(Image source: Flyreel homepage.)
LexisNexis Risk Solutions Atlanta, part of RELX (London), has acquired Flyreel, a Denver-based property InsurtTch that uses artificial intelligence (AI) and machine learning to enable self-service property inspections, which provide additional visibility into a property’s interior and exterior to improve and automate new business and renewal underwriting and claims processes. Flyreel will become part of the insurance business within LexisNexis Risk Solutions, complementing the insurance data and analytics leader’s existing breadth of data assets and models that help assess risk for a structure’s inhabitants and location, according to a LexisNexis Risk Solutions statement.
Flyreel uses proprietary computer vision technology to guide a home or business owner through a comprehensive property scan via the policyholder’s smartphone. The Flyreel app lets consumers “effortlessly” capture interior and exterior property features, according to the vendor statement. The insights are then digitized, verified and delivered into insurance carriers’ workflows, eliminating the need for an onsite visit, the statement says.
“Insurers need a modern solution for the home inspection process that reduces costs, gives them the insight they need to underwrite and improve loss ratios, and offers a convenient, intelligent customer experience,” comment Bill Madison, CEO, Insurance, LexisNexis Risk Solutions. “By combining Flyreel’s innovative capabilities with our vast data analytics assets, we will create a transformative platform for property risk assessment that offers insurers comprehensive underwriting insights and more effectively identifies the properties that need inspections at renewal. The benefits are game-changing.”
Among those benefits, according to the vendor, are that insurers can more effectively determine the appropriate premium for each property scanned, improve loss ratios by identifying critical hazards upfront, reduce premium leakage by capturing details about insurable assets and simplify the inspection process for improved property owner satisfaction.
Comprehensive Interior and Exterior Property Analytics
LexisNexis Risk Solutions says that Flyreel’s technology also benefits consumers with a better customer experience by alleviating their scheduling headaches, improving a consumer’s understanding of their home or business risks and creating a record of their possessions in the event of a future claim.
“We’re incredibly proud of the innovation we’ve brought to the insurance industry,” says Cole Winans, CEO, Flyreel. “Comprehensive interior and exterior property analytics and consumer-grade experiences are foundational to the present and future of insurance. With its strong history of delivering transformative insurance solutions, LexisNexis Risk Solutions accelerates our path while amplifying our ability to deliver new solutions and value to the market. We look forward to applying our combined capabilities to continue solving industry challenges and doing even more together across lines of business.”
Morgan Partners served as the exclusive financial advisor to Flyreel, according to the vendor statement.