Insurance Fraud Detection Global Market Report 2023– By Deployment Type (On Premises, Cloud), By Component (Solution, Services), By Application (Claims Fraud, Identity Theft, Payment And Billing Fraud, Money Laundering), By End User (Insurance Companies, Agents And Brokers, Insurance Intermediaries, Other End Users), By Organization Size (Small And Medium Sized Enterprises (SMEs), Large Enterprises) – Market Size, Trends, And Global Forecast 2023-2032

The insurance providers market consists of sales of insurance products by entities (organizations, sole traders, and partnerships) that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. Insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier). The main types of insurance providers are life insurance providers, property and casualty insurance providers, health and medical insurance providers. Life insurance is a contract between an insurance policyholder and an insurance company in which the insurer promises to pay a sum of money in exchange for a premium upon the death of an insured person or after a specified length of time. The services are provided through online and offline modes and are used by corporate and individual end-users. The insurance providers research report is one of a series of new reports from The Business Research Company that provides insurance providers statistics, including insurance providers industry global market size, regional shares, competitors with insurance providers share, detailed insurance providers segments, market trends and opportunities, and any further data you may need to thrive in the insurance providers industry. This insurance providers research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global insurance providers market is expected to grow from $5,171.65 billion in 2021 to $5,530.65 billion in 2022 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The insurance providers market is expected to grow to $6,849.64 billion in 2026 at a CAGR of 5.5%. UBI, which allows insurance providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular, it is used in vehicle insurance based on the vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as Global Positioning System (GPS), accelerometers, and g-force tracking, which can be used to substitute telematics devices with mobile apps. Under UBI, auto insurers are offering pay-as-you-drive (PAYD) and pay how you drive (PHYD) services. While a PAYD insurance premium is calculated based on the distance covered by a vehicle, a PHYD insurance premium is calculated based on the driving behavior of insured consumers. UBI is rapidly growing in regions such as Europe, Asia, and America. According to a report by EY, the global market penetration of UBI services increased by 15% in 2020. Major players in the insurance providers market are UnitedHealth Group, AXA, Allianz, Generali, and Ping An. North America was the largest region in the insurance providers market in 2021. Asia Pacific was the second-largest region in the insurance providers market. Eastern Europe was the smallest region in the global insurance providers market. The regions covered in the insurance providers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the insurance providers market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global insurance providers market is segmented - 1) By Type: Life Insurance Providers; Property And Casualty Insurance Providers; Health And Medical Insurance Providers 2) By End User: Corporate; Individual 3) By Mode: Online; Offline Subsegments Covered: Term Life Insurance; Whole Life Insurance; Variable Life Insurance; Equity Indexed Life Insurance; Accidental Death Insurance; Other Life Insurance; Automobile Insurance Carriers; Malpractice/Indemnity Insurance Carriers; Fidelity Insurance Carriers; Mortgage Guaranty Insurance Carriers; Homeowners Insurance Carriers; Surety Insurance Carriers; Liability Insurance Carriers; Hospitalization Insurance; Hospital Daily Cash Benefit Insurance; Critical Illness Insurance; Domiciliary Insurance; Others - Health & Medical Insurance Providers

Domiciliary insurance is a type of health insurance in which the policyholder is considered hospitalized even when receiving treatment at home. Home-based treatments for an injury, cure, or disease are also covered by health insurance, and policyholders are compensated for them. The main types of domiciliary insurance are diseases insurance, medical insurance, income protection insurance, and other insurance. Critical disease insurance refers to the domiciliary insurance that is issued to an individual and covers critical diseases. There are two kinds of coverage: lifetime coverage and term coverage. The demographics included are minors, adults, and senior citizens. The different networks involved are preferred provider organisations (PPOs), points of service (POS), health maintenance organisations (HMOs), and exclusive provider organisations (EPOs). The various service providers are both private and public. The global domiciliary insurance market is segmented - 1) By Insurance Type: Diseases Insurance, Medical Insurance, Income Protection Insurance, Other Insurance Types 2) By Coverage Type: Lifetime Coverage, Term Coverage 3) By Demographics: Minors, Adults, Senior Citizen 4) By Network: Preferred Provider Organizations (PPOs), Point Of Services (POS), Health Maintenance Organization (HMOs), Exclusive Provider Organizations (EPOs) 5) By Service Provider: Private, Public The global domiciliary insurance market size grew from $32.42 billion in 2022 to $38.35 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global domiciliary insurance is expected to grow from $66.69 billion in 2027 at a CAGR of 14.8%. The growing geriatric population is expected to drive the domiciliary insurance market. The population of the world is growing older, with the age group of 65 and above being the fastest growing. For instance, according to World Health Organization, there were about 1 billion people aged 60 years and above in the world. The number is expected to reach 1.4 billion by 2030 and 2.1 billion by 2045. The rise in the geriatric population means a population with more health problems that require constant care and have limited ability to move, which makes them dependent on health services in the comfort of their homes. Moreover, even healthcare providers prefer treating them at home unless there is a major emergency, as these services are expensive. People are opting for domiciliary insurance as a separate policy or along with their health insurance plan to cover these home hospitalisation treatment costs, which further contributes towards the growth of the market. Major players in the domiciliary insurance market are Cigna Corporation, AIA Insurance Group, Allianz SE, AXA, Aviva PLC., Aetna, Inc. HDFC Ergo, and Munich Re. Limited coverage of domiciliary insurance market is expected to hamper the market's growth. Domiciliary insurance offers very limited coverage as this is not applicable for chronic ailments and treatments of less than three days. For instance, Reliance (India) domiciliary insurance covers only up to 10% of the base sum insured, subject to a maximum of INR 50,000 in aggregate during the policy period. Also, domiciliary insurance does not cover ailments such as bronchitis, epilepsy, asthma, cough, cold, influenza, diabetes mellitus and insipidus, pyrexia of unknown origin for a period of fewer than ten days, chronic nephritis, psychiatric or psychosomatic disorders, diarrhea, dysentery, gastroenteritis, arthritis, gout or rheumatism, hypertension, tonsillitis, upper respiratory tract infection, and laryngitis, or pharyngitis. The lack of insurance coverage for all the ailments and emergency care makes it less popular, which in turn hinders the growth of the domiciliary insurance market. The companies in the domiciliary insurance market are focusing on the launch of the home treatment programs for overseas patients. The home treatment program provides healthcare services to patients at their home. It takes place when a therapist provides counseling in a person's home. For example, in September 2022, Allianz Care Australia, an Australia based a medical assistance and insurance company, launched a home treatment program for overseas student health insurance members who require cancer treatment in Australia. The program enables members to receive cancer treatment at home instead of a hospital, improving the lives of overseas students and providing another option for persons requiring cancer treatment. As part of the program, Allianz Care members will receive repeat cycle treatment, including chemotherapy, immunotherapy, chronic illness infusions, and other supportive therapies commonly prescribed for cancer treatment. In January 2020, HDFC, an Indian-based provider of housing finance with a presence in banking, life and general insurance, asset management, venture capital, real estate, education, deposits, and educational loans, acquired a majority stake in Apollo Munich health insurance for about $334 million. Through this acquisition, Apollo Munich health insurance will be renamed HDFC ERGO health insurance. Apollo Munich Health Insurance is an India-based company formed by the collaboration between Apollo Hospitals and Munich which offers services such as life, health, accident, and travel insurance. North America was the largest region in the domiciliary insurance market in 2022. Asia-Pacific was the second largest market in global domiciliary insurance market share. The regions covered in the global domiciliary insurance market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the domiciliary insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The domiciliary insurance market consists of sales of domiciliary insurance products by entities that are engaged in directly underwriting insurance policies for home based treatment done for a disease, illness or injury. It could be because of lack of accommodation at the hospital or because the patient's condition doesn't permit them to get admitted in the hospital. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by the insured. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The domiciliary insurance market research report is one of a series of new reports from The Business Research Company that provides domiciliary insurance market statistics, including domiciliary insurance industry global market size, regional shares, competitors with domiciliary insurance market shares, detailed domiciliary insurance market segments, market trends and opportunities, and any further data you may need to thrive in the domiciliary insurance industry. This domiciliary insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

