Data and analytics company LexisNexis Risk Solutions has introduced an AI-powered property survey solution, LexisNexis Flyreel, designed for the US commercial insurance market.
The tool offers an improved user experience for reducing costs and boosting profitability for insurers, stated the vendor.
By providing actionable data and AI-powered insights, Flyreel assists carriers in evaluating property risk effectively at new business and renewal stages.
Flyreel and its AI assistant offer a self-guided experience for commercial policyholders to capture property insights conveniently.
Leveraging advanced computer vision technology, it captures and documents property details automatically for use by the policyholder and the insurer.
The tool subsequently combines this data into a report tailored to the underwriting practices and risk appetite of the carrier.
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Flyreel enables virtual property inspections, employing AI to capture and analyse high-resolution video, imagery and data. This allows insurers to identify specific assets and potential hazards.
Moreover, Flyreel simplifies the risk assessment activities, offering insurers actionable insights that contribute to improved underwriting decisions.
This leads to more precise pricing and coverage determinations, benefitting both insurers and policyholders.
It also offers significant operational cost savings by cutting down the requirement for inspections on-site and speeding up policy issuance.
This flexibility of Flyreel allows insurers to tailor the tool to specific needs, irrespective of whether they are focusing on farms, restaurants, habitational risks, ranches or lessor’s risk, noted the analytics company.
LexisNexis Risk Solutions commercial insurance senior vice-president David Zona said: “We are excited to bring LexisNexis Flyreel to commercial property insurers to help them deliver more personalised customer experiences while more accurately segmenting individual property risk.
“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.”