(MENAFN – GetNews) Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region – Global Forecast to 2024
The global Insurance Fraud Detection Market size is expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during 20192024. Major driving factors for the market include various factors, such as the need to the need to effectively manage huge volumes of identities by organizations, improving operational efficiency & enhancing customer experience, increasing adoption of advanced analytics techniques, and stringent regulatory compliances.
Authentication solution segment to grow at the highest CAGR during the forecast period
The authentication technology refers to the process of verifying the identity of the users, devices, or systems. Authentication plays a crucial role in the insurance fraud detection market. Fraud authentication helps enterprises to protect customer identity from the fraudsters. While fraud analytics helps detect fraudulent activities and the possibilities of fraud incidents happening in the future, fraud authentication is more inclined toward the prevention of such cases. Fraud authentication helps enterprises maintain the credibility of transactions/information by blocking unauthorized access to the information or identifying false inputs from the users. Based on the use cases and complexity, authentication solutions can be categorized as Single-Factor Authentication (SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple and less complex SFA and MFA authentication solutions will fuel the demand for authentication solutions.
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Managed services to grow at the highest CAGR during the forecast period
An increase in the number of customers demanding for managed services across the globe is expected to result in higher growth of these services. Managed services, which include managing databases and collecting data, are outsourced to managed service providers (MSP). Managed security service providers (MSSPs) offer specialized security services to other companies. Managed Security Services (MSS) are available in many forms such as pure system management, sophisticated fraud investigators, on-premises device monitoring and management services, and cloud services. Since these services require attention regularly, it becomes difficult for insurance organizations to manage them along with their core business operations. As a result, these companies are rapidly outsourcing their insurance fraud detection services to specialized service providers known as MSSPs.
Major insurance fraud detection vendors include FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global insurance fraud detection market. Partnerships, acquisitions, and new product launches have been the most widely adopted strategies by major players from 2016 to 2019, which has helped them innovate their offerings and broaden their customer base.
FICO (US) is one of the prominent players in the insurance fraud detection marketspace. The company’s flagship products, FICO Falcon Platform, and FICO Falcon Fraud Manager help discover new fraud patterns. The products offer real-time protection to enterprises and can be deployed on-premises and in the cloud. FICO products also help increase customer value and reduce frauds, credit losses, and operating expenses. The company has a strong clientele in the US and generates 66% of its revenue from the country alone. The company focused its efforts on strengthening its product portfolio, as its invested 12.4% of its annual revenue in R & D activities in 2018. The company has also been expanding to new locations to tap new opportunities. FICO expanded its business in India by launching FICO Score. In July 2017, FICO expanded by opening a new office in Santiago. The office has enabled FICO to serve its customers in Chile, Argentina, Uruguay, Bolivia, and Paraguay.
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FRISS (Netherlands) is among the leading vendors of insurance fraud detection solutions and services. The company’s software platform for insurance fraud and risk provides the following business solutions: fraud detection at claims, risk assessment at underwriting, investigations at Special Investigative Unit (SIU), and compliance screening. FRISS is dedicated to providing solutions in fraud detection and risk mitigation for non-life/P & C insurance companies worldwide. An increasing number of partnerships have helped the company establish its leadership in the market. FRISS partnered with EVRY, to provide Fraud Detection as a Service in the Nordics region. The company also launched new products to strengthen its product portfolios and expanded its offerings to include new clients in the global insurance fraud detection market. In 2017, FRISS launched a new live version of FRISS Analytics with extensive analytics, network viewing, and reporting options.
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