Flyreel expands to commercial property

LexisNexis Risk Solutions announced the availability of Flyreel for the commercial insurance market. Flyreel is a property survey solution that equips carriers with actionable data using AI-driven insights that help carriers assess property risk at both new business and renewal.

Flyreel and its AI-assistant guide commercial policyholders through the capture of property insights via a self-guided experience, using advanced computer vision technology to automatically capture and document property insights for the policyholder and the insurer. The solution consolidates these insights into a report based on the carrier’s underwriting practices and risk appetite.

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.
• 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. 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.” – David Zona, senior vice president of commercial insurance, LexisNexis Risk Solutions.