At Last, the Secret to Top Companies in Insurance Fraud Detection Software Market Is Revealed

Market Overview:

The global Insurance Fraud Detection Software market was valued at USD 2.5 Billion in 2020 and is projected to reach USD 15.68 Billion by 2028, growing at a CAGR of 25.8% from 2021 to 2028. Factors such as improving operational efficiency, huge volumes of identities by organizations, rising adoption of advanced analytics techniques, and stringent regulatory compliances are some of the major factors that propel the growth of the insurance fraud detection market in upcoming years.

North America is accounted for the largest share of the insurance fraud detection market during the forecast period. The high usage of advanced technologies such as cloud adoption, Bring Your Own Device (BYOD) and Internet of Things (IoT) is the key reason for market growth in this region. In addition, increasing internal & external threats is also considered in augmenting the growth of the insurance fraud detection market in this region.

The COVID-19 outbreak has affected various industries worldwide. The insurance fraud detection market has no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the {{keyword}} market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.

Following are the top companies in the insurance fraud detection market:

1. FICO

FICO is a data analytics company based in San Jose, California, focused on credit scoring services. It was founded in 1956. Its FICO score, a measure of consumer credit risk has become a fixture of consumer lending in the United States. The company believes in the power of data-driven intelligence to transform the way organizations make and apply decisions. The company provides the ideal decisions foundation companies need to successfully achieve digital transformation. The company has helped companies around the globe achieve their transformation goals.

2. IBM

International Business Machines Corporation is an American multinational technology corporation headquartered in Armonk, New York, with operations in over 171 countries. The company is investing in it what it calls cognitive computing systems, led by the Watson artificial intelligence platform, that helps customers analyze massive amounts of data to make better decisions. Among other areas, the company is betting on for growth are artificial intelligence, security, cloud, systems, quantum computing, and more. IBM's information technology, business services, and software units are among the largest in the world. While the company has placed less emphasis on hardware, the company maintains enterprise server and data storage product lines that are among industry leaders.

3. BAE Systems

BAE Systems plc is a British multinational arm, security, and aerospace company based in London, England. The company is the largest defense contractor in Europe. Its largest operations are in the United Kingdom and the United States. Other major markets include Australia, Canada, India, Saudi Arabia, Turkey, Qatar, Oman, and Sweden, where Saudi Arabia. The company was formed on 30 November 1999 and is the successor to various aircraft, shipbuilding, armored vehicle, armaments, and defense electronics companies. These include The Marconi Company, the first commercial company devoted to the development and use of radio; A.V. Roe and Company, one of the world's first aircraft companies; de Havilland, manufacturer of the Comet, the world's first commercial jet airliner; Hawker Siddeley, manufacturer of the Harrier, the world's first VTOL attack aircraft; British Aircraft Corporation, co-manufacturer of the Concorde supersonic transport; Supermarine, manufacturer of the Spitfire; Yarrow Shipbuilders, builder of the Royal Navy's first destroyers; Fairfield Shipbuilding and Engineering Company, builder of the world's first battlecruiser; and Vickers Shipbuilding and Engineering, builder of the Royal Navy's first submarines

4. SAS Institute

SAS Institute is an American multinational developer of analytics software based in Cary, North Carolina. The company develops and markets a suite of analytics software, which helps access, manage, analyze and report on data to aid in decision-making. The company operates as a business analytics software and service company. The company provides software applications including business intelligence, data integration, fraud management, financial intelligence, and IT management. SAS Institute operates worldwide.

5. Experian

Experian is an American–Irish multinational consumer credit reporting company. The company collects and aggregates information on over 1 billion people and businesses including 235 million individual U.S. consumers and more than 25 million U.S. businesses. The company offers credit and marketing services and manages large databases that enable credit granting and monitoring, help minimize fraud and credit risk, offers specialist analytical solutions for credit scoring, risk management, and processing applications, processes checks and credit cards, and offers consumers credit reports and scores.

6. LexisNexis

LexisNexis is a corporation that sells data mining platforms through online portals, computer-assisted legal research (CALR), and information about vast swaths of consumers around the world. The company began to make legal and journalistic documents more accessible electronically. The company produces a range of software, services, and products which are designed to support the practice of the legal profession. For example, case management systems, customer relationship management systems ("CRMs"), and proofreading tools for Microsoft Office. InterAction is a customer relationship management system designed specifically for professional services firms such as accountancy and legal firms.

7. Iovation

Iovation Inc. was established in 2004. Headquartered in Oregon, United States, the company is device-based fraud prevention and multi-factor consumer authentication solution to safeguard businesses at every touchpoint. The company provides a real-time service that exposes online fraudsters, as well as multifactor authentication services to detect fraud before it occurs. The company's SaaS solution exposes the reputation of devices (computer, tablet, or mobile phone) connecting to online businesses.

8. FRISS

Frissfraudebestrijding B.V. is the provider of analytics software for fraud, risk, and compliance for P&C insurers. The company operates as software for Service Company. The company offers a platform that focuses and dedicates to fraud detection and risk mitigation for non-life insurance companies. The company develops fraud detection software for insurers worldwide. The company provides ease of use and alignment with the digital world by providing an extremely simple interface. Data gathering is enriched and simplified, aggregating information from traditional and nontraditional sources to build a true picture of each risk.

9. SAP

SAP SE's software forms a company's nerve center. Its enterprise resource planning software integrates back-office functions such as analytics, accounting, distribution, and human resources, and comes in on-premises and cloud-linked forms. While the sale and servicing of its legacy on-premises offering bring in the majority of the company's revenue, SAP is going all-in on cloud computing and software-as-a-service with its flagship application suite S/4HANA as an alternative to its legacy SAP Business Suite. Besides enterprise software, SAP Concur provides expenses management and SAP Fieldglass provides external workforce management. The company serves more than 440,000 customers in upwards of 25 industries across more than180 countries. Germany is the largest single market accounting for about 15% of total revenue. In 2019, SAP acquired Qualtrics for $7.1 billion, the second-largest acquisition after Concur.

10. Fiserv

Fiserv, Inc. is an American multinational Fortune 500 company headquartered in Brookfield, Wisconsin that provides financial technology and financial services. The company's clients include banks, thrifts, credit unions, securities broker-dealers, leasing and finance companies, and retailers. The company provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

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