RISK MANAGEMENT

Lexisnexis Risk Solutions Acquired Flyreel

Lexisnexis | June 02, 2022

Lexis_nexis_Risk
Flyreel, a Denver-based property insurtech 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, has been acquired by LexisNexis® Risk Solutions, part of RELX. Flyreel will join the insurance division of LexisNexis Risk Solutions. This will add to the insurance data and analytics leader's current data assets and models for figuring out how risky a building's occupants and location are.

Flyreel employs unique computer vision technologies to walk a home or business owner through a thorough property scan using their smartphone. Consumers may easily capture interior and exterior property characteristics using the Flyreel app. The data is digitized, checked for accuracy, and sent directly to the workflows of insurance companies, so there is no need to visit the site.

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, 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."

Bill Madison, CEO, Insurance, LexisNexis Risk Solutions.

Insurers can better figure out the right premium for each scanned property, improve loss ratios by identifying critical hazards up front, reduce premium leakage by capturing details about insurable assets, and simplify the inspection process to make property owners happier.

Flyreel's technology also provides a better customer experience by reducing scheduling issues, improving a consumer's understanding of their home or business hazards, and creating a record of their belongings in case of a future claim.

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