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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.
ComplySci, a regulatory technology provider, has initiated its M&A growth strategy by acquiring National Regulatory Services (NRS), enhancing its compliance offerings for financial services. This strategic acquisition combines ComplySci's technology with NRS's expertise, growing their market presence. The transaction follows a $120 million investment from K1 Investment Management. NRS will operate as 'NRS, a ComplySci Company,' under President John Gebauer, aiming to deliver an integrated compliance solution. This move is expected to position ComplySci for significant growth and increased industry recognition.
RELX reports a 6% underlying revenue growth in the first nine months of 2021. The company anticipates full year growth rates to exceed historical trends based on improved performance across divisions. Key highlights include a 10% increase in Risk segment revenue, driven by fraud prevention demand and new insurance sales. Scientific and Technical divisions grew 4%, while Legal saw a 3% growth. Exhibitions segment revenue increased by 9%, aided by venue reopenings. Market capitalization stands around £43bn.
On October 12, 2021, LexisNexis Risk Solutions announced it received four prestigious awards recognizing its leadership in fraud prevention, identity authentication, and cybersecurity. The accolades include:
- CyberSecurity Breakthrough Awards - Overall Cybersecurity Company of the Year
- Global Banking & Finance Awards - Decade of Excellence Anti-Fraud/Security Solution
- Juniper Research Future Digital Awards - Gold Winner for AI in Fraud Prevention Innovation
- Pan Finance Awards - Best Financial Services Cybersecurity Solutions
These recognitions highlight the company's commitment to adapting to evolving digital fraud challenges.
LexisNexis Risk Solutions has released its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada, revealing that compliance costs have surged to approximately $49.9 billion in 2021, a 19% increase from 2020. Large U.S. financial institutions face an average compliance cost of $27.8 million, up 36% from the previous year, while Canadian firms see an average of $22.9 million. The study highlights ongoing challenges due to the pandemic, including longer onboarding times and rising operational costs as institutions adapt to evolving criminal threats.
A recent study by Aite-Novarica Group and presented by LexisNexis Risk Solutions highlights a significant rise in digital activity among insurance carriers due to the pandemic, with 77% in underwriting and 76% in claims. However, 67% of carriers report an increase in identity fraud linked to this digital surge. The report recommends that insurance companies adopt a multi-layered fraud mitigation strategy to enhance customer protection and improve the overall experience for genuine consumers.
Kia America has partnered with LexisNexis Risk Solutions to provide vehicle build data aimed at helping U.S. customers with advanced driver assistance systems (ADAS) use this data for auto insurance purposes. The LexisNexis Vehicle Build will assist insurers in evaluating ADAS features, potentially leading to lower premiums for Kia owners and reducing overall vehicle ownership costs. ADAS-equipped vehicles have shown promising statistics, including a 27% reduction in bodily injury claim frequency, according to LexisNexis analysis.
LexisNexis Risk Solutions and Ford Motor Company announced a strategic agreement to provide U.S. auto insurers access to Ford connected vehicle data. This initiative aims to enhance usage-based insurance (UBI) programs for Ford and Lincoln drivers of eligible 2020 models, potentially lowering their insurance costs through personalized offerings. The partnership allows insurers to better segment risk using driving behavior insights gleaned from the LexisNexis Telematics Exchange, benefiting consumers seeking cost savings in vehicle ownership.
LexisNexis Risk Solutions has announced the promotion of Jeff Diamond to President and General Manager of its Health Care business. With over 12 years at the company, Diamond previously served as Senior Vice President of Commercial Operations. His extensive experience covers sales, marketing, product management, and analytics. CEO Josh Schoeller praised Diamond's leadership as pivotal to the company's success. Diamond expressed enthusiasm for leading the healthcare vertical and enhancing the company's offerings to better serve customers using advanced healthcare data and analytics.
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