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On October 12, 2021, LexisNexis Risk Solutions announced it received four prestigious awards recognizing its leadership in fraud prevention, identity authentication, and cybersecurity. The accolades include:

• CyberSecurity Breakthrough Awards - Overall Cybersecurity Company of the Year
• Global Banking & Finance Awards - Decade of Excellence Anti-Fraud/Security Solution
• Juniper Research Future Digital Awards - Gold Winner for AI in Fraud Prevention Innovation
• Pan Finance Awards - Best Financial Services Cybersecurity Solutions

These recognitions highlight the company's commitment to adapting to evolving digital fraud challenges.

LexisNexis Risk Solutions has released its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada, revealing that compliance costs have surged to approximately $49.9 billion in 2021, a 19% increase from 2020. Large U.S. financial institutions face an average compliance cost of $27.8 million, up 36% from the previous year, while Canadian firms see an average of $22.9 million. The study highlights ongoing challenges due to the pandemic, including longer onboarding times and rising operational costs as institutions adapt to evolving criminal threats.

A recent study by Aite-Novarica Group and presented by LexisNexis Risk Solutions highlights a significant rise in digital activity among insurance carriers due to the pandemic, with 77% in underwriting and 76% in claims. However, 67% of carriers report an increase in identity fraud linked to this digital surge. The report recommends that insurance companies adopt a multi-layered fraud mitigation strategy to enhance customer protection and improve the overall experience for genuine consumers.

Kia America has partnered with LexisNexis Risk Solutions to provide vehicle build data aimed at helping U.S. customers with advanced driver assistance systems (ADAS) use this data for auto insurance purposes. The LexisNexis Vehicle Build will assist insurers in evaluating ADAS features, potentially leading to lower premiums for Kia owners and reducing overall vehicle ownership costs. ADAS-equipped vehicles have shown promising statistics, including a 27% reduction in bodily injury claim frequency, according to LexisNexis analysis.

LexisNexis Risk Solutions and Ford Motor Company announced a strategic agreement to provide U.S. auto insurers access to Ford connected vehicle data. This initiative aims to enhance usage-based insurance (UBI) programs for Ford and Lincoln drivers of eligible 2020 models, potentially lowering their insurance costs through personalized offerings. The partnership allows insurers to better segment risk using driving behavior insights gleaned from the LexisNexis Telematics Exchange, benefiting consumers seeking cost savings in vehicle ownership.

LexisNexis Risk Solutions has announced the promotion of Jeff Diamond to President and General Manager of its Health Care business. With over 12 years at the company, Diamond previously served as Senior Vice President of Commercial Operations. His extensive experience covers sales, marketing, product management, and analytics. CEO Josh Schoeller praised Diamond's leadership as pivotal to the company's success. Diamond expressed enthusiasm for leading the healthcare vertical and enhancing the company's offerings to better serve customers using advanced healthcare data and analytics.

The LexisNexis Risk Solutions Insurance Demand Meter reveals a significant rise in the U.S. auto insurance shopping rate, reaching 41.6% in Q2 2021, up 1.1% year-over-year. New policy growth surged 8%, with notable increases from younger demographics returning to shopping patterns. Despite challenges from microchip shortages and labor issues, shopping volumes remain unexpectedly strong. The impact of COVID-related stimulus checks has significantly influenced new business volumes, leading to an overall 32.3% growth in April 2021.