The human arsenal has never really known any boundaries, but at the same time, it has also never possessed anything more significant than that tendency of growing on a consistent basis. This progressive approach, on our part, has got us to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for another second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has become a lot more evident in recent times, and assuming a new insurance-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
LexisNexis Risk Solutions, a New York-based insurtech player, has officially announced some notable updates in the context of its well-known home insurance solution named LexisNexis Flyreel®, as the company gears up to improve the standard home underwriting protocol. Going by the available details, the update will allow US insurers to make the Flyreel AI solution accommodate their personal preferences before handing them a chance at expediting the underwriting process through capture and subsequent evaluation of completed property surveys and inspections. This acceleration is notably achieved using proprietary computer vision technology to highlight key risks in conjunction with each carrier’s appetite. Hold on, there are still some bits left to unpack. LexisNexis Flyreel further serves you an actionable report, which leverages those personal preferences of yours to create an informed parameter that basically guides the entire underwriting process. Talk about what risk types are included in the package here, the list covers both exterior and interior condition issues, roof damage, recalled electrical systems, water damage, and more.
“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, but the question we continue to ask ourselves is how carriers can use the data and advanced analytics in the most optimal. And that’s what we’re really solving for with this enhancement to Flyreel.”
The development in question delivers an interesting follow-up to one S&P Global report, which revealed how loss ratios for Q3 2022 were at 98%, exceeding that of the previous four years. As for the reasons behind this uptick, the report deemed increasing home claim severity, which is up by 37% year-over-year, as the primary factor.
Found back in 1997, LexisNexis Risk Solutions orchestrated its rise by applying cutting-edge analytics to provide insights that help businesses and governmental entities in making their decisions riskproof to whatever degree it might be possible. So far, the company has brought out solutions that can prove useful across events like identity theft, fraud, money laundering, insurance crimes, government benefit scams, and more. LexisNexis’ excellence has even given it a strong presence in more than 180 countries, but given the company’s inclinations towards improving; this footprint can only be expected to grow bigger down the line.
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