LexisNexis Risk Solutions has acquired Flyreel, a Denver-based property technology firm that uses artificial intelligence (AI) and machine learning to enable self-service property inspections.
Flyreel says its technology offers visibility into a property’s interior and exterior to improve new business and renewal underwriting and claims processes. 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, according to the firm.
The technology also provides a better customer experience by alleviating scheduling headaches, improving a consumer’s understanding of their home or business risks, and creating a record of their possessions in the event of a future claim, Flywheel said.
Flyreel will become part of the insurance business within LexisNexis Risk Solutions, complementing the insurance data and analytics firm’s existing data assets that help assess risk for a structure’s inhabitants and location.
LexisNexis Risk Solutions is part of London-based RELX, formerly known as Reed Elsevier.
Terms of the transaction were not disclosed. Morgan Partners served as the exclusive financial advisor to Flyreel.