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Insurance Fraud Detection Market Trends

  • Report ID: GMI9509
  • Published Date: May 2024
  • Report Format: PDF

Insurance Fraud Detection Market Trends

Insurers are increasingly taking initiatives to enhance fraud detection capabilities. Collaborative efforts among industry players allow for the pooling of data resources, enabling more comprehensive analysis and identification of fraudulent patterns across a wider spectrum of insurance transactions and policyholders. For instance, in March 2024, Verisk, a prominent data analytics and technology provider, unveiled two partnerships with insurance technology firms, FRISS and Globlue Technologies, to enhance its fraud detection capabilities.

FRISS and Globlue Technologies will seamlessly integrate with Verisk's ClaimSearch platform, housing the globe's largest Property and Casualty (P&C) claims database, comprising over 1.7 billion claims. This integration will streamline advanced fraud scrutiny and detection, encompassing intricate scoring and triaging to enhance decision-making processes.

The adoption of blockchain technology is gaining momentum in the insurance fraud detection market. Blockchain's decentralized and immutable ledger offers enhanced security and transparency, making it well-suited for verifying the authenticity of insurance transactions and preventing fraud. Insurers can streamline claims processing, reduce fraudulent activities, and enhance trust among stakeholders in the insurance ecosystem by leveraging blockchain for data authentication and smart contracts.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of insurance fraud detection reached USD 4.2 billion in 2023 and is set to witness 25% CAGR between 2024 and 2032, owing to the rising volume of digital transactions.

The cloud segment held over 72% share in 2023, as they offer scalability, agility, and cost-effectiveness.

Europe market accounted for 35% share in 2023, propelled by stringent regulatory mandates and the increasing adoption of digital insurance processes.

Claims Fraud Detector, DataVisor, Experian, FICO, Fiserv, FRISS, IBM Corporation, LexisNexis Risk Solutions, MIBAR.ai, and SAS Institute Inc.

Insurance Fraud Detection Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 300
  • Countries covered: 29
  • Pages: 250
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