An insurance broker is interested in selling, purchasing, or negotiating various financial products best suited to their individual client's needs in exchange for compensation. An insurance agent sells, negotiates, or promotes financial products on behalf of their employer. They serve as the company's sales representatives for its financial products. While an insurance agent works for the company they are employed by, an insurance broker represents you as the client. The main types of insurance brokers and agents are insurance agencies, insurance brokers, bancassurance, and other intermediaries. Insurance agencies refer to the agencies that act as a broker between the holder and the provider. The various insurances offered are life insurance, property and casualty insurance, and health and medical insurance. The different modes involved are online and offline modes. These are used by corporate and individual end-users. The global insurance brokers and agents market is segmented - 1) By Type: Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries 2) By End User: Corporate, Individual 3) By Mode: Online, Offline 4) By Insurance: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance The global insurance brokers & agents market size grew from $415.14 billion in 2022 to $450 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurance brokers & agents market is expected to grow to $597.89 billion in 2027 at a CAGR of 7.4%. Insurance brokers and agents are investing in digital technologies to offer services online and thereby increase sales and boost margins. Digitalization is the process of converting information into digital formats. This includes providing tools and resources to agents and brokers in digital formats through insurance portals, exchange websites, and digital distribution channels. These web-based portals and other digital channels are aimed at improving efficiency in business processing and reducing costs. For instance, according to an insurance digital transformation survey, 39% of agents provide web-based portals to allow customers to request policy changes, check policy information and payments, report claims, obtain insurance ID cards, and get insurance certificates, and, 78% of them are increasingly using social media to acquire new customers on Facebook and 68% on LinkedIn. Some of the major insurance companies offering insurance portals and digital distribution channels are Marsh & McLennan Cos., Inc., Willis Towers Watson P.L.C., and Aon P.L.C. Major companies in the insurance brokers and agents market include Marsh & McLennan, Chubb Limited, Toyota Motor Corp, Arthur J. Gallagher & Co., Bank of China, Hub International, Willis Towers Watson, Brown & Brown, BB&T Insurance Holdings Inc., and Jardine Matheson. Nontraditional companies such as Google, Amazon, and Walmart are entering the insurance intermediary market to capitalize on their brand image, large capital, and customer base. Their primary focus is the distribution of health, property, and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures, and alliances with other established insurance carriers to offer insurance products and services to their customers. For instance, in October 2021, SBI General collaborates with Google Pay, enabling users to buy SBI General’s health insurance on the Google Pay app in a quick and hassle-free way. These collaborations have enabled new entrants to acquire market knowledge and understand the industry dynamics. North America was the largest region in the global insurance brokers & agents market size, accounting for in 2022. Western Europe was the second largest region insurance brokers & agents market. The regions covered in the global insurance brokers & agents market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance brokers and agents market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The insurance brokers and agents’ market consist of sales of insurance products by entities and individuals that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Insurance brokers and agents can be contracted with single or multiple insurance companies as they try to meet different client needs with available insurance products. This market excludes the direct selling of insurance products by insurance companies. The value of the market is based on the fees or commissions paid to brokers by the insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The insurance brokers and agents research report is one of a series of new reports from The Business Research Company that provides insurance brokers and agents with statistics, including insurance brokers and agents industry global market size, regional shares, competitors with insurance brokers and agents share, detailed insurance brokers and agents segments, market trends and opportunities, and any further data you may need to thrive in the insurance brokers and agents industry. This insurance brokers and agents' research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Insurance is a contract under which an individual or entity receives financial protection or reimbursement/compensation for any damages from an insurance company. Reinsurance is when several insurance firms pool their risk by buying insurance from other insurers to reduce their own overall loss in the event of a catastrophe. Insurance brokerage is the business of providing people with independent advice about what insurance is available from various companies and arranging insurance for them. The main types of insurance, reinsurance, and insurance brokerage are insurance; insurance brokers and agents; and reinsurance. Insurance refers to the life, health, or other insurance that is taken for protection in case of emergencies. The various modes involved are online and offline modes that are used by corporate and individual end-users. The global insurance, reinsurance and insurance