LexisNexis Solutions for Risk is Releasing Updates to Flyreel
worldinnews.com - LexisNexis Solutions for Risk has announced enhancements to Flyreel, a recent acquisition that employs artificial intelligence and machine learning to facilitate self-service property inspections.
The enhancements allow insurance companies to configure Flyreel with their own premium determinations. Flyreel then has the ability to expedite the underwriting process by recording and evaluating completed property inspections and surveys, utilizing proprietary technology to highlight key risks that are aligned with each carrier's risk tolerance.
The enhancements enable insurers to prioritize risks based on their needs and preferences while reducing the amount of time it takes to act on the most important risks, the company said. Insurers can dictate the parameters of the inspection process based on Flyreel's self-service capabilities, these parameters will then align with their underwriting preferences and structure their workflow.
Flyreel also provides a report that is actionable based on the identified needs, whether the customer utilizes a dashboard or a system-to-system integration.
Over the past several months, we've dedicated significant effort to enhancing the Flyreel solution in order to provide more complex, configurable information to insurance companies. This will allow them to provide the most accurate and comprehensive understanding of property in the market, George Hosfield, a senior director of home insurance at LexisNexis Risk Solutions, said.
"The insurance market for homes has been utilizing data for quite some time," he explained."But the question we continue to ask ourselves is how carriers can utilize the data and advanced analytics in the most effective manner or focus on the most important aspects of their business in order to be better prepared to address new and emerging underwriting challenges. This enhancement to Flyreel is intended to address our primary problem."
The loss percentage for the third quarter of 2022 was 98%, exceeding previous years, according to a report by S&P Global. The increase was primarily caused by an increase in the severity of home claims, which increased by 37% annually.
We understand that every day, our customers are faced with new challenges in the market, including rising inflation, labor shortages, and increased demand for digital experiences from consumers and employees, said Cole Winans, vice president of home insurance and co-founder of Flyreel. The capacity to leverage technology as a means to amplify the effect of data collection and action at a large scale, in concert with each insurance company's business requirements, directly addresses these issues.
"We are fully committed to providing our customers with more advanced solutions that will allow them to better serve the market. We are still working on additional capabilities."
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