The improvements allow insurers to prioritize risks based on their needs and preferences while reducing the time it takes to respond to the risks they consider most important, the company said. Based on Flyreel’s self-service inspection capabilities, insurers can set parameters that align with their underwriting preferences and structure their workflow accordingly.
Flyreel also delivers an actionable report based on these identified needs, whether the customer is using a dashboard or a system-to-system integration.
“Over the last several months, we’ve been working hard to improve the Flyreel solution to provide insurers with more meaningful, configurable insights as we seek to provide the most up-to-date and comprehensive understanding of real estate on the market,” said George Hosfield, Sr Director of home insurance at LexisNexis Risk Solutions.
“The home insurance market has been using data for a long time,” he said, “but the question we keep asking is how insurers can make the most of the data and advanced analytics — or focus on what’s essential for their business, with it.” They are better prepared for new and emerging underwriting challenges. And that’s what we’re really solving with this extension of Flyreel.”
Continue reading: LexisNexis closes America’s life insurance gap
According to a report by S&P Global, loss rates for the third quarter of 2022 were 98%, exceeding those of the previous four years. The increase was mainly due to increasing home claims severity, which is up 37% year-on-year.
“We recognize that our customers face new market challenges every day, such as rising inflation, labor availability, and growing consumer and employee expectations for digital experiences,” said Cole Winans, Vice President of Home Insurance and Founder of Flyreel . “The ability to use technology as a force multiplier to help collect and act on ground truth data at scale, consistent with each insurer’s business needs, speaks directly to these challenges.
“We are fully committed to providing each of our home insurance customers with more advanced solutions so they can better serve the market and we continue to work hard on additional capabilities.”
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