Helping Commercial Property Insurers Tone up Their Business Operations

Human beings have proven their mettle on the back many different things, but at the same time, none has contributed more to our cause than that ability of improving at a consistent pace. We say this because the stated ability has already got the world to hit upon some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a 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 full-blown tech revolution. Of course, this revolution then went on to scale up the human experience through some outright avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.

LexisNexis Risk Solutions,  a leading data, analytics and technology provider, has officially announced the launch of a brand new solution called LexisNexis Flyreel, an advanced property survey solution designed to generate actionable insights that will help carriers assess property risk at both new business and renewal. Coming along with a dedicated AI assistant, the LexisNexis Flyreel solution, in practice, leverages advanced computer vision technology to automatically capture and document property insights for the policyholder and the insurer. Then, it consolidates the captured insights into an actionable report based on the carrier’s unique underwriting practices and risk appetite, thus conjuring up in every case a unique, convenient, and self-guided experience. Talk about the product on a slightly deeper level, we begin from its ability to conduct AI-powered inspections, where Flyreel facilitates virtual property examination with optimal speed and accuracy. Given the advanced level of technological prowess in play, the solution is able to deliver high-resolution video, imagery, and data, thus helping the insurer identify specific assets, as well as potential hazards to assess property conditions more effectively. Next up, there is the prospect of risk assessment and underwriting. You see, Flyreel comes decked up with all the means needed to streamline your standard risk assessment process and provide insurers with actionable insights to improve their underwriting decisions. Such a mechanism should also go a long way in scaling up the accuracy of their pricing and coverage decisions. Anyway, moving on, the solution’s potential in regards to conceiving operational efficiency and cost savings is another detail we must give some attention here. But how will it achieve that on a more practical note? Well, by pledging its allegiance to those virtual AI-powered inspections, Flyreel will dramatically reduce the need for onsite check-ups, something which will subsequently kill off a good chunk of your operational costs, while simultaneously accelerating the whole policy issuance process. Beyond its promise of delivering wider efficiency, the solution is also looking at unlocking access to that much coveted customization and scalability aspect. This means carriers can easily tailor Flyreel to their specific needs, allowing for scalable implementation across various commercial insurance risks. Hence, insurers could be focused on restaurants, farms, ranches, habitation, or lessor’s risk; they all will have an equal chance to adapt the technology as per their unique set of needs.

“LexisNexis Flyreel has gained exciting momentum in the home insurance market as an innovative solution designed to streamline and scale underwriting programs through AI-enabled automation,” said David Zona, senior vice president of commercial insurance, LexisNexis Risk Solutions. “This helps insurance carriers eliminate manual, time-intensive processes and deliver property inspection information faster than traditional methods for new business and renewal. We’re excited to bring LexisNexis Flyreel to commercial property insurers to help them deliver more personalized customer experiences while more accurately segmenting individual property risk.”

Founded in 2000, LexisNexis Risk Solutions has risen up by helping businesses and governmental entities use comprehensive insights to reduce risk and improve decisions across the board. The company’s excellence in extending such a service can be understood once you consider that it is, as of today, a trusted partner for companies hailing from a wide range of industries, including insurance, financial services, healthcare, and government etc.

“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,” said Zona. “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.”