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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.
The LexisNexis® Insurance Demand Meter for Q2 2024 shows record growth in U.S. consumer auto insurance shopping and new policy volumes, both registering as 'Nuclear' for the first time in the same quarter. Key highlights include:
- 16.1% year-over-year shopping growth
- 19.5% increase in new policies
- Record 42.3% annual shop rate
- 21% of auto policies written in the last 12 months
- 38% growth in direct-to-consumer channels
Factors driving this growth include increasing auto and home insurance premiums, increased marketing by insurance companies, and consumers' heightened price sensitivity. The home insurance market's rate increases are also influencing auto insurance shopping patterns. Experts anticipate continued high shopping activity, despite potential impacts from the Summer Olympics and U.S. presidential election on advertising costs and effectiveness.
LexisNexis Risk Solutions has been recognized as a Strong Performer in The Forrester Wave™: Enterprise Fraud Management (EFM) Solutions, Q2 2024 report. The company's Dynamic Decision Platform received high scores across various categories, including a perfect 5 out of 5 in market presence.
Key highlights:
- Scored 3.3 in current offering and 3.5 in strategy
- Praised for innovation process and support strategy
- Noted as ideal for organizations transitioning from cyber channel fraud management to financial transaction monitoring
- Recognized for capable built-in machine learning models and customizable analyst investigation screens
The Forrester Wave™ report analyzes 12 top EFM providers, evaluating key differentiators such as built-in models and integration of identity verification, contextual authentication, and behavioral biometrics.
LexisNexis Risk Solutions has been ranked first and as an Established Leader in Juniper Research's Global Fraud Detection and Prevention in Banking Market Report. The report evaluates the top 15 vendors based on solution completeness, geographical reach, and future business prospects.
Key solutions assessed include:
- LexisNexis Emailage: A risk score based on email intelligence
- LexisNexis RiskNarrative: A unified platform for anti-money laundering, fraud, compliance, and risk management
- LexisNexis ThreatMetrix: A solution for implementing security-related friction in interactions
Kimberly Sutherland, VP of fraud and identity at LexisNexis Risk Solutions, emphasized the company's commitment to continuous innovation to combat sophisticated fraudsters in the financial sector.
LexisNexis Risk Solutions has been awarded the Silver Medal in the Datos Insights' 2024 Fraud Impact Awards for Best Digital Identity Verification solution. The company's ThreatMetrix product was recognized for its advanced capabilities in fraud detection and identity verification. Jim Mortensen, strategic advisor at Datos Insights, praised ThreatMetrix for its significant advancement in combating digital fraud, leveraging a global data network and advanced analytics. Kimberly Sutherland, vice president of fraud and identity at LexisNexis Risk Solutions, expressed pride in the recognition, emphasizing the company's commitment to innovation in fraud detection solutions.
LexisNexis Risk Solutions has released its 2024 Life Insurance Mortality Risk Management Study, revealing how combining medical and non-medical data can transform life insurance underwriting. The study analyzed data from 50 million individuals over five years, covering 1.7 billion medical claim lines.
Key findings include:
- 10% of applicants with type 2 diabetes and 60% with asthma have average or better-than-average mortality risk
- Integrating medical and non-medical data can reduce mortality slippage and improve decision-making
- This approach streamlines the underwriting process, reducing the need for invasive procedures
The study demonstrates that even within high-risk populations, there are segments suitable for accelerated underwriting, potentially improving the insurance application experience and reaching underserved populations.
LexisNexis Risk Solutions has been ranked second overall in the 2024 Chartis Research STORM Retail Finance Analytics50 rankings. The company also won three category awards: Innovation, Identity Analytics solutions, and for the second consecutive year, Alt-Credit solutions.
Chartis Research praised LexisNexis Risk Solutions for its advanced capabilities in identity, device, and fraud analytics. The company's innovative approach to packaging alternative credit data was highlighted as significantly enhancing the fine-tuning of credit products.
The recognition reflects the company's comprehensive suite of offerings, including LexisNexis RiskView credit solutions, Small Business Credit Report, Dynamic Decision Platform, ThreatMetrix, and Fraud Intelligence solutions.
LexisNexis Risk Solutions released a study on the effectiveness of financial institutions (FIs) in combating authorized transfer scams. The study reveals that only 50% of FIs feel confident in their scam mitigation efforts. Additionally, 69% of FIs struggle to break a victim's belief in a scammer, and only 4% can alert customers to impersonation scams within 24 hours. Despite 81% prioritizing scam prevention, 64% face challenges with current solutions. FIs are encouraged to adopt advanced technologies and data-based insights to improve scam detection and prevention strategies, ensuring secure and efficient transactions for consumers.
On June 27, 2024, LexisNexis Risk Solutions launched Accurint AI Insights, a new AI feature in their Accurint Virtual Crime Center. This innovation leverages data from over 2,100 law enforcement agencies to identify and respond to crime trends swiftly. The AI provides automated alerts and advanced analytical tools, enabling law enforcement to make informed decisions. LexisNexis has integrated both extractive and generative AI techniques, supported by a team of over 2,000 technologists and data scientists. This enhancement aims to shift law enforcement from reactive to proactive crime-fighting by providing timely, actionable intelligence.
LexisNexis Risk Solutions released its 2024 U.S. Auto Insurance Trends Report, highlighting significant shifts in driving behaviors, insurance shopping trends, and claim dynamics. Key findings include a 24% increase in distracted driving violations among Gen Z from 2022, and a 66% rise since 2019. Claim severities are high due to parts and labor shortages, and attorney involvement. Insurers raised rates by 14% in 2023, improving the combined loss ratio to 105%, but consumer retention has dropped from 83% to 80%. EV claims are more frequent and severe compared to traditional vehicles. The report underscores the need for insurers to balance market acquisition with rate adequacy to maintain profitability.
LexisNexis Risk Solutions has launched ThreatMetrix for Insurance Quotes to help U.S. auto insurers combat increasing sophisticated bot attacks while maintaining a smooth consumer experience. Using a crowdsourced repository of 100 billion global digital transactions, this tool can differentiate between legitimate and malicious transactions in real-time. With the rise of AI and a 43% year-over-year increase in digital fraud attacks, the need for advanced detection systems is critical. The solution aims to safeguard consumer data and streamline the quoting process, accommodating the growing trend of online insurance purchases, particularly among younger consumers.
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