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[ 英語タイトル ] 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


Product Code : MNMICT00106900
Survey : MarketsandMarkets
Publish On : February, 2021
Category : ICT and Telecom
Study Area : Global
Report format : PDF
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[Report Description]

The exponential rise in the sophistication of cyber attacks insurance sector and substantial monetary losses due to these attacks will drive the overall insurance fraud detection market
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 the forecast period. Various factors, such as exponential rise in the sophistication level of cyber attacks and huge monetary losses due to these attacks in the insurance sector, are expected to drive the market. However, lack of awareness among organizations about the importance of fraud detection solutions and improper implementation coupled with the lack of integration of fraud detection solutions across organization networks may restrain the market growth.
Solution segment to hold a larger market size during the forecast period
The solution segment is expected to hold a larger market size in the fraud detection market during the forecast period. Fraud detection vendors help insurance organizations to tackle the security challenges and threats they pose due to the increased adoption of digital technologies such as IoT and BYOD in their organizations to enhance the customer experience. The solutions are classified into fraud analytics, authentication, and governance, risk, & compliance (GRC) solutions. Fraud analytics is a discipline which involves a set of analytical techniques that analyze enterprises’ systems and database to identify the vulnerabilities where fraud can happen. These solutions monitor and analyze data from several data sources; detect anomalies and suspicious & unusual behavior across all channels; and provide a control mechanism to prevent fraudulent practices, in real-time.
The authentication solution helps enterprises in validating the identity of the transactions between the individuals as well as restricting any unauthorized access across organizations networks, servers, and other infrastructure. GRC solution is implemented across enterprises to manage business risks and abide with regulatory compliance environment. The various advantages that these solutions offer to the insurance sector in handling their security challenges will force the organizations to adopt insurance fraud detection solutions on a large scale.
Among deployment type, cloud deployment segment to grow at a higher CAGR during the forecast period
Under deployment type, insurance fraud detection market is segmented by cloud and on-premises. The cloud deployment type is set to grow at a higher CAGR during the forecast period. The deployment of cloud-based insurance fraud detection solutions is done over the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers. The cloud-based platform offers a unified way in the form of SaaS-based insurance fraud detection services to secure business applications. Cloud-based systems are comparatively less expensive than on-premises deployment, thus permitting businesses to reduce IT expenses, including hardware and support staff. Owing to these factors, organizations are adopting the cloud-based deployment type for deploying fraud detection solutions on a large scale.
North America to account for the largest market size, whereas APAC to grow at the highest CAGR
North America is projected to hold the largest market size of the insurance fraud detection market during the forecast period, owing to the early adoption of the insurance fraud detection solutions in the region. Protecting enterprise-critical infrastructures and sensitive data has become one of the major challenges, as the world is moving toward interconnections and digitalization. The growing trends, such as IoT, IoE, and penetration of smartphones, have increased the volume of data and transactions performed by online users. Moreover, mobile users are frequently targeted by fraudsters, as online mobile banking has become a popular method of making financial transactions. The rise in threats and vulnerabilities and government compliances has made North America the most lucrative industry for different categories of vendors. The concentrated presence of a large number of insurance fraud detection solution and services providers in the US is also expected to drive revenue growth from the region. The APAC market is expected to grow at the highest CAGR during the forecast period, owing to the rise in the threat of frauds at an alarming rate in the insurance sector in this region, thus driving an increase in spending on insurance fraud detection solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the insurance fraud detection marketplace.
• By Company: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C-level – 50%, Director level – 25%, and Others – 25%
• By Region: North America – 45%, Europe – 25%, APAC – 20%, Latin America – 5%, Middle East and Africa: – 5%
Major vendors in the global insurance fraud detection market 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).
Research Coverage
The market study covers the insurance fraud detection market across segments. It aims at estimating the market size and the growth potential of the market across segments, such as component (solution (fraud analytics, authentication, and GRC solutions) and services), deployment type, organization size, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the insurance fraud detection market with information on the closest approximations of the revenue numbers for the overall insurance fraud detection market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENTS

