LexisNexis Risk Solutions acquires US-based property insurtech Flyreel

Thursday 2 June 2022 11:27 CET | News

US-based fraud prevention company LexisNexis Risk Solutions has acquired Flyreel, a property insurtech that uses AI and machine learning to enable self-service property inspections.

Self-service property inspections provide additional visibility into a property's interior and exterior to improve and automate new business and renewal underwriting and claims processes. Flyreel will become part of the insurance business within LexisNexis Risk Solutions, complementing the insurance data and analytics leader’s existing breadth of data assets and models that help assess risk for a structure's inhabitants and location.

Flyreel uses proprietary computer vision technology to guide a home or business owner through a comprehensive property scan via the policyholder's smartphone. Using the Flyreel app, consumers effortlessly capture interior and exterior property features. The insights are digitized, verified and delivered into insurance carriers’ workflows, eliminating the need for an onsite visit.

Among the benefits, insurers can more effectively determine the appropriate premium for each property scanned, improve loss ratios by identifying critical hazards upfront, reduce premium leakage by capturing details about insurable assets and simplify the inspection process for improved property owner satisfaction.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: fraud detection, risk management, insurtech, insurance
Categories: Fraud & Financial Crime
Companies: LexisNexis
Countries: United States
This article is part of category

Fraud & Financial Crime


Discover all the Company news on LexisNexis and other articles related to LexisNexis in The Paypers News, Reports, and insights on the payments and fintech industry: