LexisNexis Risk Solutions Acquires Property Insurtech Flyreel

Rhea-AI Summary

LexisNexis Risk Solutions, a part of RELX, has acquired Flyreel, a Denver-based property insurtech specializing in AI-driven self-service property inspections. This acquisition aims to enhance underwriting and claims processes by integrating Flyreel's technology with LexisNexis's extensive data analytics capabilities. By using the Flyreel app, consumers can conduct comprehensive property scans, improving risk assessment and customer satisfaction while reducing costs for insurers. The acquisition promises to deliver a transformative platform for property risk assessment.

Positive

• Acquisition of Flyreel enhances LexisNexis's capabilities in property risk assessment.
• Integration of AI technology improves underwriting and claims processes.
• Consumer app facilitates self-service inspections, increasing customer satisfaction.
• Insurers can better identify risks, potentially improving loss ratios.

Negative

• None.

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

FAQ

What is the significance of LexisNexis's acquisition of Flyreel?

The acquisition aims to enhance underwriting and claims processes through AI-driven property inspections, contributing to better risk assessment and customer satisfaction.

When was Flyreel acquired by LexisNexis Risk Solutions?

Flyreel was acquired on June 1, 2022.

How does Flyreel's technology benefit insurers?

It allows insurers to conduct comprehensive property evaluations, leading to improved underwriting insights and potentially better loss ratios.

What technology does Flyreel use for property inspections?

Flyreel uses AI and machine learning technology, along with proprietary computer vision, to guide users through self-service property inspections.

What impact will the Flyreel acquisition have on RELX's insurance business?

The acquisition is expected to create a transformative platform for property risk assessment, improving efficiency and insight in the insurance sector.