AI-driven, self-guided property inspection
solution enables business owners to capture property details,
assets; helps commercial carriers streamline underwriting and
better segment risk
ATLANTA, Jan. 17,
2024 /PRNewswire/ -- LexisNexis® Risk Solutions, a
leading data, analytics and technology provider, today announced
the availability of LexisNexis® Flyreel® for the commercial
insurance market. Flyreel is an advanced property survey
solution delivered through an industry-leading user experience that
equips carriers with actionable data using AI-driven insights that
help carriers assess property risk at both new business and
renewal.
Flyreel and its AI-assistant seamlessly guide commercial
policyholders through the capture of property insights via a
convenient, self-guided experience, using advanced computer vision
technology to automatically capture and document property insights
for the policyholder and the insurer. The AI-powered solution
consolidates these critical insights into an actionable report
based on the carrier's unique underwriting practices and risk
appetite.
"LexisNexis Flyreel has gained exciting momentum in the home
insurance market as an innovative solution designed to streamline
and scale underwriting programs through AI-enabled automation,"
said David Zona, senior vice
president of commercial insurance, LexisNexis Risk Solutions. "This
helps insurance carriers eliminate manual, time-intensive processes
and deliver property inspection information faster than traditional
methods for new business and renewal. We're excited to bring
LexisNexis Flyreel to commercial property insurers to help them
deliver more personalized customer experiences while more
accurately segmenting individual property risk."
Key features of LexisNexis Flyreel for commercial insurers
include:
- AI-powered property inspections: Flyreel enables
virtual property inspections with speed and accuracy, using AI to
capture and analyze high-resolution video, imagery and data. This
innovative technology helps insurers identify specific assets as
well as potential hazards to assess property conditions more
effectively.
- Risk assessment and underwriting: Flyreel
streamlines the risk assessment process and provides insurers with
actionable insights to improve underwriting decisions, ultimately
aiding in more accurate pricing and coverage decisions.
- Efficiency and Cost Savings: By reducing the need for
onsite inspections, Flyreel can significantly reduce operational
costs while expediting policy issuance.
- Customizable and Scalable: Carriers can tailor Flyreel
to their specific needs, allowing for scalable implementation
across various commercial insurance risks. Whether an insurer is
focused on restaurants, farms, ranches, habitational or lessor's
risk, insurers can adapt Flyreel to individual requirements.
"Commercial insurers continue to tell us that profitability
remains a challenge as rising costs from inflation and higher
claim severity continue to negatively impact bottom lines – as well
as the fact that carriers do not always have insight into the risks
on their books," said Zona. "Flyreel delivers more data for risk
decisioning into underwriters' hands faster, and in a practical and
more convenient way. In this hard market, carriers who can acquire
timely and accurate data insights to better segment risk stand to
gain market share and improve returns on underwriting
investment."
For more information, please visit LexisNexis Flyreel.
About LexisNexis Risk Solutions LexisNexis® Risk
Solutions harnesses the power of data and advanced analytics to
provide insights that help businesses and governmental entities
reduce risk and improve decisions to benefit people around the
globe. We provide data and technology solutions for a wide range of
industries, including insurance, financial services, healthcare and
government. Headquartered in metro Atlanta, Georgia, we
have offices throughout the world and are part of RELX (LSE:
REL/NYSE: RELX), a global provider of information and
analytics for professional and business customers. For more
information, please
visit www.risk.lexisnexis.com, and www.relx.com.
Media Contacts:
Chas
Strong
Director, Communications
LexisNexis Risk Solutions
+1.706.202.5813
Charles.Strong@lexisnexisrisk.com
Danielle Datre
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.203.444.7862
ddatre@brodeur.com
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SOURCE LexisNexis Risk Solutions