LexisNexis Risk Solutions has announced enhancements to LexisNexis Flyreel, a recent acquisition that uses artificial intelligence and machine learning to enable self-service property inspections.
With the enhancements, US insurers can now configure Flyreel with their own underwriting preferences. Flyreel is then able to expedite the underwriting process by capturing and evaluating completed property surveys and inspections, using proprietary technology to highlight key risks in alignment with each carrier’s risk appetite.
The enhancements allow insurers to 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, the company said. Insurers can set parameters based on Flyreel’s self-service inspection capabilities that align with their underwriting preferences and structure their workflow accordingly.
Flyreel also delivers an actionable report based on those identified needs, whether the customer uses 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 of home insurance at LexisNexis Risk Solutions.
“The home insurance market has been using data for a long time,” he said, “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 business 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.”
Loss ratios for the third quarter of 2022 were 98%, exceeding those of the previous four years, according to a report by S&P Global. The increase was driven largely by increasing home claim severity, which is up 37% year over year.
“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 of home insurance and 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.”