the payment fraud and billing fraud segment had the largest share in 2021, accounting for nearly two-fifths of the global insurance fraud detection market, and is expected to maintain its leading status in 2031. This is due to the strong increase of the insurance market. fraud detection software for payment and billing fraud detection and adoption of a standard rules-based anti-fraud system offered by banks and institutions. However, the claims fraud segment is expected to witness the highest CAGR of 26.8% from 2022 to 2031. This is due to the implementation of machine learning and AI-based algorithms and solutions by insurers to process claims quickly and efficiently.
Asia-Pacific to continue its leadership position by 2031
Based on region, Asia-Pacific contributed to the highest market share in terms of sales in 2021, accounting for more than a third of the global market, and is expected to continue its leading position in 2031. This is attributed to the trend of modernization and digitization, investment in digital tools & solutions and hybrid desk models, and adoption of advanced technologies such as AI and big data analytics. However, North America is estimated to have the largest CAGR of 26.6% during the forecast period. This is due to rising demand for disability insurance, the proliferation of digital advisor tools, investment in analytics capabilities, and claims automation. In addition, market parties in this region offer pay-as-you-go products & solutions and enter into new partnerships and collaborations.
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Leading market players
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BAE systems
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Duck Creek Technologies
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Equifax Inc.
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Experian Information Solutions, Inc.
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FICO
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FRESH
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Fisher, Inc.
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IBM
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LexisNexis Risk Solutions Group.
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SAS Institute Inc.
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