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Report Overview
The global insurance fraud detection market reached approximately USD 4.26 billion in 2023. The market is assessed to grow at a CAGR of 26.10% between 2024 and 2032 to attain a value of around USD 17.04 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- In 2023, around 84,400 fraudulent claims worth £1.1 billion were detected by the ABI in the UK market which boosted the demand for insurance fraud detection tools and services.
- As per the Reinsurance Group of America (RGA) 2024 Global Claims Fraud Survey, 74% of the surveyors stated that the number of fraud cases is either steady or increasing now compared to previous years.
- The Indian insurance sector is expected to reach USD 200 billion by 2027, which can also increase the cases of fraud in coming years.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global insurance fraud detection industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions. Companies in the market are increasingly adopting advanced technologies to combat fraudulent activities. They are implementing artificial intelligence (AI) and machine learning algorithms to analyse vast datasets, identify suspicious patterns, and detect anomalies in real time. For instance, AI systems can scrutinise claims data to uncover trends indicative of fraud, enabling insurers to prevent fraudulent claims more effectively.
Key Industry Players
FICO
Founded in 1956, FICO is an American data analytics company specialising in credit scoring services. Its widely recognised FICO Score assesses consumer credit risk, playing a pivotal role in lending decisions.
IBM
Established in 1911, IBM is a multinational technology corporation headquartered in New York, the United States. The company provides a broad spectrum of products and services, including hardware, software, cloud computing, and consulting.
BAE Systems
BAE Systems is a British multinational aerospace, defence, and security company formed in 1999 through the merger of British Aerospace and Marconi Electronic Systems. Headquartered in London, it is one of the world's largest defence contractors, offering products and services such as military aircraft, naval vessels, cybersecurity solutions, and advanced electronics.
Other major players in the insurance fraud detection market are SAS Institute, Experian, Lexisnexis, Iovation, Friss, SAP, Fiserv, and ACI Worldwide, among others.
Insurance Fraud Detection Market Report Snapshots
Insurance Fraud Detection Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global insurance fraud detection market attained a value of approximately USD 4.26 billion.
The market is projected to grow at a CAGR of 26.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 17.04 billion by 2032.
The market is being driven by the growing use of advanced analysis techniques, increasing occurrence of insurance frauds, significant improvements in the cyber security infrastructure, increasing use of artificial intelligence (AI) and the Internet of Things (IoT)-enabled fraud detection solutions, and rising incidence of inaccurate claims.
The key trends boosting the market growth are stringent regulations, need for enterprises to efficiently handle massive quantities of identities, and rapid digitisation of the insurance sector.
The major regions in the market are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific, with North America accounting for the largest share in the market.
On the basis of technology, the global insurance fraud detection market can be divided into solutions and services.
Based on organisation, the market can be divided into small and medium-sized enterprises and large enterprises.
Deployment is classified into cloud and on-premises.
Services can be divided into professional and managed services. Professional services are further segmented into consulting services, training and education, and support and maintenance.
Solutions can be divided into fraud analytics, authentication, and governance, risk, and compliance, among others.
The market can be broadly categorised based on its applications into claims fraud, identity theft, payment fraud and billing fraud, and money laundering.
The major players in the market are FICO, IBM, BAE Systems, SAS Institute, Experian, Lexisnexis, Iovation, Friss, SAP, Fiserv, and ACI Worldwide, among others.
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