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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

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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.

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Key Buying Criteria For Mitigation Software

Source: OBRC Analysis

OCCAMS BUSINESS RESEARCH & CONSULTING PVT. LTD.

7

5

6

65

7

8

9

8

9

89

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9

0

2

4

6

8

10Return on Investment

Varied Usage

Fraud Reduction

SustainabilityAnalytical Capability

Ease of Access

Price

2013

2020

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Global Trend in this market

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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

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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

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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

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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:

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1C-603, Versova Trishul CHS Ltd. Andheri West Mumbai 400 061, India

Phone:  (+91) 98 505 53315

Email: info@occamsresearch.com

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