Relx Plc - RELX STOCK NEWS

LexisNexis Risk Solutions announced its Financial Crime Digital Intelligence solution has been awarded the Anti-Money Laundering Product of the Year at the 2022 Risk Technology Awards. This solution addresses digital evasion of sanctions, utilizing the Digital Identity Network to detect potential evasions in real-time. The award highlights its comprehensive capabilities amidst regulatory scrutiny following increased VPN usage in Russia, with a reported 250% rise in high-risk transactions.

The latest LexisNexis Risk Solutions Insurance Demand Meter indicates a 2.0% decline in U.S. auto insurance shopping growth for Q2 2022, continuing a downward trend for the fourth consecutive quarter. New policy growth decreased by 7.1% year-over-year, impacted by rising claims costs and a reduction in marketing expenditure. Inflationary pressures and vehicle shortages are further deterring potential shoppers. However, middle-aged consumers are increasingly engaging in shopping, which presents opportunities for insurers targeting this demographic.

The 13th annual True Cost of Fraud Study by LexisNexis Risk Solutions highlights significant increases in fraud costs for U.S. and Canadian merchants. U.S. retailers now incur an average cost of $3.75 per $1 lost to fraud, a 19.8% rise since 2019. For Canadian merchants, the cost is $3.19, an 11.1% increase. The study reveals that fraud linked to mobile commerce is rising, with U.S. attacks increasing 52% and Canadian attacks by 101%. Moreover, integrating fraud prevention with customer experience can reduce the cost of fraud, benefiting merchants.

U.S. consumers are increasingly interested in connected services offered by automakers, revealing significant opportunities for enhanced engagement and customer experience, according to a LexisNexis Risk Solutions study. Key findings include that 66% of car buyers were unaware of connected services prior to purchase, and 57% were not offered a free trial. When offered, 81% enrolled, with 45% converting to paid subscriptions. The study emphasizes the need for automakers to educate customers about benefits and improve outreach, particularly to used car buyers, to maximize the potential of connected technologies.

LexisNexis Risk Solutions has released a special edition of its Sanctions Pulse infographic, revealing a significant increase in sanctions activity due to the Russia-Ukraine conflict. From February 21 to March 31, 2022, there were 40 updates to sanctions lists involving a net increase of 2,384 sanctions related to Russia alone. This unprecedented regulatory response poses compliance challenges for businesses globally, necessitating greater scrutiny to adhere to evolving sanctions. Compliance professionals are facing compounded pressures, affecting trade and supply chains worldwide.

Cirium has developed a precise methodology for calculating CO₂ emissions and fuel burn for flights. This innovation has been recognized by major airlines such as American Airlines and Virgin Atlantic, who praised Cirium's accuracy. Notably, Zurich Insurance has partnered with Cirium to analyze corporate travel emissions, aiding their sustainability goals. Cirium aims to be the standard in aviation emissions reporting, providing data that allows clients to better understand and manage their carbon footprint. The comprehensive methodology incorporates various data points, including aircraft specifications and operational data.

LexisNexis Risk Solutions, a part of RELX, has acquired Flyreel, a Denver-based property insurtech specializing in AI-driven self-service property inspections. This acquisition aims to enhance underwriting and claims processes by integrating Flyreel's technology with LexisNexis's extensive data analytics capabilities. By using the Flyreel app, consumers can conduct comprehensive property scans, improving risk assessment and customer satisfaction while reducing costs for insurers. The acquisition promises to deliver a transformative platform for property risk assessment.

The LexisNexis Risk Solutions Insurance Demand Meter indicates a 4.8% decline in U.S. auto insurance shopping growth in Q1 2022, marking the third consecutive quarterly drop. This drop is attributed to higher claims costs and a 16% decrease in new car sales. New policy growth fell 11%, as insurers reduced marketing budgets amidst economic pressures. However, industry experts suggest that rate increases could prompt a resurgence in consumer shopping in the coming months. The report highlights the ongoing struggles due to pandemic-related challenges, including inventory shortages and inflation.