brokerage market is segmented - 1) By Type: Insurance, Insurance Brokers And Agents, Reinsurance 2) By Mode: Online, Offline 3) By End User: Corporate, Individual Subsegments Covered: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance, Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries, Property & Casualty Reinsurance, Life & Health Reinsurance The global insurance, reinsurance and insurance brokerage market size grew from $6936.15 billion in 2022 to $7548.38 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurance, reinsurance and insurance brokerage market is expected to grow to $10097.08 billion in 2027 at a CAGR of 7.5%. The rapid growth in internet penetration and the increased risks associated with internet use for critical transactions are driving the demand for cyber insurance. Cyber insurance covers internet-based risks and risks related to information technology infrastructure. It also covers property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage. For instance, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, which is increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and the increased risks associated with internet use drive the insurance, reinsurance, and insurance brokerage markets. Major companies in the insurance, reinsurance, and insurance brokerage market include Allianz Group, Ping An Insurance, Axa Group, Anthem Inc., China Life Insurance, Centene, People's Insurance Company of China, Humana, Assicurazioni Generali S.p.A., and Japan Post Group. Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets, driven by the reduced cost of premiums in emerging countries resulting from improved internet penetration in those regions. Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate for future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs compared to traditional insurance providers, decrease inefficiencies, and increase the transparency of businesses. North America was the largest region in the insurance, reinsurance, and insurance brokerage market share in 2022. Asia/Pacific was the second largest region in insurance, reinsurance, and insurance brokerage. The regions covered in the global insurance, reinsurance, and insurance brokerage market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the insurance, reinsurance, and insurance brokerage market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The insurance, reinsurance and insurance brokerage market consists of sales of insurance products by entities that are engaged in providing insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal as well as the fees or commissions paid to brokers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The insurance, reinsurance, and insurance brokerage research report is one of a series of new reports from The Business Research Company that provides insurance, reinsurance, and insurance brokerage statistics, including insurance, reinsurance, and insurance brokerage industry global market size, regional shares, competitors with insurance, reinsurance, and insurance brokerage shares, detailed insurance, reinsurance, and insurance brokerage segments, market trends and opportunities, and any further data you may need to thrive in the insurance, reinsurance, and insurance brokerage industry. This insurance, reinsurance, and insurance brokerage research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Fraud hunters refers to the process of screening and distinguishing authenticated data, such as customer application data, from fraudulent data, which can lead to various types of fraud. Fraud hunters are used to prevent, identify, and stop fraudsters and provide uninterrupted service to the customers through accurate application fraud prevention. The main types of fraud hunters are financial statement fraud, healthcare, insurance, banking fraud, consumer fraud, intellectual property fraud, and other types. Financial statement fraud refers to the intentional manipulation of a company's financial statements, whether by exclusion or exaggeration, to give a false picture of the company's financial situation, performance, or cash flow. The various organization sizes are SMEs and large organizations. These are used in defense, government, banks and financial institutions, and a variety of other settings. The global fraud hunters market is segmented - 1) By Type of Fraud: Financial Statement Fraud, Healthcare, Insurance and Banking Fraud, Consumer Fraud, Intellectual Property Fraud, Other Types of Fraud 2) By Organisation Size: SMEs, Large Organizations 3) By Application: Defense, Government, Banks and Financial Institution, Other Applications The global fraud hunters market size will grow from $6.35 billion in 2022 to $7.41 billion in 2023 at a compound annual growth rate (CAGR) of 16.