1 INTRODUCTION 19
1.1 OBJECTIVES OF THE STUDY 19
1.2 MARKET DEFINITION 19
1.3 MARKET SCOPE 20
1.3.1 MARKET SEGMENTATION 20
1.3.2 REGIONS COVERED 20
1.4 YEARS CONSIDERED FOR THE STUDY 21
1.5 CURRENCY CONSIDERED 21
1.6 STAKEHOLDERS 22

2 RESEARCH METHODOLOGY 23
2.1 RESEARCH DATA 23
2.1.1 SECONDARY DATA 24
2.1.2 PRIMARY DATA 24
2.1.2.1 Breakup of primary profiles 25
2.1.2.2 Key industry insights 25
2.2 MARKET BREAKUP AND DATA TRIANGULATION 26
2.3 MARKET SIZE ESTIMATION 26
2.3.1 TOP-DOWN APPROACH 27
2.3.2 BOTTOM-UP APPROACH 27
2.4 MARKET FORECAST 28
2.5 ASSUMPTIONS FOR THE STUDY 29
2.6 LIMITATIONS OF THE STUDY 30

3 EXECUTIVE SUMMARY 31

4 PREMIUM INSIGHTS 35
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE INSURANCE FRAUD DETECTION MARKET 35
4.2 INSURANCE FRAUD DETECTION MARKET, BY COMPONENT, 2019–2024 35
4.3 INSURANCE FRAUD DETECTION MARKET, BY SOLUTION, 2019–2024 36
4.4 INSURANCE FRAUD DETECTION MARKET, MARKET SHARE OF TOP 3 SOLUTIONS AND REGIONS, 2019 36
4.5 INSURANCE FRAUD DETECTION MARKET, BY ORGANIZATION SIZE, 2019 37
4.6 INSURANCE FRAUD DETECTION MARKET, BY DEPLOYMENT MODE, 2019 37
4.7 MARKET INVESTMENT SCENARIO 38
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5 MARKET OVERVIEW AND INDUSTRY TRENDS 39
5.1 INTRODUCTION 39
5.2 MARKET DYNAMICS 39
5.2.1 DRIVERS 40
5.2.1.1 Need to effectively manage huge volumes of identities by organizations 40
5.2.1.2 Increasing adoption of advanced analytics techniques 40
5.2.1.3 Improved operational efficiency and enhanced customer experience 40
5.2.1.4 Stringent regulatory compliances 41
5.2.2 RESTRAINTS 41
5.2.2.1 Insurance institutions lack awareness regarding the fraud detection solutions 41
5.2.3 OPPORTUNITIES 41
5.2.3.1 Increasing adoption of IoT and BYOD trends 41
5.2.3.2 Proliferation of cloud-based insurance fraud detection solutions and services among global organizations 42
5.2.4 CHALLENGES 42
5.2.4.1 Improper implementation and lack of integration of fraud detection solutions across organization networks 42
5.3 REGULATORY COMPLIANCES 43
5.3.1 KNOW YOUR CUSTOMER (KYC) 43
5.3.2 ANTI-MONEY LAUNDERING (AML) 43
5.3.3 GENERAL DATA PROTECTION REGULATION (GDPR) 43
5.3.4 ELECTRONIC IDENTIFICATION, AUTHENTICATION, AND TRUST SERVICES (EIDAS) 44
5.4 INNOVATION SPOTLIGHT 44
5.5 USE CASES 44
5.5.1 INSURANCE FRAUD DETECTION BY BAE SYSTEMS 44
5.5.2 CLAIMS FRAUD DETECTION IN INSURANCE, BY AUREUS ANALYTICS 45
5.5.3 OPTIMIZING INVESTIGATION PROCESS FOR IDENTIFYING ADDITIONAL PREMIUM OPPORTUNITIES, BY PRADS INC. 46

