The establishment of big data analytics is projecting the growth of insurance fraud detection market. Insurance fraud is a concern for insurers that continues to increasing across the globe. Claim fraud is the common buzz of Property Insurance and Casualty Insurance named as P&C insurance industry with auto and workers compensation business segments is the major contributors. It is an individual or group effort of fraudsters with intention of inflating claims and making profit out of loss. Insurers spend large efforts and manpower for detecting fraud and have a social risk as it promotes financial crimes and penalizes the society.
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The different aspects of claim fraud owing to which essentials of insurance ecosystem are impacted in various degree of severity that includes underwriting, social costs, encourages more fraud, loss in reputation, customer relationship, regulatory compliance issue and loss of faith. The fraud detection in highly regulated sectors such as financial, healthcare, insurance, social security, retail and combating fraud is important as there is multitude of compliance, risk management measures, monetary consequence and regulations. The proliferation of new technology has produced sophisticated fraud techniques and advancement of technology aids smarter approaches to detect fraud.
The business data is being stored and manage through IT system in the organization, therefore organization rely more on IT system to support business processes. Due to such IT systems the level of human interaction has been reduced to great extent that results in becoming the main reason for fraud to take place in organization and to prevent such frauds the organization go in for automated controls. The fraud data analytics has an important role in monitoring of fraud and early detection and this technique enables the organization to monitor the possible instances of fraud and executive an effective fraud monitoring program to secure the organization.
Digitization is an opportunity for the fraud detection as growing number of mobile devices and social media is changing the organization landscape for all sectors including insurance. Social network enables insurers to connect with their customer better that turn in aid retention, branding and customer retention. Additionally, insurance companies are harnessing digitization through using data analytics for fraud detection. The different methods of innovation of fraud detection include social network analysis, predictive analysis for big data and social customer relationship management.
Current Market Trends Covered In the Report
· Based on solution, the fraud analytics is expected to be the largest segment during the forecast period.
· North America holds the largest share in insurance fraud detection market.
· Asia-pacific is expected to be the fastest growing region in the insurance fraud detection market during the forecast period.
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Global Insurance Fraud Detection Market Segmentation
By Component
· Solution
· Services
By Deployment Type
· Cloud
· On-Premises
By End-User
· Small & Medium Enterprises
· Large Enterprises
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
