RELX PLC - RELX STOCK NEWS

LexisNexis Risk Solutions released its 2021 Future of Claims Report on May 3, 2021, highlighting the surge in claims automation due to COVID-19. The study indicates that claims processing accelerated from under 15% virtual pre-pandemic to about 60% now. With 92% virtual claims satisfaction, challenges remain, particularly in cybersecurity, as 61% of consumers express data privacy concerns. The report emphasizes the necessity for insurers to adapt to consumer expectations for a hybrid model of claims processing.

The Health Care division of LexisNexis Risk Solutions is collaborating with Lehigh Valley Health Network to enhance strategic planning and physician outreach via LexisNexis MarketView, a data-driven market intelligence tool. This partnership will enable Lehigh Valley to utilize over 2.2 billion medical claims data for informed decision-making, improving areas such as physician outreach and facility utilization. Key benefits include better growth strategies and insights into patient care trends, essential in today's evolving healthcare landscape.

LexisNexis Risk Solutions announced the launch of its new Drive Metrics scoring model, designed for the auto insurance industry. This telematics-based model improves risk segmentation and pricing by leveraging analytics from over 29 billion driving miles and extensive claims data. It can provide a 79% lift above standard rating factors and offers significant differentiation in claim frequency assessment. The model addresses the increasing consumer demand for personalized insurance pricing based on actual driving behavior and aims to enhance profitability for insurers.

LexisNexis Risk Solutions announced the launch of VINsights, a new solution aimed at enhancing total loss claims management by reducing settlement times. It provides near real-time data on vehicle ownership, lienholder information, and tax details. The platform automates data aggregation, minimizes administrative errors, and improves claims accuracy. As total loss frequency rises, quick processing is vital for insurers, with over 6% of insureds switching carriers post-loss in 2020. Customers demand faster resolutions, making innovations like VINsights essential for maintaining satisfaction and retention.

LexisNexis Risk Solutions released its Cybercrime Report for July to December 2020, revealing a shift in fraud tactics. While human-initiated attacks dropped by 184 million, bot attacks increased by 100 million. The report highlights that individuals under 25 are most susceptible to fraud, while the 75 and older group incurs the highest financial loss. Transactions processed through the Digital Identity Network rose to 47.1 billion in 2020, with a marked increase in e-commerce and financial services. The report emphasizes the need for businesses to enhance protection against evolving cyber threats.

On February 23, 2021, LexisNexis Risk Solutions released the latest Insurance Demand Meter, revealing a Q4 increase in U.S. auto insurance shopping activity and a strong finish for 2020, with an annual shop rate of 41%. Despite overall growth, new business volume rose only 3.9%, with a year-over-year growth of just 0.6%. The report noted a gap between insured and uninsured shoppers, with insured shoppers increasing by 15.1% while uninsured shoppers declined by 7.6%. The exclusive agent channel saw a 16% growth, indicating a shift in consumer behavior.

LexisNexis Risk Solutions and Accuity, both part of RELX, are merging operations to enhance financial crime compliance solutions globally. The merger aims to combine their strengths in risk management and payments, addressing the growing demand for comprehensive compliance, anti-money laundering, and KYC solutions. This strategic integration will create a major player in the compliance risk solutions market, leveraging high-value data and analytics. The combined offerings will bolster efforts against fraud across government benefit programs, with business to continue as usual during integration.