6 INSURANCE FRAUD DETECTION MARKET, BY COMPONENT 47
6.1 INTRODUCTION 48
6.2 SOLUTIONS 49
6.2.1 INCREASING FRAUDULENT ACTIVITIES TO DRIVE THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 49
6.3 SERVICES 50
6.3.1 GROWING NEED FOR SEAMLESS EXPERIENCE AND PERSONALIZED SERVICES TO FUEL THE DEMAND FOR SERVICES 50
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7 INSURANCE FRAUD DETECTION MARKET, BY SOLUTION 51
7.1 INTRODUCTION 52
7.2 FRAUD ANALYTICS 53
7.2.1 PREDICTIVE ANALYTICS 54
7.2.1.1 Need to identify potential threats and claim frauds in insurance processes to drive the adoption of predictive analytics solutions 54
7.2.2 DESCRIPTIVE ANALYTICS 55
7.2.2.1 Need for interpretation of historical data to yield useful information to boost the adoption of descriptive analytics solutions in the insurance sector 55
7.2.3 SOCIAL MEDIA ANALYTICS 56
7.2.3.1 Need to identify suspicious patterns through specialized algorithms for effective fraud detection driving the adoption of social media analytics solutions in the insurance sector 56
7.2.4 BIG DATA ANALYTICS 57
7.2.4.1 Need for advanced analytical solution that proactively defends against fraudulent activities to drive the adoption of big data analytics solutions in the insurance sector 57
7.3 AUTHENTICATION 58
7.3.1 SINGLE-FACTOR AUTHENTICATION 59
7.3.1.1 Need for simple and less complex form of authentication solutions to boost the adoption of SFA solutions 59
7.3.2 MULTI-FACTOR AUTHENTICATION 60
7.3.2.1 Need to secure data and information against frauds driving the adoption of MFA solutions 60
7.3.3 RISK-BASED AUTHENTICATION 61
7.3.3.1 Need to analyze risk levels and apply stringent authentication processes driving the adoption of RBA solutions 61
7.4 GOVERNANCE, RISK, AND COMPLIANCE 62
7.4.1 NEED TO ADHERE TO VARIOUS COMPLIANCES AND MITIGATE RISK DRIVING THE ADOPTION OF GRC SOLUTIONS 62
7.5 OTHERS 63

8 INSURANCE FRAUD DETECTION MARKET, BY SERVICE 64
8.1 INTRODUCTION 65
8.2 PROFESSIONAL SERVICES 66
8.2.1 CONSULTING SERVICES 67
8.2.1.1 Growing need for highly-qualified experts, domain experts, and security professionals to fuel the demand for consulting services 67
8.2.2 TRAINING AND EDUCATION 67
8.2.2.1 Increasing need for skilled security professionals to fuel the demand for training and education services 67
8.2.3 SUPPORT AND MAINTENANCE 68
8.2.3.1 Growing need for installation, maintenance, and other support activities to boost the demand for support and maintenance services 68
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8.3 MANAGED SERVICES 69
8.3.1 GROWING NEED FOR TECHNICAL EXPERTISE TO MAINTAIN AND UPDATE INSURANCE FRAUD DETECTION SOLUTIONS TO BOOST THE DEMAND FOR MANAGED SERVICES 69

9 INSURANCE FRAUD DETECTION MARKET, BY APPLICATION AREA 70
9.1 INTRODUCTION 71
9.2 CLAIMS FRAUD 71
9.2.1 RISE IN FRAUDULENT CLAIMS IN HEALTHCARE, LIFE, AND MOTOR INSURANCE AREAS TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 71
9.3 IDENTITY THEFT 71
9.3.1 GROWING IDENTITY-RELATED FRAUDS TO FUEL THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 71
9.4 PAYMENT FRAUD AND BILLING FRAUD 72
9.4.1 INCREASING FRAUDULENT ACTIVITIES RELATED TO DIGITAL TRANSACTIONS AND PAYMENTS TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 72
9.5 MONEY LAUNDERING 72
9.5.1 NEED TO DETECT AND PREVENT GROWING MONEY LAUNDERING ACTIVITIES TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS 72

10 INSURANCE FRAUD DETECTION MARKET, BY DEPLOYMENT MODE 73
10.1 INTRODUCTION 74
10.2 CLOUD 75
10.2.1 LOW COST OF INSTALLATION, UPGRADE, AND MAINTENANCE TO BOOST THE ADOPTION OF CLOUD-BASED INSURANCE FRAUD DETECTION SOLUTIONS 75
10.3 ON-PREMISES 76
10.3.1 NEED TO SECURE THE IN-HOUSE APPLICATIONS, PLATFORMS, AND SYSTEMS AGAINST OPERATIONAL FRAUDS TO FUEL THE ADOPTION OF ON-PREMISES INSURANCE FRAUD DETECTION SOLUTIONS 76

