LexisNexis® Risk Solutions, a leading data, analytics and technology provider, today announced the availability of LexisNexis® Flyreel® for the commercial insurance market. As for Flyreel, it 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 are as follows:
- 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.”