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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.
Michael Breslin, Strategic Client Relations Director at LexisNexis Risk Solutions, has been appointed to the U.S. Secret Service's newly formed Cyber Investigations Advisory Board (CIAB). This board will support the agency's investigations team by providing strategic insights into cybercrime trends and investigative techniques. Breslin brings 23 years of federal law enforcement experience, particularly in cyber and financial crime. This collaboration aims to bolster defenses against increasing COVID-19 related identity thefts and fraud schemes.
LexisNexis Risk Solutions and ExamOne have formed a strategic partnership to enhance life insurance underwriting through a next-generation mortality model. This collaboration enables insurers to swiftly process applications, combining data from LexisNexis' Risk Classifier with ExamOne's laboratory and prescription history data. By integrating these datasets, insurers can efficiently evaluate risk, reduce expenses, and expedite the issuance of policies while adhering to legal and regulatory standards. This innovation aims to meet growing consumer demands for faster application processes.
LexisNexis Risk Solutions announced the launch of the LexisNexis ID Compass Platform, a multi-layered identity access management (IAM) solution aimed at assisting insurance carriers in mitigating identity risks. The platform integrates physical and digital intelligence to enhance consumer experience while reducing fraud. It utilizes proprietary linking technology to manage information for over 282 million U.S. identities and analyzes transactions in near real-time. This suite of IAM solutions empowers insurers to secure online interactions without compromising customer experience.
LexisNexis Risk Solutions released its biannual Cybercrime Report for January to June 2020, noting significant changes due to the COVID-19 pandemic. While overall global attack volumes declined, transaction volumes rose by 37% to over 22.5 billion, with 66% from mobile devices. The U.S. saw a 33% decrease in human-initiated attacks but remains a hub for automated bot attacks, impacting mainly financial services and media industries. The report highlights a networked fraud expediting $27.9 million in losses across several retailers, emphasizing the evolving cyber threat landscape.
LexisNexis Risk Solutions released a study examining U.S. consumer auto insurance shopping behavior. The survey, involving over 2,000 policyholders, found that 74% want more communication from their insurers beyond renewal notices. Despite this, only 46% reported any outreach from their carriers during the policy term. Key insights suggest that policyholders prefer email communication, with 90% favoring it. Additionally, knowing major life events could enhance engagement, as half of those affected by such events reconsidered their insurance choices. The study emphasizes the need for insurers to tailor their outreach strategies to retain customers.
On August 24, 2020, LexisNexis Risk Solutions appointed Jay Sultan as vice president of strategy for its healthcare division. Sultan, a seasoned expert with over 20 years in healthcare IT and analytics, will oversee strategy development and partnerships aimed at scaling the business. He has previously advised numerous health plans and delivery systems and held leadership roles at major firms including Cognizant and TriZetto. Sultan emphasized the potential of LexisNexis's data resources to transform the healthcare landscape.
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