Intuitive home inspection technology infused
with industry-leading data analytics gives U.S. insurers
comprehensive risk insights for underwriting and claims workflows,
and consumers easy-to-navigate experience
ATLANTA, June 1, 2022
/PRNewswire/ -- LexisNexis® Risk Solutions, part of
RELX, today announced it has acquired 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. Flyreel will become part of the insurance
business within LexisNexis Risk Solutions, complementing the
insurance data and analytics leader's existing breadth of data
assets and models that help assess risk for a structure's
inhabitants and location.
LexisNexis Risk Solutions acquired Flyreel,
a property insurtech that uses AI & ML for self-service
inspections.
Flyreel uses proprietary computer vision technology to
guide a home or business owner through a
comprehensive property scan via the policyholder's smartphone.
Using the Flyreel app, consumers effortlessly capture interior and
exterior property features. The insights are digitized, verified
and delivered into insurance carriers' workflows, eliminating the
need for an onsite visit.
"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," said Bill
Madison, CEO, Insurance, LexisNexis Risk Solutions. "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."
Among the benefits, insurers can more effectively determine the
appropriate premium for each property scanned, improve loss
ratios by identifying critical hazards upfront, reduce premium
leakage by capturing details about insurable assets and
simplify the inspection process for improved property owner
satisfaction.
Flyreel's technology also benefits consumers with a better
customer experience by alleviating their scheduling headaches,
improving a consumer's understanding of their home or business
risks and creating a record of their possessions in the event of a
future claim.
Cole Winans, CEO of Flyreel,
added, "We're incredibly proud of the innovation we've brought to
the insurance industry. Comprehensive interior and exterior
property analytics and consumer-grade experiences are foundational
to the present and future of insurance. With its strong history of
delivering transformative insurance solutions, LexisNexis Risk
Solutions accelerates our path while amplifying our ability to
deliver new solutions and value to the market. We look forward to
applying our combined capabilities to continue solving industry
challenges and doing even more together across lines of
business."
Morgan Partners served as the exclusive financial advisor to
Flyreel.
About Flyreel
Flyreel is the leading provider of insurance-specific AI
solutions to residential and commercial property insurers. Flyreel
provides insurers Total Property Understanding™ through the
delivery of comprehensive, accurate, and up-to-date interior and
exterior property analytics. Powered by proprietary machine
learning and computer vision technology, Flyreel's mobile "Property
Assistant" guides consumers through property inspections and claim
surveys without requiring an onsite visit and while automatically
capturing business-critical data and analytics to expedite and
improve insurance outcomes across underwriting and claims. Flyreel
is based in Denver, Colorado. For
more information, visit https://www.Flyreel.co/.
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.
About RELX
RELX is a global provider of information-based analytics and
decision tools for professional and business customers. The Group
serves customers in more than 180 countries and has offices in
about 40 countries. It employs more than 33,000 people over 40% of
whom are in North America. The
shares of RELX PLC, the parent company, are traded on the
London, Amsterdam and New
York stock exchanges using the following ticker symbols:
London: REL; Amsterdam: REN; New
York: RELX. The market capitalization is approximately
£44bn/€51bn/$55bn.
Media Contact:
Regina Haas
Sr. Director, Communications
Insurance, Coplogic and Connected Car
LexisNexis Risk Solutions
+1.678.896.1463
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SOURCE LexisNexis Risk Solutions