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RELX plc (RELX) is a global provider of information-based analytics and decision tools for professional and business sectors. This news hub offers investors and professionals timely updates on strategic developments across its scientific, legal, and risk management divisions.
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Key updates cover acquisition activity, product launches, and leadership changes impacting the company's global operations. Monitor evolving trends in information services through verified reports on RELX's expansion in digital solutions and risk assessment technologies.
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LexisNexis Risk Solutions, a subsidiary of RELX, received the Judge's Choice award for the Best Identity Verification/Authentication Solution at the 2021 CNP Awards. This award recognizes companies that effectively authenticate cardholders in digital environments. With a focus on enhancing consumer trust, LexisNexis employs advanced identity verification technologies that include biometric assessments and digital risk evaluations. The win marks their second consecutive year of recognition in this category, highlighting their leadership in combating digital fraud.
LexisNexis Risk Solutions has released its Q1 2021 Insurance Demand Meter, indicating a year-over-year new business growth rate exceeding 7%. Despite challenges from Winter Storm Uri and delayed tax returns in February, March showed a promising recovery with a 27.8% increase in shopping volume. The overall growth for Q1 remained strong, marking a significant rebound from pandemic-related declines. The report underscores the importance of insurers adapting to the resurgence in shopping behavior as the economy reopens.
LexisNexis Risk Solutions has initiated a collaboration with Carrot Health to enhance population health management through the integration of social determinants of health (SDOH) data. This partnership allows Carrot Health to utilize clinically-validated SDOH attributes from LexisNexis within its analytics platform, targeting improved member engagement and health outcomes. The upgraded system aims to reduce healthcare costs and prevent hospital readmissions by offering insights derived from extensive consumer and healthcare data. Both companies emphasize their commitment to addressing health inequities through data-driven strategies.
LexisNexis Risk Solutions has launched the Attract for Commercial Insurance platform, enhancing insurance risk evaluation for small and micro businesses. This model incorporates business credit data from the Small Business Financial Exchange (SBFE), achieving an average 82% scorable rate on businesses. By integrating unique financial insights, insurers can better assess loss propensity and provide accurate policy pricing. The platform aims to address the impact of COVID-19 on small businesses and improve underwriting practices for commercial insurers.
LexisNexis Risk Solutions released its 2021 U.S. Auto Insurance Trends Report, analyzing 2020 data to highlight shifts in consumer behavior and market practices due to the COVID-19 pandemic. Key findings include a 5.3% increase in shopping volumes year-over-year, a 12.6% drop in new business policies in April 2020, and a 10% rise in dangerous driving behaviors. Collision claim severity saw a 3.7% increase despite a reduction in claim volume. The report offers insights for auto insurance carriers to navigate future market disruptions.
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.
