LexisNexis Risk Solutions Launches Total Property Understanding for Home Insurance

The new property intelligence solution helps amplify the underwriting workforce and offers a more superior customer experience in the face of worsening loss ratios.

(Image source: LexisNexis Risk Solutions.)

LexisNexis Risk Solutions (Atlanta) has announced the launch of LexisNexis Total Property Understanding, which the Atlanta-based vendor characterizes a comprehensive property intelligence solution to help enable U.S. home insurance underwriters to identify properties needing additional evaluation based on risk, capture comprehensive interior, exterior and aerial data from those properties through a consumer self-guided survey tool, and access AI-enabled insights to fast-track decision making. The solution expands the capabilities from the company’s recent acquisition of Flyreel and can be used at new business or renewal to help carriers amplify their underwriting workforce and help significantly improve return on underwriting investment.

Cole Winans, VP, Home Insurance, LexisNexis Risk Solutions.

“Total Property Understanding is an answer for home insurance carriers who have been struggling to get timely and accurate data insights needed to help improve property underwriting,” comments Cole Winans, VP, Home Insurance, LexisNexis Risk Solutions. “In many cases, insurers are still relying on limited boots-on-the-ground inspections and manual processes that provide only a partial understanding of the risk. By combining the AI capabilities of Flyreel with insights from hundreds of interior, exterior and aerial property data attributes, we are introducing a more comprehensive solution in property risk assessment while helping consumers better ensure their coverage needs are known and accounted for.”

Total Property Understanding combines capabilities from LexisNexis Smart Selection and LexisNexis Flyreel, incorporating LexisNexis Rooftop, which combines aerial imagery with claims insights that measure wear-and-tear to roofs. The result, according to the vendor, is an end-to-end underwriting solution that can seamlessly integrate into an insurer’s workflow, using predictive insights and proprietary data sources to help carriers identify potentially underinsured or high-risk properties at new business or renewal. Carriers then offer policyholders a convenient and easy consumer self-guided survey tool, using advanced computer vision technology to automatically capture hundreds of property insights, LexisNexis adds. Any identified risks and hazards are transformed into an actionable report with prioritized detections based on the carrier’s underwriting practices and risk appetite and is then delivered through an easy-to-use dashboard or system integration that can help enable straight-through processing.

George Hosfield, Senior Director, Home Insurance, LexisNexis Risk Solutions.

“We hear from almost every home insurance carrier that their biggest concern is profitability,” notes George Hosfield, senior director, Home Insurance, LexisNexis Risk Solutions. “It’s becoming more of a challenge for premiums to keep pace with the rising costs from inflation and higher claim severity—and carriers do not always have insight into the risks that are actually on their books.

“Total Property Understanding delivers more data for risk decisioning into underwriters’ hands faster,” adds Hosfield. “By delivering these additional data insights and combining them with LexisNexis Rooftop and its weather loss cost segmentation capabilities, we can help carriers more effectively assign the right rate for the right risk.”

Streamline and Scale Underwriting Programs

Mark Breading, Partner, SMA.

Total Property Understanding also helps home insurance underwriters streamline and scale their underwriting programs through AI-enabled automation that helps eliminate manual, time-intensive processes and delivers property inspection information three times faster than traditional methods, according to the vendor. LexisNexis says that underwriting teams can customize the hazards and risks that are flagged based on their organization’s specific priorities, risk appetite and underwriting rules. This customization fast-tracks the processing of policies and can help to favorably impress policyholders with more convenient evaluations and quicker turnaround times, the vendor says.

“Home claims severity was up 37 percent in the first half of 2022 versus that same time period in 2019, and we’re unlikely to see any softening of the market in the near-term,” comments Mark Breading, partner, Strategy Meets Action, a ReSource Pro company. “LexisNexis Risk Solutions aptly named Total Property Understanding capability brings a comprehensive set of data and insights to home insurers to enable more precision in their underwriting and pricing of risk, which can help deliver a competitive advantage in the face of these continued headwinds.”

LexisNexis Risk Solutions Enhances Flyreel to Expedite Home Underwriting

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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