U.S. property insurers can now more easily
capture, prioritize and act on relevant property risks to help
significantly improve underwriting efficiency
ATLANTA, March 9,
2023 /PRNewswire/ -- To address rising loss
ratios and workforce challenges, LexisNexis® Risk
Solutions has announced enhancements to LexisNexis® Flyreel®,
the insurance data and analytics leader's recent acquisition that
uses artificial intelligence (AI) and machine learning to enable
self-service property inspections. With these enhancements, U.S.
insurers can now configure the Flyreel AI solution with their own
underwriting preferences. The AI solution is then able to help
expedite the underwriting process by capturing and evaluating
completed property surveys and inspections, using proprietary
computer vision technology to highlight key risks in alignment with
each carrier's unique risk appetite.
With this no-code enhancement, insurers can prioritize risks
based on their needs and preferences while reducing the amount of
time it takes to act on the risks they deem most important – risks
including but not limited to exterior and interior condition
issues, roof damage, recalled electrical systems and water damage.
Insurers can then set parameters based on the Flyreel solution's
self-service inspection capabilities that align with their
underwriting preferences, structuring their workflows accordingly.
LexisNexis Flyreel also helps offer its customers even more
consumable information by delivering an actionable report based on
those identified needs – whether customers use a dashboard or
system-to-system integration.
"Over the last several months, we have been hard at work
enhancing the Flyreel solution to deliver more meaningful,
configurable insights for insurers as we look to offer the most
current and comprehensive understanding of property in the market,"
said George Hosfield, senior
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 ourselves is how carriers can use the
data and advanced analytics in the most optimal manner – or focus
on what is most critical to their businesses so that they can be
better equipped to meet new and emerging underwriting challenges.
And that's what we're really solving for with this enhancement to
Flyreel."
According to a report by S&P Globali, loss ratios
for Q3 2022 were at 98%, exceeding that of the previous four years,
fueled largely by increasing home claim severity, which is up by
37% year-over-yearii.
"We recognize that every day our customers are faced with new
market challenges such as rising inflation, labor availability and
growing expectations from consumers and employees around digital
experiences," said Cole Winans, vice
president, home insurance, and original founder of Flyreel. "The
ability to use technology as a force multiplier to help capture and
act on ground truth data at scale, in alignment with each insurer's
business needs, speaks directly to these challenges. We're fully
committed to equipping each of our home insurance customers with
more advanced solutions, so that they can better serve the market,
and we remain hard at work on additional capabilities."
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-based analytics and decision tools for
professional and business customers. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
LexisNexis Risk Solutions Contacts:
Chas Strong
Director, Communications
LexisNexis Risk Solutions
+1.706.714.7083
Charles.Strong@lexisnexisrisk.com
Donna Armstrong
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
darmstrong@brodeur.com
i S&P Market Intelligence, Dec. 2022: Progressive feels impact of Ian on
homeowners business in Q3 | S&P Global Market Intelligence
(spglobal.com)
ii S&P Market Intelligence, Dec. 2022: Progressive feels impact of Ian on
homeowners business in Q3 | S&P Global Market Intelligence
(spglobal.com)
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SOURCE LexisNexis Risk Solutions