global fraud detection and mitigation market forecast 2015-2021
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Global Fraud Detection and Mitigation Market in Non-Life
Insurance
Occams Business Research & Consulting Pvt. Ltd.
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Table of contents
•Market Overview•Strategic Recommendations•Key Company Analysis•Trends in Non-life Insurance Market in Emerging Economies•Fraud detection Tools •Challenges of Fraud Detection and Mitigation Market•Growth Rate in Fraud Detection and Mitigation Market•Global Revenue in Market•Predictive Development Model
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
Fraud detection technology consists of software used to track fraudulent activities and is of special significance in the financial sector.
Non-life insurance is a major area where fraudulent activities are on rise as it is considered as the second most expensive white -collar crime after tax evasion in the US. Fraud detection software use several types of analytics namely predictive analytics, data visualization, social and sentiment analysis tools.
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Market Overview
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
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Strategic Recommendations
Fraud mitigation software has advantages over manual fraud detection methods which are slow and limited by the manpower that can be deployed.
This software reduces the time taken and is cost effective in the long run such that companies can leverage benefits from these over a period of time.
The software helps in better decision-making by insurers and time taken to settle a claim is reduced substantially.
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
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Key Buying Criteria For Mitigation Software
Source: OBRC Analysis
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
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65
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89
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10Return on Investment
Varied Usage
Fraud Reduction
SustainabilityAnalytical Capability
Ease of Access
Price
2013
2020
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Global Trend in this market
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
General insurance is an emerging field in the global market and its market penetration is lower, especially in emerging markets.
However, it is expected to increase in the coming decade because of changing government policies.
There are new players coming into the market.
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Descriptive Predictive Optimization
Fraud Detection Tools
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
Source: OBRC Analysis
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Fraud Detection and Mitigation Market in Non-Life Insurance - Challenges
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
The solutions and tools acceptability by clients drive this industry. Factors which affect market acceptance of these products and services include:•Changes in business analytics industry•Changes in technology•Inability to obtain or use key data•Saturation or contraction of market demand•Loss of key customers•Industry consolidation•Inability to successfully sell products in new vertical markets
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Growth Rate in Developing Markets
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
Source: OBRC Analysis
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Global Revenues In The Market
Source: OBRC Analysis
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Marketing Records Underwriting Records Claims Record
Data Cleaning & Organising
Predictive Model
Data Mining
External Data
Predictive Development Model
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
Source: OBRC Analysis
Discussion of Regulations Worldwide
Country Wise Analysis Of Various Geographies
Overcoming Security Issues
Growth Opportunities in Developing Countries
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And Much More……..
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
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•Fraud mitigation software should be a primary tool in any investigation.
•To outperform in sluggish growth or in consolidated market.
•To sustain high growth, ensure profitability and to continually increase their penetration.
•Impact on society of increase in premium rates to the consumer
STRATEGIC RECOMMENDATIONS
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
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Growth in Emerging market - Sample Tables
Growth in the non-life insurance sector in emerging markets
Source: OBRC Analysis
Year Growth Rate of Non-life Insurance GDP Growth Rate
2011
2012
2013
2014
2015
OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
Upcoming Reports Contact:
Occams Business Research & Consulting
1C-603, Versova Trishul CHS Ltd. Andheri West Mumbai 400 061, India
Phone: (+91) 98 505 53315
Email: [email protected]
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OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.
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