According to a recent market study published by Growth Market Reports (GMR), titled, "Global Insurance Fraud Investigation Outsourcing Market by types, applications, and by regions: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 525 Million in 2019 and is expected to grow at a healthy growth rate of 19.6% by the year 2027. The global insurance fraud investigation outsourcing market is anticipated to grow significantly during forecast period. The demand for insurance fraud investigation in increasing significantly owing to increasing adoption of advanced analytics techniques, stringent regulatory compliances, greater expertise offered by an outsourcing company, and reduction in risk and cost for insurance companies.

Global insurance fraud investigation outsourcing market has been fragmented based on types, applications, and region. In terms of types, the insurance fraud investigation outsourcing market is categorized as healthcare fraud investigation, auto insurance fraud investigation, property insurance fraud investigation, workers compensation fraud investigation, and others. Depending on applications, market is segmented as large insurance companies, medium and small insurance companies, and third-party administrators (TPA’s). By regions global insurance fraud investigation outsourcing market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

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The effect of COVID-19 pandemic situation has had a serious impact on the society and overall economy of the world. The impact of COVID-19 is growing by the day and affecting the supply chain of the industries. The coronavirus pandemic is increasing uncertainty among consumers buying behavior, thus slowing the supply chain, increasing panic among customers, and reducing business confidence. The outbreak of COVID-19 has created opportunities for the fraudsters in the market owing to digital transformation of insurance companies.

Insurers and insurees are now using smartphone and other devices to make claims, upload documents, get reminders and updates, and use mobile apps for payments for their insurance policies. Additionally, increasing insurance frauds is projected to boost the insurance fraud investigation outsourcing market. Moreover, reducing and detecting insurance fraud is the main priority for insurers and it is not a victimless crime. This indicates serious penalties for those found guilty of fraud, which can comprise custodial sentences. In this challenging environment, most companies in various sectors are taking concrete steps. Some measures taken by the government are strict, these measures are ultimately boosting the demand for insurance fraud investigation outsourcing market.

As per Growth Market Reports industry analyst Vidya Jadhav “The COVID-19 pandemic has changed insurance purchasing behavior forever. The insurance fraud investigation outsourcing market is expected to witness increase in demand for these outsourcing services. The COVID-19 pandemic has augmented the shift of insurance companies to a digital world. During the pandemic, purchasing pattern of insurance has changed and also insurance fraud has increased due to economic downturn observed across major economies. In the post lockdown situation, an increase in the online insurance purchase pattern is expected to increase the fraudulent activities, which in turn is expected to propel the global insurance fraud investigation outsourcing market.”

Key Takeaways from the Study

  • The market in North America is expected to grow owing to the trends such as cloud adoption, growing internal & external threats, bring your own device (BYOD), and Internet of Things (IoT).
  • The market in Asia Pacific is expected to grow considerably during the forecast period owing to the increasing awareness regarding rising instances identity thefts, payment frauds, and claims fraud.
  • Europe held a considerable share of the market owing to the rising insurance fraud and strong trend of fraud investigation in the region.

Report Scope

Report Metric

Details

Market Value in 2019

USD 525 Million

Market Growth Rate (from 2020 to 2027)

19.6%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

Types, Applications, And Regions.

Region Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

Key Companies Profiled

Brumell Group / Brumell Investigations Inc., Corporate Investigative Services, CoventBridge, crigroup.com., Delta Investigative Services, ICORP Investigations, Integrated Security Services, John Cutter Investigations (JCI), Kelmar Global, PJS Investigations, RGI Solutions, SECURaGLOBE Solutions, Inc., RobertsonandCo, Suzzess, and Verity Consulting Limited.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: Medium and Small Insurance Companies, Large insurance companies, and Third-party Administrators (TPA’s).
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: Association of Investigators & Security Professionals (AISP), Insurance Fraud Bureau (IFB), National Assoc. Professional Background Screeners (NAPBS), and National Assoc. of Legal Investigators (NALI).