(Image source: Flyreel homepage.)
Flyreel, a Denver-based creator of an artificial intelligence (AI) solution for residential and commercial property insurance, has closed a $10 million Series A financing. The company reports that it now serves 15 major insurance providers and has raised $18 million to date to support customers using its proprietary AI assistant and computer vision technology to improve property underwriting, risk management, and claims outcomes.
The Series A financing was led by IA Capital Group, a New York-based independent investment firm with a two-decade track record of partnering with high-growth companies in InsurTech and Fintech, and a prominent manager of strategic venture capital programs for the insurance industry. The round also featured participation from Guidewire Software (San Mateo, Calif.), and existing investors including Google’s AI-focused venture fund, Gradient Ventures (Mountain View, Calif.), as well as State Auto Labs (Columbus, Ohio) and Donan Engineering (Louisville, Ky.).
“We’re excited about the opportunity to partner with Flyreel in building the leading AI property intelligence, data, and insights platform for the insurance industry and beyond,” comments Matt Perlman, Partner, IA Capital Group. “We believe the industry is ripe for a transition to remote, real-time, customer-directed underwriting and claims solutions. We view Flyreel as a new paradigm for understanding risk and engaging with the customer both pre- and post-policy.”
Flyreel equips property insurance providers with what it characterizes as comprehensive, ground-level interior and exterior property data to improve underwriting and claims outcomes across their book of business. The company does this by distributing its Property AI Assistant to policyholders to guide them through contact-free and fully-automated self-inspections at their convenience, through Flyreel’s industry-leading mobile app experience. As policyholders scan their property with their smartphone camera, Flyreel’s proprietary computer vision technology automatically documents important details for them, like property features, risks, hazards, materials, and other key data to improve underwriting and claims processes.
“We continue to make investments and partner with companies across the P&C landscape that offer innovative solutions for our customer base,” comments Mike Chen, VP, Corporate Development, Guidewire Software. “Through their self-service AI platform, Flyreel enables carriers to facilitate property inspection at scale and identify risks across their book of business that would otherwise require costly professional inspections. We have been very impressed by the results Flyreel has achieved with our mutual customers and are excited to help enhance those results as a partner.”
Further Integration and Automation
Flyreel says it will use the Series A financing to continue serving its growing list of customers while expanding its product line and platform features to deliver further integration and automation across the insurance value chain.
“The insurance market and consumer expectations are shifting dramatically in the wake of current events and technical innovation. Customers expect consumer-grade product experiences coupled with financial products and services that protect and support them in ways that broad risk pooling, zip-code underwriting, and other assumptive strategies of the past cannot,” comments Flyreel’s Founder and CEO Cole Winans. “We’re grateful for the vote of confidence our investors and customers have placed in our business. Our team is excited to be so well-equipped as we remain steadfast in our focus on supporting our customers as they deploy the best of today’s technology to improve underwriting and claims outcomes for themselves and their policyholders.”