(Image credit: Shutterstock.)
To address rising loss ratios and workforce challenges, LexisNexis Risk Solutions has announced enhancements to LexisNexis Flyreel, the insurance data and analytics provider’s recent acquisition that uses artificial intelligence (AI) and machine learning to enable self-service property inspections. With these enhancements, U.S. insurers can now configure the Flyreel AI solution with their own underwriting preferences, according to a LexisNexis Risk Solutions statement. The AI solution is then able to help expedite the underwriting process by capturing and evaluating completed property surveys and inspections, using proprietary computer vision technology to highlight key risks in alignment with each carrier’s unique risk appetite, the vendor says.
LexisNexis explains that, with this no-code enhancement, insurers can prioritize risks based on their needs and preferences while reducing the amount of time it takes to act on the risks they deem most important—risks including but not limited to exterior and interior condition issues, roof damage, recalled electrical systems and water damage. Insurers can then set parameters based on the Flyreel solution’s self-service inspection capabilities that align with their underwriting preferences, structuring their workflows accordingly. LexisNexis Flyreel also helps offer its customers even more consumable information by delivering an actionable report based on those identified needs, whether customers use a dashboard or system-to-system integration, the vendor adds.
“Over the last several months, we have been hard at work enhancing the Flyreel solution to deliver more meaningful, configurable insights for insurers as we look to offer the most current and comprehensive understanding of property in the market,” comments George Hosfield, senior director, home insurance, LexisNexis Risk Solutions. “The home insurance market has been using data for a long time, but the question we continue to ask ourselves is how carriers can use the data and advanced analytics in the most optimal manner—or focus on what is most critical to their businesses so that they can be better equipped to meet new and emerging underwriting challenges. And that’s what we’re really solving for with this enhancement to Flyreel.”
According to a report by S&P Globali, loss ratios for Q3 2022 were at 98 percent, exceeding that of the previous four years, fueled largely by increasing home claim severity, which is up by 37 percent year-over-year.
Ground Truth Data at Scale
“We recognize that every day our customers are faced with new market challenges such as rising inflation, labor availability and growing expectations from consumers and employees around digital experiences,” says Cole Winans, VP, home insurance, and founder of Flyreel. “The ability to use technology as a force multiplier to help capture and act on ground truth data at scale, in alignment with each insurer’s business needs, speaks directly to these challenges. We’re fully committed to equipping each of our home insurance customers with more advanced solutions, so that they can better serve the market, and we remain hard at work on additional capabilities.”