US-based LexisNexis Risk Solutions has acquired property insurance technology company Flyreel for an undisclosed sum.
The acquired firm leverages artificial intelligence (AI) and machine learning technologies to enable self-service property inspections and risk assessment.
Flyreel is said to give additional visibility and risk insight into the property’s exterior and interior, allowing clients to automate new business, renewal, underwriting and claims process.
The insurtech will be housed within the insurance business of LexisNexis and complement its existing data assets and models.
Using the Flyreel app, clients can record external and internal features of the property, which are then sent to insurance carriers.
LexisNexis stated that Flyreel’s technology aids insurers in determining premiums, identifying critical hazards up front, preventing premium leakage and streamlining the inspection process.
LexisNexis Risk Solutions insurance CEO Bill Madison said: “By combining Flyreel’s innovative capabilities with our vast data analytics assets, we will create a transformative platform for property risk assessment that offers insurers comprehensive underwriting insights and more effectively identifies the properties that need inspections at renewal.”
Flyreel CEO Cole Winans said: “Comprehensive interior and exterior property analytics and consumer-grade experiences are foundational to the present and future of insurance. With its strong history of delivering transformative insurance solutions, LexisNexis Risk Solutions accelerates our path while amplifying our ability to deliver new solutions and value to the market.
“We look forward to applying our combined capabilities to continue solving industry challenges and doing even more together across lines of business.”