The report “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 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. The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.
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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.
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.
APAC to grow at the highest CAGR in the market during the forecast period
The primary forces driving the APAC market growth are the rising technology adoption in the insurance sector, and the increase in the number of startups in APAC countries, especially India. In recent years, the APAC region has witnessed tremendous economic growth, political transformations, and social changes. The region has a large number of established small and medium-sized enterprises (SMEs) in the insurance sector, which are growing at an exponential rate to cater to their broad customer base. The insurance sector in this region is gaining demand due to the value of proposition seen by the customers in this sector, and they are beginning to purchase various insurance policies. Moreover, the ease of transactions due to the advent of digital transactions, low premiums, and high term amounts are luring customers to invest in this sector.
The rise of digital channels has paved way to a number of challenges and opened a new gate for fraudsters who wanted to steal the potential information from the customers as well as organizations. However, due to the increasing sophistication levels of threats, China, India, and Japan have all updated or introduced new national cybersecurity policies. Although, initially the APAC region was outsourcing its network infrastructure security, as it was not in a position to handle complex and multiple cyber threats, the scenario is changing gradually due to the emergence of a wide range of security players, high penetration of cloud-based services, and increasing cloud security offerings by vendors in the region. These vendors are offering enhanced insurance fraud detection solutions, which will enable the insurance organizations to seamlessly deliver their services and products to their customers without worrying about the security.
Various growth strategies have been adopted by the major players to increase their market presence, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments. Some of the major technology vendors in the insurance fraud detection market are 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).
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