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the fraud hunters is expected to grow to $13.35 billion in 2027 at a CAGR of 15.8%. The rise in intellectual and financial theft is expected to propel the growth of the fraud hunter market going forward. Intellectual theft refers to the moment of stealing creative expressions, inventions, symbols, or logos in the form of trade secrets, trademarks, copyrights, or patents that belong to a particular person or company. Fraud hunters help web and mobile service owners monitor users’ usage and investigate potential misuses to reduce intellectual and financial theft. For instance, according to the Federal Trade Commission, a US-based independent agency of the United States government, consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70% over 2020. It received fraud reports from more than 2.8 million consumers in 2020, with the category of imposter scams accounting for more than $2.3 billion, followed by $392 million in reported losses from online shopping scams in 2020. Therefore, the rise in intellectual and financial theft is driving the fraud hunting market growth. Major players in the fraud hunters market are Experian Information Solutions Inc., Oracle Corporation, IBM Corporation, FICO, Fiserv Inc., FIS Inc., NCR Corporation, Fraud Hunter, Zoi, Equifax Inc., Riskified, Sift, Signifyd, and Forter. The rising use of artificial intelligence and machine learning is the key trend gaining popularity in the fraud hunting market. Major companies operating in the fraud hunter market are focused on the use of artificial intelligence and machine learning to sustain their position in the fraud hunter market. For instance, July 2021, Microsoft Corporation, a US-based technology corporation launched MLSEC.IO, an educational Machine Learning Security Evasion Competition (MLSEC) to give the AI and security communities a chance to practice actual AI system attacks. The competition, which Microsoft is hosting and sponsoring along with NVIDIA, CUJO AI, VM-Ray, and MRG Effitas, awards competitors who successfully avoid AI-based malware detectors and AI-based phishing detectors. In July 2021, Broadcom, the a US-based manufacturer of a wide range of semiconductor and infrastructure software products, acquired SAS Institute Inc., for a deal amount between $15 billion and $20 billion. With this acquisition, Broadcom would wholly acquire SAS Institute Inc., Also, this acquisition enables Broadcom to strengthen its infrastructure software solution business. SAS Institute Inc., is a US-based company engaged in the development of a SAS platform for fraud detection and prevention solutions. North America was the largest region in the fraud hunt market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this fraud hunters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the fraud hunters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The fraud hunters market consists of revenues earned by entities by providing fraud hunters that are used to detect potentially fraudulent applications. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The fraud hunters market research report is one of a series of new reports from The Business Research Company that provides fraud hunters market statistics, including fraud hunters industry global market size, regional shares, competitors with a fraud hunters market share, detailed fraud hunters market segments, market trends and opportunities, and any further data you may need to thrive in the fraud hunters industry. This fraud hunter's market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from various data sources to effectively manage risks and offer the best possible insurance contracts in fields such as health, life, property, or casualty, among others, which is crucial for generating more leads, improving customer satisfaction, predicting accurate risk for underwriting, and enabling business growth. The insurance analytics are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on. The main components in the insurance analytics market are solutions and services. Solution refers to the process of collecting, analyzing, and extracting relevant insights from various data sources. The applications include claims management, risk management, customer management and personalization, process optimization, and other applications. The various end users include insurance companies, government agencies, third-party administrators, brokers, and consultancies. The global insurance analytics market is segmented - 1) By Component: Solution, Service 2) By Deployment Model: On premises, Cloud 3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs) 4) By Application: Claims Management, Risk Management, Customer Management And Personalization, Process Optimization, Other Applications 5) By End User: Insurance Companies, Government Agencies, Third Party Administrators, Brokers And Consultancies The global insurance analytics market size will grow from $11.66 billion in 2022 to $13.52 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the insurance analytics is expected to grow to $24.46 billion in 2027 at a CAGR of 16.0%. Increased digitalization of the insurance industry is significantly contributing to the growth of the insurance analytics market. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on. These were some of the key reasons for the increase of digitalization in the insurance industry. For instance, according to a survey done by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight in ten (78%) say it has turbo-charged progress on the creation of a seamless digital customer experience. Major players in the insurance analytics market are Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Vertafore Inc., Hexaware Technologies, LexisNexis Risk Solutions, MicroStrategy Inc., International Business Machines Corporation, Tableau Software LLC, and Verisk Analytics Inc. Technological innovation is a key trend in the insurance analytics market. Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems. AI stands for artificial intelligence and it is used in underwriting, claims management, and fraud detection. It is the replication by machines, particularly computer systems, of human intelligence processes. AI helps the insurance analytics market by automating all mundane tasks and solving complex problems. For instance, in February 2021, EXL released its LifePRO 20 Digital Insurance Platform, which is an AI-enabled end-to-end digital transformation solution. LifePRO 20 is an assertive end-to-end digital solution that supports the complete insurance policy administration lifecycle from new business to claim for a comprehensive array of a worksite, individual, and group life, health, and annuity products. LifePRO 20 enables companies to quickly bring new products to fuel growth, market, and manage operations to drive down costs. In November 2021, Verisk, a US-based data analytics, and risk assessment firm, acquired Data-Driven Safety for an undisclosed amount. This acquisition is expected to increase Verisk’s strong auto insurance analytics, giving insurers knowledge to enhance underwriting, enhance customer satisfaction, and advance public safety. Data-driven safety is a US-based public record data aggregation firm. North America was the largest region in the insurance analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the insurance analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The insurance analytics market consists of revenues earned by entities by providing insurance analytics tools such as policy manipulation and fraud detection. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The insurance analytics market research report is one of a series of new reports from The Business Research Company that provides insurance analytics market statistics, including insurance analytics industry global market size, regional shares, competitors with an insurance analytics market share, detailed insurance analytics market segments, market trends and opportunities, and any further data you may need to thrive in the insurance analytics industry. This insurance analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Fraud detection and prevention refers to the strategies accepted to discover and avoid attempts to secure money or property by deception. Fraud detection and prevention services help organizations analyze huge and complex data sets to detect anomalies, reduce false positives, and provide end-to-end advanced fraud management solutions. The main types of fraud detection and prevention are check fraud, identity fraud, internet/online fraud, investment fraud, payment fraud, insurance fraud, and other fraud types including mortgage fraud, insider fraud, and mobile fraud. Check fraud refers to automated check image analysis utilizing powerful software to detect small corrections that may not be visible to the human eye alone. These tools look at fixed information on the check such as payer’s details, signature line placement, font, check size, and serial number. The deployment modes used in fraud detection and prevention are on-premise and cloud and the various solutions provided include fraud analytics, authentication, reporting, and visualization. Fraud detection and prevention are used in insurance claims, money laundering, and electronic payment in small and medium enterprises (SMEs), and large enterprises. The global fraud detection and prevention market is segmented - 1) By Fraud Type: Check Fraud, Identity Fraud, Internet /Online Fraud, Investment Fraud, Payment Frauds, Insurance Fraud, Other Fraud Types 2) By Deployment Mode: Cloud, On-premises 3) By Solution: Fraud Analytics, Authentication, Reporting, Visualisation, Other Solutions 4) By Application: Insurance claims, Money laundering, Electronic Payment 5) By End User: Small and Medium Enterprises (SMEs), Large Enterprises The global fraud detection and prevention market size will grow from $33.58 billion in 2022 to $41.91 billion in 2023, at a compound annual growth rate (CAGR) of 24.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global fraud detection and prevention is expected to grow to $102.45 billion in 2027 at a CAGR of 25.0%. An increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market. The International Criminal Police Organization's judgement of the impact of COVID-19 on cybercrime has demonstrated an important target shift from individuals and small businesses to major corporations. For instance, in 2020, according to Interpol, in the pandemic, with businesses and firms immediately installing remote systems and networks to help staff work from home, criminals are taking advantage of enlarged security vulnerabilities to steal data, generate profits, and cause disruption. Within 4 months, from January to April, INTERPOL detected around 48,000 malicious URLs, 737 incidents related to the malware, and 907,000 spam messages. Therefore, the increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market. Major players in the fraud detection and prevention market are IBM Corporation, FICO, Oracle Corporation, SAS Institute, BAE Systems, DXC Technology, SAP SE, ACI Worldwide, Fiserv, Inc., ThreatMetrix Company, NICE System Ltd., F5 Networks Inc., Equifax Inc., Cybersource Corporation, and Global Payments Inc. Technological advancement is a key trend gaining popularity in the fraud detection and prevention market. Technological advancement is the discovery of knowledge that advances the understanding of technology. For instance, in October 2022, DG Financial Technology Inc. (DGFT), a Japan-based service provider company, partnered with Scudetto Corporation, a Japan-based company specializing in online fraud prevention, and launched Sift Digital Trust & Safety Suite (Sift), an artificial intelligence (AI)-built fraud detection