1 INTRODUCTION 19
1.1 OBJECTIVES OF THE STUDY 19
1.2 MARKET DEFINITION 19
1.3 MARKET SCOPE 20
1.3.1 MARKET SEGMENTATION 20
1.3.2 REGIONS COVERED 20
1.4 YEARS CONSIDERED FOR THE STUDY 21
1.5 CURRENCY CONSIDERED 21
1.6 STAKEHOLDERS 22
2 RESEARCH METHODOLOGY 23
2.1 RESEARCH DATA 23
2.1.1 SECONDARY DATA 24
2.1.2 PRIMARY DATA 24
2.1.2.1 Breakup of primary profiles 25
2.1.2.2 Key industry insights 25
2.2 MARKET BREAKUP AND DATA TRIANGULATION 26
2.3 MARKET SIZE ESTIMATION 26
2.3.1 TOP-DOWN APPROACH 27
2.3.2 BOTTOM-UP APPROACH 27
2.4 MARKET FORECAST 28
2.5 ASSUMPTIONS FOR THE STUDY 29
2.6 LIMITATIONS OF THE STUDY 30
3 EXECUTIVE SUMMARY 31
4 PREMIUM INSIGHTS 35
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE INSURANCE FRAUD DETECTION MARKET 35
4.2 INSURANCE FRAUD DETECTION MARKET, BY COMPONENT, 2019–2024 35
4.3 INSURANCE FRAUD DETECTION MARKET, BY SOLUTION, 2019–2024 36
4.4 INSURANCE FRAUD DETECTION MARKET, MARKET SHARE OF TOP 3 SOLUTIONS AND REGIONS, 2019 36
4.5 INSURANCE FRAUD DETECTION MARKET, BY ORGANIZATION SIZE, 2019 37
4.6 INSURANCE FRAUD DETECTION MARKET, BY DEPLOYMENT MODE, 2019 37
4.7 MARKET INVESTMENT SCENARIO 38

5 MARKET OVERVIEW AND INDUSTRY TRENDS 39
5.1 INTRODUCTION 39
5.2 MARKET DYNAMICS 39
5.2.1 DRIVERS 40
5.2.1.1 Need to effectively manage huge volumes of identities by organizations 40
5.2.1.2 Increasing adoption of advanced analytics techniques 40
5.2.1.3 Improved operational efficiency and enhanced customer experience 40
5.2.1.4 Stringent regulatory compliances 41
5.2.2 RESTRAINTS 41
5.2.2.1 Insurance institutions lack awareness regarding the fraud detection solutions 41
5.2.3 OPPORTUNITIES 41
5.2.3.1 Increasing adoption of IoT and BYOD trends 41
5.2.3.2 Proliferation of cloud-based insurance fraud detection solutions and services among global organizations 42
5.2.4 CHALLENGES 42
5.2.4.1 Improper implementation and lack of integration of fraud detection solutions across organization networks 42
5.3 REGULATORY COMPLIANCES 43
5.3.1 KNOW YOUR CUSTOMER (KYC) 43
5.3.2 ANTI-MONEY LAUNDERING (AML) 43
5.3.3 GENERAL DATA PROTECTION REGULATION (GDPR) 43
5.3.4 ELECTRONIC IDENTIFICATION, AUTHENTICATION, AND TRUST SERVICES (EIDAS) 44
5.4 INNOVATION SPOTLIGHT 44
5.5 USE CASES 44
5.5.1 INSURANCE FRAUD DETECTION BY BAE SYSTEMS 44
5.5.2 CLAIMS FRAUD DETECTION IN INSURANCE, BY AUREUS ANALYTICS 45
5.5.3 OPTIMIZING INVESTIGATION PROCESS FOR IDENTIFYING ADDITIONAL PREMIUM OPPORTUNITIES, BY PRADS INC. 46
6 INSURANCE FRAUD DETECTION MARKET, BY COMPONENT 47
6.1 INTRODUCTION 48
6.2 SOLUTIONS 49
6.2.1 INCREASING FRAUDULENT ACTIVITIES TO DRIVE THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 49
6.3 SERVICES 50
6.3.1 GROWING NEED FOR SEAMLESS EXPERIENCE AND PERSONALIZED SERVICES TO FUEL THE DEMAND FOR SERVICES 50

