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Global Insurance Fraud Detection Market estimated to grow at a CAGR of 21.66% to reach USD 12 billion by 2026. The advent of big data analytics and cloud computing services and the rapid growth of mobile banking are key factors driving demand for fraud detection and prevention.<br><br>
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Global Insurance Fraud Detection Market estimated to grow at a CAGR of 21.66% to reach USD 12 billion by 2026. The advent of big data analytics and cloud computing services and the rapid growth of mobile banking are key factors driving demand for fraud detection and prevention. The cloud architecture helps companies to fulfill information protection compliance requirements for encryption, task isolation, and secure data access control. The development of new technology has produced sophisticated fraud techniques that help to detect fraud by using smarter approaches. Global concerns about the ever-increasing cases of insurance fraud, coupled with sophisticated organized crime, have signaled the need for all insurance companies to act consistently. Companies are expected to adopt these solutions in the near future to curb fraudulent claims coupled with the various strict regulations laid down by the Government. Such technologies are supposed to allow a company to detect higher speed and accuracy of fraudulent activities, thus improving consumer experience by making quick payouts.
Growth Drivers Increasing adoption of advanced analytics contributes to the market growth The introduction of big data analytics and cloud computing services and the rapid growth of mobile banking are key factors driving the growth of the market for fraud detection & prevention. Various organizations are adopting these services to enhance its operational efficiency and customer experience. The cloud infrastructure allows organizations to meet cloud security compliance requirements for encryption, task separation, and protected data access control. Moreover, an increase in enterprise data generation and its complexity, high industry-specific requirements, and an increase in fraud incidence further supplement the growth of the market for fraud detection & prevention. Advanced solutions such as the application of automated business rules, self-learning models, text mining, predictive analysis, image screening, network analysis, and device identification are expected to provide actionable insights to improve claims processes. Read More:https://www.blueweaveconsulting.com/insurance-fraud-detection-market-bwc20026/report-sample
