Insurance Fraud Detection Market Emerging Growth and Business Opportunities Outlook to 2027 | BAE Systems, Experian Information Solutions, Fair Isaac Corporation (FICO), Fiserv, FRISS
Insurance fraud has grown as a challenging problem for insurance companies. Newer data analytics has led to the development of fraud review and detection tools in policy renewals, underwriting, and periodic checks. IT plays an important role today in combating fraud driven by the growing trend of deploying automated processes. Machine learning and integration of artificial intelligence is revolutionizing the insurance fraud detection market.
The insurance fraud detection market is anticipated to grow in the forecast period on account of rising instances of insurance fraud and the need to effectively combat them. Also, the growing adoption of advanced analytics techniques for managing numerous identities is likely to augment the market growth. However, lack of adoption of these solutions among insurance institutions may hamper the growth of the insurance fraud detection market. On the other hand, artificial intelligence and the internet of things would showcase significant opportunities for market players in the coming years.
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The List of Companies
1. BAE Systems plc
2. Experian Information Solutions, Inc.
3. Fair Isaac Corporation (FICO)
4. Fiserv, Inc.
5. FRISS
6. IBM Corporation
7. iovation Inc. (TransUnion)
8. LexisNexis (RELX)
9. SAP SE
10. SAS Institute Inc.
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The report aims to provide an overview of insurance fraud detection market with detailed market segmentation by component, enterprise size, deployment mode, application, and geography. The global insurance fraud detection market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading insurance fraud detection market players and offers key trends and opportunities in the market.
The global insurance fraud detection market is segmented on the basis of component, enterprise size, deployment mode, and application. By component, the market is segmented as solution and services. By solution, the market is further sub-segmented as fraud analytics, authentication, governance, risk, and compliance, and others.
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