Insurance Fraud Detection Market Growth Driven by Rising Cyberattacks – Market Size to Reach $12 Billion by 2026 According to Global Business Insurance Fraud Report 2022

LONDON, July 26, 2022 (GLOBE NEWSWIRE) — According to a research report by The Business Research Company on the insurance fraud detection market, the increase in cyberattacks is expected to increase the growth of the insurance fraud detection market. A cyberattack is a malicious and deliberate attempt by a person or organization to gain access to information about another person or organization. Insurance companies are prime targets for cyber attacks because they have access to information about policyholders. Compared to other industries, which typically contain financial information, insurers often collect confidential information that is protected.

For example, the FBI’s Internet Crime Complaint Center (IC3), a website that provides users with a formal process and contact point for reporting suspected cybercrime or other illegal online activity in the US, saw a 69% increase in cyber threats reported in 2020. .compared to 2019 in the US. On average, in 2020, the FBI received 2,000 reports of cybercrime per day. Hence, the increasing number of cyberattacks is driving the growth of the insurance fraud detection market.

The growth of the global insurance market is expected to grow from $4.24 billion in 2021 to $5.19 billion in 2022 at a compound annual growth rate (CAGR) of 22.6%. The growth of the insurance industry is expected to reach $12.01 billion in 2026 to a CAGR of 23.3%.

Ask for a sample of the world detecting insurance fraud market report

Advances in technology are a key factor in the insurance fraud detection market. Many companies are offering new solutions and advanced technologies to improve the monitoring and detection of insurance fraud for their customers. For example, in December 2021, Crawford & Company, an independent firm based in the US, launched the Crawford Intelligent Fraud Detection system. The new solution combines human expertise with forensic analysis, using DXC Luxoft’s Financial Crimes Intelligence platform in partnership with IBM to help identify and manage fraud claims. Crawford’s extensive knowledge and experience is leveraged in this solution, which uses AI to help clients identify and manage insurance fraud.

Major players in the fraud detection market are ACI Worldwide Inc., BAE Systems, BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawalk Inc., DXC Technology Co., Experian PLC, Fair Isaac Corp., Fiserv Inc., FRISS, IBM Corp., Iovation Inc., Kount Inc., LexisNexis, Oracle Corp., Scorto Inc., TransUnion LLC , Wipro Ltd., Accenture, CI Worldwide Inc., Equifax Inc., and Perceptiviti.

The global insurance market segment is segmented into on-premises, cloud; and district be answer, meetings; and the size of the organization into Small and Medium Enterprises (SMEs), large enterprises; by using identity fraud, identity theft, payment and billing fraud, money laundering; and users in insurance companies, agents and brokers, insurance agents, others.

North America he was a large area in the insurance fraud detection market in 2021. Asia-Pacific is expected to be a rapidly growing community in the forecast period. The regions covered in the insurance fraud market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Insurance Fraud Detection Global Market Report 2022 – Market Growth, Trends, And Global Forecast 2022-2026 is one of the latest reports from The Business Research Company that provides insurance fraud detection market overview, insurance fraud detection market analysis and market size and growth for the overall market, insurance fraud detection market segments and geographies, insurance fraud market trends, insurance fraud detection market drivers, insurance fraud detection restraints, insurance fraud detection market leading competitor revenue, profiles and market segments in over 1,000 reports. , which has over 2,500 market segments and 60 territories.

The report also provides an in-depth analysis of the impact of COVID-19 on the market. These reports are based on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A team of experienced professionals as well as research experts and presenters provide market analysis and forecasts. These reports identify top countries and segments of opportunities and strategies based on market trends and competitor strategies.

Not the market you’re looking for? Check out similar market intelligence reports:

Cybersecurity Global Market Report 2022 – By Solution (Network Security, Cloud Application Security, End-Point Security, Safe Web Gateway, Internet Security), By Enterprise Size (Small & Medium Enterprises, Large Enterprises), By Deployment Type (Cloud , Space ), By End Use (BFSI, IT & Telecommunications, Retail, Healthcare, Government, Production, Travel And Transportation, Energy and Utility) – Market Growth, Trends, and Global Forecast 2022-2026

Fraud Detection And Prevention Global Market Report 2022 – By Fraud Type (Check Fraud, Fraud, Online / Online Fraud, Investment Fraud, Payment Fraud, Insurance Fraud), By Delivery Method (Cloud, On-premise), By Method ( Fraud Analysis, Authentication, Reporting, Verification), By Application (Insurance Claims, Spending, Electronic Payments), Small and Medium Enterprises (SMEs) User, Large Enterprises) – Market Size, Trends, and Global Forecast 2022-2026

Report Insurance Global Market 2022 – By Type (Life Insurance, Property & Casualty Insurance, Health & Medical Insurance), By End User (Management, Individual), By Mode (Online, Online) – Market Size, Trends, And Global Forecast 2022- 2026

Do you want to know more about The Business Research Company?

Business Research Company is a market intelligence firm that specializes in industry, market, and consumer research. It has a global presence with specialist consultants in a variety of industries including manufacturing, healthcare, financial services, pharmaceuticals, and technology.

The World’s Most Popular List

The Business Research Company’s flagship product, the Global Market Model, is a market intelligence platform that displays financial indicators and various metrics in 60 sectors and 27 industries. The Global Market Model consists of several datasets that help users identify opportunities.