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RELX PLC (LSE: REL, NYSE: RELX) is a British multinational information and analytics company headquartered in London, England. As a global provider of information-based analytics and decision tools, RELX caters to professional and business customers across various industries. The company's core operations span scientific, technical, and medical information and analytics, legal information and analytics, decision-making tools, and the organization of exhibitions.
One of RELX's key business segments includes LexisNexis Risk Solutions, which recently announced the availability of LexisNexis® Flyreel® for the commercial insurance market. This advanced property survey solution utilizes AI-driven insights to help carriers assess property risk efficiently. The solution has already gained momentum in the home insurance market and is now expanding into commercial property insurance, helping carriers streamline underwriting programs through AI-enabled automation.
RELX has a significant presence in North America, generating around 60% of its revenue from the region. Europe contributes approximately 20% to the company's revenue. The company's impact extends to organizing large-scale digital and face-to-face events such as industry trade shows, exemplified by recent events like WEPACK 2024, a major packaging industry exhibition held in Shenzhen, China.
RELX continues to innovate in various fields, as highlighted by LexisNexis Risk Solutions' ranking as a leader in Product Vitals in Javelin Strategy & Research's 2024 Authentication and Identity-Proofing Vendor Solutions Scorecard report. Additionally, RELX's commitment to the packaging industry is evident through its organization of events like WEPACK, which showcases global packaging industry innovations.
Financially, RELX maintains a robust balance sheet, supported by its diverse and stable revenue streams. The company's ongoing projects and strategic partnerships are aimed at driving growth and maintaining its leadership position in information and analytics.
For more information, visit the RELX website.
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.
The LexisNexis Risk Solutions Corporate Digital Payments Study, conducted with Capgemini Invent, reveals key insights into the corporate account-to-account (A2A) payment market. Covering regions such as North America, Europe, and Asia-Pacific, the study found that corporate non-cash payments reached approximately 133 billion transactions in 2021 and are projected to near 200 billion by 2025. A2A solutions dominate payment processing, accounting for over 50% of accounts payables and receivables. Digital transformation is now a priority for nearly 60% of corporations as they adapt to new payment technologies.
Cirium and 3Victors have announced a strategic partnership aimed at enhancing travel demand forecasting in the post-pandemic era. This collaboration allows airports and Destination Marketing Organizations (DMOs) to utilize Diio by Cirium’s flight schedules and traffic data alongside 3Victors’ DemandView search data. This comprehensive solution will accurately analyze passenger trends and identify opportunities in an evolving travel landscape, crucial for optimizing marketing strategies and service retention.
The True Cost of Fraud Study for Real Estate by LexisNexis Risk Solutions reveals significant increases in mortgage-related fraud over the past three years, particularly linked to online and mobile transactions. The study surveyed 360 risk executives and found consumer fraud constitutes two-thirds of lender losses. Key findings indicate that depository originators incur $5.34 in costs for every $1 of fraud, while non-depository firms face $4.66. Identity verification challenges are prevalent, and a multi-layered fraud prevention strategy integrating technology is recommended to mitigate risks.
LexisNexis Risk Solutions announced the approval of its Rooftop analytics tool for home insurance carriers in multiple states, including Alabama, Georgia, Louisiana, and South Dakota. This model aims to accurately price roof risk by assessing aerial imagery and historical claims data. The average home insurance loss ratio has now surpassed 89%, with the approved states accounting for nearly 19.2% of national hail losses. The Rooftop model boasts a potential 20x lift in loss cost relativity, assisting insurers in better managing their expense ratios and enhancing risk assessment.
LexisNexis Risk Solutions, part of RELX, has acquired BehavioSec, a leader in behavioral biometrics. This acquisition aims to bolster their digital identity and fraud prevention offerings, integrating BehavioSec’s sophisticated behavioral authentication capabilities into the ThreatMetrix platform. With a global presence, BehavioSec's technology enhances continuous user authentication while ensuring a seamless consumer experience. This strategic move is expected to benefit both large enterprises and SMEs, reinforcing RELX’s market position in identity and fraud management.
LexisNexis Risk Solutions released its 2022 U.S. Auto Insurance Trends Report, analyzing 2021 data to highlight ongoing challenges in the auto insurance industry. Key findings indicate continued volatility in auto insurance shopping and policy growth due to pandemic-related factors. Notable shifts in driving behavior have led to increased claims severity, despite a rebound in miles driven. The report emphasizes the need for insurers to leverage data and analytics for better risk assessment and customer experience as regulatory changes put pressure on traditional insurance practices.
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