11 INSURANCE FRAUD DETECTION MARKET, BY ORGANIZATION SIZE 77
11.1 INTRODUCTION 78
11.2 SMALL AND MEDIUM-SIZED ENTERPRISES 79
11.2.1 GROWING FRAUDULENT ACTIVITIES TO DRIVE THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS AMONG SMALL AND MEDIUM-SIZED ENTERPRISES 79
11.3 LARGE ENTERPRISES 80
11.3.1 INCREASING FINANCIAL LOSSES AND HEFTY FINES FOR REGULATORY NON-COMPLIANCE TO BOOST THE ADOPTION OF INSURANCE FRAUD DETECTION SOLUTIONS AMONG LARGE ENTERPRISES 80
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12 INSURANCE FRAUD DETECTION MARKET, BY REGION 81
12.1 INTRODUCTION 82
12.2 NORTH AMERICA 83
12.2.1 UNITED STATES 87
12.2.1.1 Increasing investments by the insurance sector in fraud detection solutions to drive the growth of insurance fraud detection market in the United States 87
12.2.2 CANADA 88
12.2.2.1 Government initiatives to safeguard network systems against frauds driving the growth of insurance fraud detection market in Canada 88
12.3 EUROPE 88
12.3.1 UNITED KINGDOM 92
12.3.1.1 Growing trend of BYOD and increased use of applications in enterprises and threat to organizational data driving the growth of insurance fraud detection market in the United Kingdom 92
12.3.2 GERMANY 92
12.3.2.1 Rising use of online transactions to pay premiums and increasing threat to confidential information driving the growth of insurance fraud detection market in Germany 92
12.3.3 FRANCE 92
12.3.3.1 Growing money laundering and identity impersonation to fuel the growth of insurance fraud detection market in France 92
12.3.4 REST OF EUROPE 93
12.4 ASIA PACIFIC 93
12.4.1 CHINA 98
12.4.1.1 Increasing need to secure APIs, mobile apps, and websites from fraudsters to contribute to the growth of insurance fraud detection market in China 98
12.4.2 JAPAN 98
12.4.2.1 Increasing number of potential frauds due to high internet penetration to fuel the growth of insurance fraud detection market in Japan 98
12.4.3 INDIA 98
12.4.3.1 Growing adoption of fraud detection solutions in the insurance sector due to increase in mobile applications use, digitalization of various services, and rise in fraud attacks to drive the adoption of insurance fraud detection solutions on a large scale in India 98
12.4.4 REST OF ASIA PACIFIC 98
12.5 MIDDLE EAST AND AFRICA 99
12.5.1 MIDDLE EAST 102
12.5.1.1 Increasing frauds in the insurance vertical to drive the growth of insurance fraud detection market in the Middle East 102
12.5.2 AFRICA 103
12.5.2.1 Hefty financial losses due to fraudulent attacks across the insurance organizations to contribute to the growth of insurance fraud detection market in Africa 103
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12.6 LATIN AMERICA 103
12.6.1 BRAZIL 107
12.6.1.1 Increasing investments by SMEs and large enterprises due to growing frauds across endpoints, networks, and applications to drive the growth of insurance fraud detection market in Brazil 107
12.6.2 MEXICO 107
12.6.2.1 Increasing fraud attacks on insurance verticals to drive the growth of insurance fraud detection market in Mexico 107
12.6.3 REST OF LATIN AMERICA 107

13 COMPETITIVE LANDSCAPE 108
13.1 COMPETITIVE LEADERSHIP MAPPING 108
13.1.1 VISIONARY LEADERS 108
13.1.2 INNOVATORS 108
13.1.3 DYNAMIC DIFFERENTIATORS 108
13.1.4 EMERGING COMPANIES 109
13.2 STRENGTH OF PRODUCT PORTFOLIO 110
13.3 BUSINESS STRATEGY EXCELLENCE 111
13.4 COMPETITIVE SCENARIO 112
13.4.1 PARTNERSHIPS, AGREEMENTS, AND COLLABORATIONS 113
13.4.2 MERGERS AND ACQUISITIONS 114
13.4.3 NEW PRODUCT LAUNCHES/PRODUCT ENHANCEMENTS 114
13.4.4 BUSINESS EXPANSIONS 115

14 COMPANY PROFILES 116
14.1 INTRODUCTION 116
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
14.2 FICO 117
14.3 IBM 120
14.4 BAE SYSTEMS 124
14.5 SAS INSTITUTE 128
14.6 EXPERIAN 131
14.7 LEXISNEXIS 134
14.8 IOVATION 136
14.9 FRISS 138
14.10 SAP 140
14.11 FISERV 142
14.12 ACI WORLDWIDE 145
14.13 SIMILITY 145
14.14 KOUNT 146
14.15 SOFTWARE AG 146
14.16 BRIDGEI2I ANALYTICS SOLUTIONS 147
14.17 PERCEPTIVITI 147
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

15 APPENDIX 148
15.1 DISCUSSION GUIDE 148
15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 152
15.3 AVAILABLE CUSTOMIZATIONS 154
15.4 RELATED REPORTS 154
15.5 AUTHOR DETAILS 155