US property insurers can now more easily identify, prioritize and respond to relevant property risks to significantly improve underwriting efficiency
ATLANTA, March 9, 2023 /PRNewswire/ — To address rising attrition rates and workforce challenges, LexisNexis® Risk Solutions has announced enhancements to LexisNexis® Flyreel®, the recent acquisition of the leading provider of insurance data and analytics, the artificial Intelligence (AI) and machines leverages learning to enable self-service property inspections. With these enhancements, US insurers can now configure the Flyreel AI solution with their own underwriting preferences. The AI solution is then able to accelerate the underwriting process by capturing and interpreting completed property appraisals and inspections using proprietary computer vision technology to highlight key risks in accordance with each carrier’s unique risk tolerance.
With this no-code improvement, insurers can prioritize risks based on their needs and preferences while reducing the time it takes to respond to the risks they consider most important – risks, including but not limited to external ones and interior condition problems, roof damage, recalled electrical equipment, and water damage. Insurers can then, based on the Flyreel solution’s self-service inspection capabilities, set parameters that align with their underwriting preferences and structure their workflows accordingly. LexisNexis Flyreel also helps its customers offer even more consumable information by delivering an actionable report based on those identified needs – whether customers are using a dashboard or system-to-system integration.
“Over the last several months, we’ve been working hard to improve the Flyreel solution to provide insurers with more meaningful, configurable insights as we seek to provide the most up-to-date and comprehensive understanding of real estate on the market,” said George Hosfield, Sr 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 is how insurers can make the most of the data and advanced analytics — or focus on what’s most important to their business? They can be better equipped.” to master new and emerging underwriting challenges. And that’s what we’re really solving with this extension of Flyreel.”
According to a report by S&P Globali, claims ratios for Q3 2022 were 98%, exceeding those of the previous four years, largely due to the increasing severity of home claims, which are up 37% year-on-yearii.
“We recognize that our customers face new market challenges every day, such as rising inflation, labor availability, and growing consumer and employee expectations for digital experiences,” said Cole Winans, vice president, home insurance and original founder of fly reel. “The ability to use technology as a force multiplier to help collect and act on ground truth data at scale, consistent with each insurer’s business needs, speaks directly to these challenges. We are fully committed to equipping each of our home insurance customers with more advanced solutions so they can better serve the market and we continue to work hard on additional capabilities.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to deliver insights that help businesses and government agencies reduce risk and improve decisions that benefit people around the world. We provide data and technology solutions for a variety of industries including insurance, financial services, healthcare and government. Headquartered in the Atlanta, Georgia area, we have offices around the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision support to professional and business clients. For more information, visit www.risk.lexisnexis.com and www.relx.com.
Contacts to LexisNexis Risk Solutions:
Chas strong
Director, Communications
LexisNexis risk solutions
+1.706.714.7083
[email protected]
Donna Armstrong
Brodeur partner for LexisNexis risk solutions
Telephone: +1.646.746.5611
[email protected]
i S&P Market Intelligence, Dec 2022: Progressive feels the impact of Ian on the homeowner business in Q3 | S&P Global Market Intelligence (spglobal.com)
ii S&P Market Intelligence, Dec 2022: Progressive feels the impact of Ian on the homeowner business in Q3 | S&P Global Market Intelligence (spglobal.com)
SOURCE LexisNexis Risk Solutions