solution. Sift is a fraud detection and prevention solution that uses artificial intelligence to detect fraud and abuse in the e-commerce space and online, including credit card fraud and account takeover, to reduce the damage from chargebacks and other fraudulent activities by streamlining fraud prevention operations and increasing revenue. In September 2021, TransUnion, a US-based financial information platform has acquired Neustar for an undisclosed amount. The acquisition is expected to advance TransUnion’s strategy to expand from its credit solutions with supportive digital marketing and fraud mitigation capabilities. Neustar, Inc., is an American technology company that offers real-time information and analytics for the Internet, risk, and digital performance. North America was the largest region in the fraud detection and prevention market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fraud detection and prevention market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the fraud detection and prevention market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The fraud detection and prevention market consists of revenues earned by entities that provide protection against fraudulent activities that can involve a broad range of cases such as money laundering, cybersecurity threats, tax evasion, and fraudulent insurance claims. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The fraud detection and prevention market research report is one of a series of new reports from The Business Research Company that provides fraud detection and prevention market statistics, including fraud detection and prevention industry global market size, regional shares, competitors with a fraud detection and prevention market share, detailed fraud detection and prevention market segments, market trends and opportunities, and any further data you may need to thrive in the fraud detection and prevention industry. This fraud detection and prevention market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Insurance is a contract under which an individual or entity receives financial protection or reimbursement/compensation for any damages from an insurance company. The main types of insurance are life insurance, property and casualty insurance, and health and medical insurance. Life insurance is a type of insurance that covers a person's lifetime critical benefits package. The various modes are online and offline. The services are used by corporate and individual end-users. The global insurance market is segmented - 1) By Type: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance 2) By End User: Corporate, Individual 3) By Mode: Online, Offline Subsegments Covered: Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance, Automobile Insurance Carriers, Malpractice/Indemnity Insurance Carriers, Fidelity Insurance Carriers, Mortgage Guaranty Insurance Carriers, Homeowners Insurance Carriers, Surety Insurance Carriers, Liability Insurance Carriers, Hospitalization Insurance, Hospital Daily Cash Benefit Insurance, Critical Illness Insurance, Domiciliary Insurance, Other Health & Medical Insurance The global insurance market size grew from $5946.74 billion in 2022 to $6466.23 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurance market is expected to grow to $8603.8 billion in 2027 at a CAGR of 7.4%. The rapid growth in internet penetration and the increased risks associated with internet use for critical transactions are driving the demand for cyber insurance. Cyber insurance covers internet-based risks and risks related to information technology infrastructure. It also covers property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage. For instance, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, which is increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and the increased risks associated with internet use drive the insurance market. Major companies in the insurance market include Allianz Group, Ping An Insurance, Axa Group, Anthem Inc., China Life Insurance, Centene, People's Insurance Company of China, Humana, Assicurazioni Generali S.p.A., and Japan Post Group. Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets, driven by the reduced cost of premiums in emerging countries resulting from improved internet penetration in those regions. Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate for future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs compared to traditional insurance providers, decrease inefficiencies, and increase the transparency of businesses. North America was the largest region in the insurance market share in 2022. Asia-Pacific was the second largest region in the insurance market. The regions covered in the global insurance market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the insurance market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The insurance market consists of sales of insurance products by entities that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. Insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier). The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The insurance research report is one of a series of new reports from The Business Research Company that provides insurance statistics, including insurance industry global market size, regional shares, competitors with insurance shares, detailed insurance segments, market trends and opportunities, and any further data you may need to thrive in the insurance industry. This insurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.