LexisNexis Risk Solutions Buys Property Analytics Service Flyreel

LexisNexis Risk Solutions has bought Flyreel, which is an insurtech using AI and machine learning on self-service property inspections, a press release said Wednesday (June 1), to add a new way to analyze properties without having an inspector there.

Self-service inspections add visibility into a property’s interior and exterior, to help improve and automate business and renewal underwriting and claims processes.

The release said Flyreel uses proprietary computer vision tech to guide a home or business owner through a property scan on the policy holder’s mobile phone. The insights are digitized, verified and then carried into the insurer’s workflow.

“Insurers need a modern solution for the home inspection process that reduces costs, gives them the insight they need to underwrite and improve loss ratios, and offers a convenient, intelligent customer experience,” said Bill Madison, CEO of insurance at LexisNexis Risk Solutions.

He added that the addition of Flyreel’s solutions will help give insurers “comprehensive underwriting insights and more effectively identifies the properties that need inspections at renewal.”

This comes after LexisNexis also bought cloud-based anti-financial crime and anti-fraud platform TruNarrative, which will be a part of the business services group.

Read more: LexisNexis Risk Solutions Adds Anti-Fraud Platform TruNarrative

Rick Trainor, LexisNexis CEO, said the reason for the buy was that organizations are looking for solutions to better comply with regulations to help prevent crime.

He said TruNarrative “aligns with our financial crime compliance and fraud solutions, since it allows regulated organizations, such as banks, payment companies, non-bank financial institutions and designated non-financial businesses, to orchestrate their end-to-end compliance obligations, meeting onboarding and transaction monitoring requirements with lower customer friction.”