Claim severity continues to challenge the insurance industry as claims severities have steadily trended upward since the pandemic. Compared to 2020, bodily injury has risen by 20%, along with severity as material damage has increased by 47%. Attorney involvement has helped contribute to the rise in claims costs. Over half (51%) of claimants who hired an attorney received a higher settlement amount. This activity is most prevalent following an auto accident, as 85% of claimants were approached by one attorne ...

MEXICO CITY, June 20, 2024 /PRNewswire/ -- LexisNexis® Risk Solutions has unveiled the findings of its 2023 LexisNexis® True Cost of Fraud™ Study – Latin America. The annual report, based on a commissioned survey conducted by Forrester Consulting, reveals that businesses in LATAM now bear a cost of fraud that is 3.9 times the face value lost in fraudulent transactions. The study also reflects the evolution of criminal tactics. In LATAM, the stage of the customer journey with the highest fraud losses is new ...

The study also reflects the evolution of criminal tactics. In LATAM, the stage of the customer journey with the highest fraud losses is new account creation, presenting the greatest challenge for both financial institutions (46%) and retailers (44%). Criminals are exploiting the growing popularity of digital banking and digital commerce by using stolen or synthetic identities to open fraudulent accounts. Fraud has increased for 65% of Colombian organizations year-on-year. In LATAM, digital channels account ...

Fraud has increased for 59% of Brazilian organizations year-on-year. In LATAM, digital channels account for more fraud losses than physical channels. Four in five Brazilian organizations say fraud is affecting their customer conversion rates. In Brazil, 59% of companies reported an increase in fraud in the 12 months prior to the survey, while organizations incur an average cost of R$3.59 ($3.01 for retailers and $4.49 for financial institutions) for every real lost to fraud. These costs encompass financial ...

As sophisticated "bad bot" attacks become more prevalent, U.S. auto insurers must evolve their approaches to differentiate between humans, good bots and bad bots, and manage good traffic at point of quote Key takeaways LexisNexis® Risk Solutions announces the launch of ThreatMetrix® for Insurance Quotes to help U.S. auto insurers differentiate between the rise in malicious bot attacks and legitimate human queries at point of quote without adding friction to the consumer experience. ThreatMetrix for Insuranc ...

RELX PLC (RELX) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mos ...

The number of ecommerce transactions increased modestly by 7% in 2023, as rising interest rates and global inflation cooled consumer spending. However, where consumers held back, fraudsters became more active. The volume of human-initiated attacks surged 80% YOY, resulting in an attack rate of 2.8% (up by 59% YOY). A key component of this growth in attacks was fraudsters' focus on account takeover of ecommerce accounts, with the attack rate at login reaching 3.3% (an increase of 119% YOY). Greater adoption ...

Since 2005, VitalChek®, a LexisNexis Risk Solutions Company, has been the industry leader in vital records management with the DAVE product helping 16 states across the U.S. simplify the management of their vital records. As we move forward with additional enhancements to further reduce the workload of our vital records agency partners, it seemed like the perfect time to rename this innovative product to better align it with our industry recognized LexisNexis VitalChek brand. Building on Two Decades of Lead ...

According to the LexisNexis Insurance Demand Meter, a "Sizzling" Q1 2024 for new policies showed consumers are still not resigned to higher rates as insurers continue to adjust strategies to retain customers for long-term growth ATLANTA, May 16, 2024 /PRNewswire/ -- Key takeaways LexisNexis Insurance Demand Meter Tax refunds, older shoppers and Leap Day fuel shopping activity "As we have seen more shopping in recent months from consumers who have traditionally been longer-tenured and more loyal, insurers wi ...

The brief analyzes de-identified medical claims and reveals mental health jumped another 11% from 2022 to 2023 and are now up 83% since before the pandemic (comparing 2019 to 2023). The pandemic-driven surge in telehealth visits for mental health conditions reversed among children under 18, dropping 14% from 2022 to 2023, while the pace among adults slowed but continued to increase by 5% in the same timeframe. Meanwhile, in-office mental health visits have seen an uptick from 2022 through 2023 among all age ...