The Latin America, Middle East and Africa Insurance Fraud Detection Market would witness market growth of 31.8% CAGR during the forecast period (2019-2025).
Data science and analytics have come up as a powerful tool for the insurance industry. Insurers have now been empowered to improve their pricing accuracy through a judicious analysis of big data. The analysis has further helped in creating customized products and services, forging stronger customer relationships, and facilitating more effective loss prevention. Fighting fraud is a crucial component of state regulation. The NAIC created a uniform fraud reporting system to help fight the growing problem of insurance fraud. The system helps consumers and insurance departments to electronically report suspected fraud to the appropriate insurance department.
The major aspects driving the insurance fraud detection market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency and enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats and frauds in this sector.
Based on Component, the market is segmented into Solution and Services. Solution segment is further segmented into Fraud Analytics, Authentication, Governance, and Risk, and Compliance and others. Authentication solution segment is bifurcated into Multi Factor Authentication, Single Factor Authentication and Risk-Based Authentication. Services segment is segmented into Integration and Consulting Services, Training and Education, and Support and Maintenance. Based on Organization Size, the market is segmented into Large Enterprises and Small and Medium Enterprises. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Fair Issac Corporation (FICO), SAP SE, PayPal Holdings, Inc., BAE Systems PLC, RELX PLC, Fiserv, Inc., Software AG, ACI Worldwide, Inc. and TransUnion LLC.
Market Segmentation: By Component
By Organization Size
By Country
Companies Profiled
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