Information Communication and Technology Reports Insurance Fraud Detection Market Report | Page 2

to manage them along with their core business operations. As a result, these companies are rapidly outsourcing
their Insurance Fraud Detection services to specialized service providers known as MSSPs.
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APAC to grow at the highest CAGR in the market during the forecast period
The primary forces driving the APAC market growth are the rising technology adoption in the insurance sector, and
the increase in the number of startups in APAC countries, especially India. In recent years, the APAC region has
witnessed tremendous economic growth, political transformations, and social changes. The region has a large
number of established small and medium-sized enterprises (SMEs) in the insurance sector, which are growing at an
exponential rate to cater to their broad customer base. The insurance sector in this region is gaining demand due
to the value of proposition seen by the customers in this sector, and they are beginning to purchase various
insurance policies. Moreover, the ease of transactions due to the advent of digital transactions, low premiums, and
high term amounts are luring customers to invest in this sector.
The rise of digital channels has paved way to a number of challenges and opened a new gate for fraudsters who
wanted to steal the potential information from the customers as well as organizations. However, due to the
increasing sophistication levels of threats, China, India, and Japan have all updated or introduced new national
cybersecurity policies. Although, initially the APAC region was outsourcing its network infrastructure security, as it
was not in a position to handle complex and multiple cyber threats, the scenario is changing gradually due to the
emergence of a wide range of security players, high penetration of cloud-based services, and increasing cloud
security offerings by vendors in the region. These vendors are offering enhanced insurance fraud detection
solutions, which will enable the insurance organizations to seamlessly deliver their services and products to their
customers without worrying about the security.
Various growth strategies have been adopted by the major players to increase their market presence, such as
mergers & acquisitions, partnerships & collaborations, business expansions, and product developments. Some of
the major technology vendors in the Insurance Fraud Detection Market are FICO (US), IBM (US), BAE Systems (UK),
SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv
(US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India),
and Perceptiviti (India).
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