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 2019–2024. Major driving factors for the market include various factors, such as the need to the need to effectively manage huge volumes of identities by organizations, improving operational efficiency & enhancing customer experience, increasing adoption of advanced analytics techniques, and stringent regulatory compliances.
Major insurance fraud detection vendors 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). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global insurance fraud detection market. Partnerships, acquisitions, and new product launches have been the most widely adopted strategies by major players from 2016 to 2019, which has helped them innovate their offerings and broaden their customer base.
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FICO (US) is one of the prominent players in the insurance fraud detection marketspace. The company’s flagship products, FICO Falcon Platform, and FICO Falcon Fraud Manager help discover new fraud patterns. The products offer real-time protection to enterprises and can be deployed on-premises and in the cloud. FICO products also help increase customer value and reduce frauds, credit losses, and operating expenses. The company has a strong clientele in the US and generates 66% of its revenue from the country alone. The company focused its efforts on strengthening its product portfolio, as its invested 12.4% of its annual revenue in R&D activities in 2018. The company has also been expanding to new locations to tap new opportunities. FICO expanded its business in India by launching FICO Score. In July 2017, FICO expanded by opening a new office in Santiago. The office has enabled FICO to serve its customers in Chile, Argentina, Uruguay, Bolivia, and Paraguay.
FRISS (Netherlands) is among the leading vendors of insurance fraud detection solutions and services. The company’s software platform for insurance fraud and risk provides the following business solutions: fraud detection at claims, risk assessment at underwriting, investigations at Special Investigative Unit (SIU), and compliance screening. FRISS is dedicated to providing solutions in fraud detection and risk mitigation for non-life/P&C insurance companies worldwide. An increasing number of partnerships have helped the company establish its leadership in the market. FRISS partnered with EVRY, to provide Fraud Detection as a Service in the Nordics region. The company also launched new products to strengthen its product portfolios and expanded its offerings to include new clients in the global insurance fraud detection market. In 2017, FRISS launched a new live version of FRISS Analytics with extensive analytics, network viewing, and reporting options.
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
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