Monday, July 25, 2022
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LexisNexis buys Flyreel to reinforce property threat evaluation capabilities

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US-based LexisNexis Danger Options has acquired property insurance coverage expertise firm Flyreel for an undisclosed sum.

The acquired agency leverages synthetic intelligence (AI) and machine studying applied sciences to allow self-service property inspections and threat evaluation.

Flyreel is alleged to offer further visibility and threat perception into the property’s exterior and inside, permitting shoppers to automate new enterprise, renewal, underwriting and claims course of.

The insurtech shall be housed throughout the insurance coverage enterprise of LexisNexis and complement its current knowledge property and fashions. 

Utilizing the Flyreel app, shoppers can document exterior and inner options of the property, that are then despatched to insurance coverage carriers. 

LexisNexis acknowledged that Flyreel’s expertise aids insurers in figuring out premiums, figuring out crucial hazards up entrance, stopping premium leakage and streamlining the inspection course of. 

LexisNexis Danger Options insurance coverage CEO Invoice Madison stated: “By combining Flyreel’s progressive capabilities with our huge knowledge analytics property, we’ll create a transformative platform for property threat evaluation that provides insurers complete underwriting insights and extra successfully identifies the properties that want inspections at renewal.”

Flyreel CEO Cole Winans stated: “Complete inside and exterior property analytics and consumer-grade experiences are foundational to the current and way forward for insurance coverage. With its sturdy historical past of delivering transformative insurance coverage options, LexisNexis Danger Options accelerates our path whereas amplifying our capacity to ship new options and worth to the market. 

“We sit up for making use of our mixed capabilities to proceed fixing business challenges and doing much more collectively throughout traces of enterprise.”

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