7 INSURANCE FRAUD DETECTION MARKET, BY SOLUTION 51
7.1 INTRODUCTION 52
7.2 FRAUD ANALYTICS 53
7.2.1 PREDICTIVE ANALYTICS 54
7.2.1.1 Need to identify potential threats and claim frauds in insurance processes to drive the adoption of predictive analytics solutions 54
7.2.2 DESCRIPTIVE ANALYTICS 55
7.2.2.1 Need for interpretation of historical data to yield useful information to boost the adoption of descriptive analytics solutions in the insurance sector 55
7.2.3 SOCIAL MEDIA ANALYTICS 56
7.2.3.1 Need to identify suspicious patterns through specialized algorithms for effective fraud detection driving the adoption of social media analytics solutions in the insurance sector 56
7.2.4 BIG DATA ANALYTICS 57
7.2.4.1 Need for advanced analytical solution that proactively defends against fraudulent activities to drive the adoption of big data analytics solutions in the insurance sector 57
7.3 AUTHENTICATION 58
7.3.1 SINGLE-FACTOR AUTHENTICATION 59
7.3.1.1 Need for simple and less complex form of authentication solutions to boost the adoption of SFA solutions 59
7.3.2 MULTI-FACTOR AUTHENTICATION 60
7.3.2.1 Need to secure data and information against frauds driving the adoption of MFA solutions 60
7.3.3 RISK-BASED AUTHENTICATION 61
7.3.3.1 Need to analyze risk levels and apply stringent authentication processes driving the adoption of RBA solutions 61
7.4 GOVERNANCE, RISK, AND COMPLIANCE 62
7.4.1 NEED TO ADHERE TO VARIOUS COMPLIANCES AND MITIGATE RISK DRIVING THE ADOPTION OF GRC SOLUTIONS 62
7.5 OTHERS 63
8 INSURANCE FRAUD DETECTION MARKET, BY SERVICE 64
8.1 INTRODUCTION 65
8.2 PROFESSIONAL SERVICES 66
8.2.1 CONSULTING SERVICES 67
8.2.1.1 Growing need for highly-qualified experts, domain experts, and security professionals to fuel the demand for consulting services 67
8.2.2 TRAINING AND EDUCATION 67
8.2.2.1 Increasing need for skilled security professionals to fuel the demand for training and education services 67
8.2.3 SUPPORT AND MAINTENANCE 68
8.2.3.1 Growing need for installation, maintenance, and other support activities to boost the demand for support and maintenance services 68

8.3 MANAGED SERVICES 69
8.3.1 GROWING NEED FOR TECHNICAL EXPERTISE TO MAINTAIN AND UPDATE INSURANCE FRAUD DETECTION SOLUTIONS TO BOOST THE DEMAND FOR MANAGED SERVICES 69
9 INSURANCE FRAUD DETECTION MARKET, BY APPLICATION AREA 70
9.1 INTRODUCTION 71
9.2 CLAIMS FRAUD 71
9.2.1 RISE IN FRAUDULENT CLAIMS IN HEALTHCARE, LIFE, AND MOTOR INSURANCE AREAS TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 71
9.3 IDENTITY THEFT 71
9.3.1 GROWING IDENTITY-RELATED FRAUDS TO FUEL THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 71
9.4 PAYMENT FRAUD AND BILLING FRAUD 72
9.4.1 INCREASING FRAUDULENT ACTIVITIES RELATED TO DIGITAL TRANSACTIONS AND PAYMENTS TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 72
9.5 MONEY LAUNDERING 72
9.5.1 NEED TO DETECT AND PREVENT GROWING MONEY LAUNDERING ACTIVITIES TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 72
10 INSURANCE FRAUD DETECTION MARKET, BY DEPLOYMENT MODE 73
10.1 INTRODUCTION 74
10.2 CLOUD 75
10.2.1 LOW COST OF INSTALLATION, UPGRADE, AND MAINTENANCE TO BOOST THE ADOPTION OF CLOUD-BASED INSURANCE FRAUD DETECTION SOLUTIONS 75
10.3 ON-PREMISES 76
10.3.1 NEED TO SECURE THE IN-HOUSE APPLICATIONS, PLATFORMS, AND SYSTEMS AGAINST OPERATIONAL FRAUDS TO FUEL THE ADOPTION OF ON-PREMISES INSURANCE FRAUD DETECTION SOLUTIONS 76
11 INSURANCE FRAUD DETECTION MARKET, BY ORGANIZATION SIZE 77
11.1 INTRODUCTION 78
11.2 SMALL AND MEDIUM-SIZED ENTERPRISES 79
11.2.1 GROWING FRAUDULENT ACTIVITIES TO DRIVE THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS AMONG SMALL AND MEDIUM-SIZED ENTERPRISES 79
11.3 LARGE ENTERPRISES 80
11.3.1 INCREASING FINANCIAL LOSSES AND HEFTY FINES FOR REGULATORY NON-COMPLIANCE TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS AMONG LARGE ENTERPRISES 80

