RELX PLC provides information-based analytics and decision tools for professional and business customers across risk, scientific and medical research, legal, and events markets. Company news often centers on LexisNexis Risk Solutions, including fraud and identity analytics, insurance underwriting data, electronic health record access, provider data management, and reports based on digital transaction and industry survey data.
RELX updates also cover RX trade exhibitions, such as packaging industry events, and the company’s use of data sets, advanced analytics platforms, and AI-enabled tools in customer workflows. Recurring themes include partnerships, product integrations, cybercrime and fraud trend research, healthcare identity verification, and commercial insurance risk selection.
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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.
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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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