LexisNexis Flyreel AI-Driven Solution Now Available to Help U.S. Commercial Property Insurers Cut Costs, Improve Profitability
- AI-powered property inspections enable virtual property inspections with speed and accuracy
- Flyreel streamlines the risk assessment process and provides insurers with actionable insights to improve underwriting decisions
- By reducing the need for onsite inspections, Flyreel can significantly reduce operational costs while expediting policy issuance
- Carriers can tailor Flyreel to their specific needs, allowing for scalable implementation across various commercial insurance risks
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Insights
The introduction of LexisNexis® Flyreel® represents a significant advancement in the commercial insurance sector, particularly in terms of risk assessment and underwriting efficiency. The ability to conduct AI-powered property inspections addresses a critical need for speed and accuracy in evaluating property conditions, which traditionally involves time-consuming and costly manual processes. By leveraging computer vision technology, Flyreel not only accelerates the inspection process but also enhances the quality of data collected, potentially leading to more accurate risk segmentation and pricing.
Furthermore, Flyreel's impact on operational costs is noteworthy. The reduction of onsite inspections can result in substantial savings for insurers, which might be reflected in improved profit margins or competitive pricing strategies. The scalability and customizability of the solution allow for a wide range of applications across different commercial risks, suggesting a broad market appeal and potential for widespread adoption within the industry.
From a financial perspective, the deployment of LexisNexis Flyreel could lead to a positive shift in the profitability metrics for commercial insurers. By streamlining the underwriting process and reducing the need for manual inspections, insurers can potentially lower their expense ratio, which is a key component of the combined ratio – a critical measure of an insurance company's profitability. Additionally, the ability to better segment risk could result in lower loss ratios due to more accurate pricing and coverage decisions, further improving the combined ratio and financial performance.
Investors should monitor the adoption rate of Flyreel among commercial insurers and any resulting financial performance improvements. A successful implementation could make LexisNexis a more valuable partner to insurers, potentially leading to increased market share and revenue growth for the company. However, it is essential to consider the competitive landscape and the possibility of rival solutions emerging, which could influence Flyreel's market penetration and long-term financial impact.
LexisNexis Flyreel's use of advanced computer vision and AI to facilitate property inspections is a testament to the ongoing digital transformation within the insurance industry. The solution's AI-assistant and automated documentation capabilities represent a convergence of machine learning, natural language processing and image recognition technologies, which are becoming increasingly prevalent in enterprise applications. By consolidating property insights into actionable reports tailored to an insurer's practices, Flyreel exemplifies the practical application of AI in enhancing business processes.
It's important for stakeholders to understand the technological robustness and integration capabilities of Flyreel with existing systems. The ease of implementation and the solution's adaptability to various underwriting practices will be crucial factors in its success. As insurers continue to seek out technologies that provide a competitive edge, Flyreel's ability to deliver personalized customer experiences and improved risk segmentation could set a new industry standard for property inspections.
AI-driven, self-guided property inspection solution enables business owners to capture property details, assets; helps commercial carriers streamline underwriting and better segment risk
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 include:
- 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."
For more information, please visit LexisNexis Flyreel.
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.
Media Contacts:
Chas Strong
Director, Communications
LexisNexis Risk Solutions
+1.706.202.5813
Charles.Strong@lexisnexisrisk.com
Danielle Datre
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.203.444.7862
ddatre@brodeur.com
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SOURCE LexisNexis Risk Solutions
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