How big is the Insurance Fraud Detection Market?

The Insurance Fraud Detection Market size is expected to reach USD 5.69 billion in 2024 and grow at a CAGR of 26.01% to reach USD 21.61 billion by 2029. Read More

What is the current Insurance Fraud Detection Market size?

In 2024, the Insurance Fraud Detection Market size is expected to reach USD 5.69 billion. Read More

Who are the key players in Insurance Fraud Detection Market?

Fair Isaac Corporation (FICO), BAE Systems Inc., IBM Corporation, SAS Institute Inc. and Experian Information Solutions Inc. are the major companies operating in the Insurance Fraud Detection Market. Read More

Which is the fastest growing region in Insurance Fraud Detection Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Insurance Fraud Detection Market?

In 2024, the North America accounts for the largest market share in Insurance Fraud Detection Market. Read More

Insurance Fraud Detection Market Report | Industry Analysis, Size & Forecast Trends

Insurance Fraud Detection Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Insurance Fraud Detection Software Market Analytics. It is Segmented by Component (solution (fraud Analytics, Authentication, Governance, Risk, and Compliance, and Other Solutions) and Service), Application (claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), End-User Industry (automotive, BFSI, Healthcare, Retail, and Other End-User Industries), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value in USD for all the Above Segments.

Insurance Fraud Detection Industry Overview

The insurance fraud detection market is highly fragmented with the presence of major players like Fair Isaac Corporation (FICO), BAE Systems Inc., IBM Corporation, SAS Institute Inc., and Experian Information Solutions Inc. Players in the market adopt strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

November 2023 - FRISS announced the launch of the RISS Accelerator for Claims Analytics for ClaimCenter Cloud. With this launch, the company leverages the latest capabilities of the Guidewire Cloud Integration Framework, which is now available in the Guidewire Marketplace to ClaimCenter users on Guidewire Cloud.
January 2023 - Experian announced that the company had launched CreditLock, a new feature that enables its customers to lock their Experian Credit Report. The new product launched by the company uses real-time alerts. The feature will also let customers know about any new credit searches in their name and if it has stopped any fraudulent applications on their behalf.