ATLANTA, Feb. 27, 2025 – LexisNexis® Risk Solutions recently announced the availability of LexisNexis® Flyreel® for Claims, a new AI-powered property inspection solution designed to assist U.S. home insurance carriers. This technology aims to streamline the claims process, reduce operational costs, and modernize the customer experience.
Key Features and Benefits
Flyreel for Claims allows homeowners to conduct self-guided property inspections using their smartphones. This consumer-driven approach streamlines the First Notice of Loss (FNOL) process and provides insurance carriers with more actionable insights. The solution addresses several key challenges in the home insurance industry, including workforce shortages, increasing claims volumes, and rising loss adjustment expenses.
Key features of Flyreel for Claims include:
- Cost Reduction: Minimizes operational costs by decreasing the need for on-site adjusters.
- Consumer-Driven Tool: Policyholders can independently capture property insights through an intuitive, self-guided app using their smartphone.
- AI-Powered Insights: Delivers virtual property claims inspections using high-resolution video, imagery, and data analysis for more accurate assessments
- Streamlined Claims Investigations: Automates and accelerates claims investigations.
- Scalable Solution: Integrates data from underwriting and claims records, enabling carriers to tailor the solution to meet their specific needs.
- SDK-Enabled: Allows insurers to seamlessly integrate Flyreel into their existing apps.
Frank Cesario, director of claims at LexisNexis Risk Solutions, stated, “Flyreel for Claims represents the next evolution of AI-driven technology tailored to meet the unique needs of the insurance industry and the consumers they serve.” He further noted that a recent consumer study revealed that 71% of homeowners prefer consumer-led mobile inspections over traditional in-person visits, indicating a strong market demand for this technology.
Industry Impact and Market Demand
The launch of Flyreel for Claims is expected to positively impact the insurance industry. The solution offers the potential for faster claims resolution, improved accuracy, and enhanced customer satisfaction. The integration of AI allows for efficient analysis of property damage, providing adjusters with detailed measurements and panoramic views to expedite decision-making.
From an investor’s viewpoint, this product extends LexisNexis’ recurring revenue streams through its SaaS delivery model. In a market facing challenges such as rising costs and evolving customer expectations, technologies like these provide a competitive advantage.
Conclusion
LexisNexis Flyreel for Claims represents a significant step forward in insurance claims technology. By leveraging AI and mobile technology, the solution empowers both insurance carriers and policyholders, optimizing the claims process and paving the way for a more efficient and customer-centric future.