12 INSURANCE FRAUD DETECTION MARKET, BY REGION 81
12.1 INTRODUCTION 82
12.2 NORTH AMERICA 83
12.2.1 UNITED STATES 87
12.2.1.1 Increasing investments by the insurance sector in fraud detection solutions to drive the growth of insurance fraud detection market in the United States 87
12.2.2 CANADA 88
12.2.2.1 Government initiatives to safeguard network systems against frauds driving the growth of insurance fraud detection market in Canada 88
12.3 EUROPE 88
12.3.1 UNITED KINGDOM 92
12.3.1.1 Growing trend of BYOD and increased use of applications in enterprises and threat to organizational data driving the growth of insurance fraud detection market in the United Kingdom 92
12.3.2 GERMANY 92
12.3.2.1 Rising use of online transactions to pay premiums and increasing threat to confidential information driving the growth of insurance fraud detection market in Germany 92
12.3.3 FRANCE 92
12.3.3.1 Growing money laundering and identity impersonation to fuel the growth of insurance fraud detection market in France 92
12.3.4 REST OF EUROPE 93
12.4 ASIA PACIFIC 93
12.4.1 CHINA 98
12.4.1.1 Increasing need to secure APIs, mobile apps, and websites from fraudsters to contribute to the growth of insurance fraud detection market in China 98
12.4.2 JAPAN 98
12.4.2.1 Increasing number of potential frauds due to high internet penetration to fuel the growth of insurance fraud detection market in Japan 98
12.4.3 INDIA 98
12.4.3.1 Growing adoption of fraud detection solutions in the insurance sector due to increase in mobile applications use, digitalization of various services, and rise in fraud attacks to drive the adoption of insurance fraud detection solutions on a large scale in India 98
12.4.4 REST OF ASIA PACIFIC 98
12.5 MIDDLE EAST AND AFRICA 99
12.5.1 MIDDLE EAST 102
12.5.1.1 Increasing frauds in the insurance vertical to drive the growth of insurance fraud detection market in the Middle East 102
12.5.2 AFRICA 103
12.5.2.1 Hefty financial losses due to fraudulent attacks across the insurance organizations to contribute to the growth of insurance fraud detection market in Africa 103

12.6 LATIN AMERICA 103
12.6.1 BRAZIL 107
12.6.1.1 Increasing investments by SMEs and large enterprises due to growing frauds across endpoints, networks, and applications to drive the growth of insurance fraud detection market in Brazil 107
12.6.2 MEXICO 107
12.6.2.1 Increasing fraud attacks on insurance verticals to drive the growth of insurance fraud detection market in Mexico 107
12.6.3 REST OF LATIN AMERICA 107
13 COMPETITIVE LANDSCAPE 108
13.1 COMPETITIVE LEADERSHIP MAPPING 108
13.1.1 VISIONARY LEADERS 108
13.1.2 INNOVATORS 108
13.1.3 DYNAMIC DIFFERENTIATORS 108
13.1.4 EMERGING COMPANIES 109
13.2 STRENGTH OF PRODUCT PORTFOLIO 110
13.3 BUSINESS STRATEGY EXCELLENCE 111
13.4 COMPETITIVE SCENARIO 112
13.4.1 PARTNERSHIPS, AGREEMENTS, AND COLLABORATIONS 113
13.4.2 MERGERS AND ACQUISITIONS 114
13.4.3 NEW PRODUCT LAUNCHES/PRODUCT ENHANCEMENTS 114
13.4.4 BUSINESS EXPANSIONS 115
14 COMPANY PROFILES 116
14.1 INTRODUCTION 116
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
14.2 FICO 117
14.3 IBM 120
14.4 BAE SYSTEMS 124
14.5 SAS INSTITUTE 128
14.6 EXPERIAN 131
14.7 LEXISNEXIS 134
14.8 IOVATION 136
14.9 FRISS 138
14.10 SAP 140
14.11 FISERV 142
14.12 ACI WORLDWIDE 145
14.13 SIMILITY 145
14.14 KOUNT 146
14.15 SOFTWARE AG 146
14.16 BRIDGEI2I ANALYTICS SOLUTIONS 147
14.17 PERCEPTIVITI 147
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
15 APPENDIX 148
15.1 DISCUSSION GUIDE 148
15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 152
15.3 AVAILABLE CUSTOMIZATIONS 154
15.4 RELATED REPORTS 154
15.5 AUTHOR DETAILS 155

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