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LexisNexis® Risk Solutions released its Q3 Insurance Demand Meter, indicating that U.S. auto insurance shopping volumes increased overall, despite a slowdown in August. The report attributes this dip to the expiration of CARES Act benefits and extreme weather events, including hurricanes and wildfires. Insured shopping grew by nearly 10%, while uninsured shopping decreased by 10% from mid-August through September. New business growth reached 5.7%, nearly doubling previous rates. The report suggests future market recovery tied to economic improvements and reduced unemployment.

LexisNexis Risk Solutions launched LexisNexis Emailage, a fraud risk scoring solution leveraging email intelligence to enhance fraud detection and user experience in digital transactions. This tool enables businesses to assess risks effectively, approve transactions swiftly, and counter evolving fraud tactics. Following the February 2020 acquisition of Emailage, it integrates patented analytics to bolster risk management. The solution employs a global network to offer comprehensive insights, aiding in online transaction fraud prevention and increasing legitimate customer approvals.

LexisNexis Risk Solutions launched Fraud Intelligence, a non-FCRA solution designed to combat new account fraud by integrating identity events and consumer application activities to generate a comprehensive fraud risk score. It addresses the surge in application fraud reported in 2020, enhancing detection rates by 30% for high-risk applications compared to legacy systems. The product is available in three specialized forms for banks, retail, and telecommunications sectors. This initiative follows the acquisition of ID Analytics in February 2020, aiming to improve fraud detection and elevate customer experience.

LexisNexis Risk Solutions and Yonomi have partnered to create a home insurance IoT solution, featuring a smartphone app for insurers to collect data from connected home devices. This proof of concept aims to streamline data collection and enhance policy pricing. Research indicates 78% of connected device owners are open to sharing data with insurers. The collaboration aims to simplify the insurance process, offering potential cost savings for consumers while increasing the value for insurers.

On Oct. 22, 2020, LexisNexis Risk Solutions and Arturo announced a strategic partnership to enhance property insurance underwriting in the U.S. This collaboration merges LexisNexis's extensive claims and weather data with Arturo's AI-driven aerial imagery analytics. This innovative approach aims to provide insurers with a comprehensive understanding of roof conditions, enabling better policy decisions. The partnership addresses rising roof-related claims while improving efficiency and accuracy in property assessments.

LexisNexis Risk Solutions released its 2020 True Cost of Financial Crime Compliance Study, revealing a sharp rise in compliance costs, projected at $42 billion across U.S. and Canadian financial institutions, a 33% increase from $31.5 billion in 2019. The COVID-19 pandemic has exacerbated compliance challenges, driving up costs by an average of 23% due to remote work and increased manual processes. However, firms investing in technology solutions see reduced cost increases and enhanced efficiencies. The study surveyed 150 decision-makers overseeing compliance processes.

The Health Care business of LexisNexis Risk Solutions has announced key leadership changes with the appointment of Dave Corbett as head of Sales and Client Engagement and the promotion of Jeff Diamond to senior vice president of Commercial Operations. Corbett brings extensive experience from his previous role at Optum/United Health Group, while Diamond has been with the company for over 12 years. These changes aim to enhance sales growth and operational efficiency, positioning the company to deliver greater value and innovation in health care data and analytics.

On October 20, 2020, LexisNexis Risk Solutions released its 2020 Home Trends Report, revealing a significant decrease in U.S. home insurance catastrophe claims and loss costs in 2019. Catastrophe claims fell by 32% and all-peril loss costs dropped by 13%, with 90% of losses attributed to hail and wind. Notably, Texas reported the highest distribution of claims. Despite these positive trends, the report warns that 2020 may be less favorable due to increased wildfire and hurricane activities. The report emphasizes the need for precise data to improve risk assessment and underwriting decisions.