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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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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.
The Health Care business of LexisNexis Risk Solutions announced that Todd Garlitz has joined its leadership team to enhance marketing activities. Reporting to Josh Schoeller, CEO of Health Care, Garlitz brings over 23 years of experience from various roles in healthcare marketing. His previous positions include leadership roles at RelayHealth and Thomson Reuters Healthcare. Garlitz aims to drive revenue and profit growth through targeted marketing strategies. LexisNexis Risk Solutions is part of RELX, focusing on data-driven insights across multiple industries.
LexisNexis Risk Solutions is now a member of the Patient ID Now coalition, which aims to enhance patient identification across healthcare systems. This coalition seeks to advance a nationwide strategy for accurate patient matching by advocating for the removal of section 510 from the Labor-HHS-Education appropriations bill. LexisNexis offers its LexID for Healthcare solution to combat interoperability challenges, reduce duplicate records, and ensure patient safety. The initiative is critical as it addresses inaccuracies that can lead to incorrect treatment and improves overall healthcare efficiency.
LexisNexis Risk Solutions has released its U.S. Auto Insurance Trends Report, highlighting significant data trends in the auto insurance sector based on 2019 data. The report reveals a 20% increase in major speeding violations since 2015, peaking at 25% nationally. It identifies generational effects on violations, with Millennials responsible for 55% of incidents. Vehicle data indicates that 76% of vehicles have advanced driver-assistance systems, influencing insurance pricing. The report emphasizes the need for insurers to adopt technology to enhance customer service in a changing market, driven by factors like COVID-19.
