LexisNexis Launches Flyreel for Claims, Revolutionizing Home Insurance Processes in the U.S.

LexisNexis Flyreel for Claims: A Game Changer in Home Insurance



In an innovative move to enhance the efficiency of claims management for U.S. home insurance carriers, LexisNexis® Risk Solutions has launched Flyreel® for Claims. This new solution leverages advanced AI technology to support insurance adjusters with actionable insights, thereby aiming to optimize the claims process and reduce associated costs.

Addressing Industry Challenges



The home insurance industry has been facing a variety of challenges recently, including rising customer expectations, staff shortages, increasing claims volumes, and the subsequent hike in loss adjustment expenses. The launch of Flyreel aims to tackle these pressing issues by streamlining the claims process, particularly the first notice of loss (FNOL) stage, to deliver a superior experience for both adjusters and policyholders.

Key Features of Flyreel for Claims



1. Cost Efficiency and Speed


By reducing the dependency on in-person claims adjusters, Flyreel allows insurance companies to save on operational expenses while accelerating the claims processing timeline. This not only improves throughput but also enables the effective triaging of more complex claims.

2. User-Friendly, Consumer-Driven Approach


The tool empowers policyholders to conduct detailed property inspections via a user-friendly mobile app. This innovative feature allows homeowners to kickstart the claims process independently and provides adjusters with immediate access to actionable data, facilitating a quicker response.

3. AI-Powered Visual Insights


Utilizing high-resolution video, imagery, and sophisticated data analysis, Flyreel provides valuable insights for virtual property inspections. Adjusters receive detailed measurements and panoramic views, which streamline the assessment process, making it easier to decide on claims.

4. Accelerated Claims Investigations


Flyreel automates the claims investigation process, allowing for faster and more accurate decision-making throughout the claims lifecycle.

5. Comprehensive and Scalable


The solution integrates data from underwriting and claims records, offering insurance carriers a customizable tool that can grow and adapt to their specific needs. This ensures an enhanced experience for policyholders while addressing the unique challenges faced by each insurer.

6. SDK Integration


Flyreel allows insurers to seamlessly embed the program into their own applications, enhancing the customer experience by streamlining workflows.

Impact on Insurance Adjusters and Consumers


Frank Cesario, director of claims at LexisNexis Risk Solutions, highlighted the demand for solutions that improve the claims experience, pointing out findings from their recent consumer study: 71% of homeowners surveyed preferred consumer-led mobile inspections over traditional in-person visits. This points to an evolving landscape where clients seek more flexible and efficient methods of interacting with their insurance providers.

By giving adjusters robust insights at an early stage, Flyreel is set to help insurers manage their costs more effectively, improve decision-making, and provide a more seamless experience for customers.

Conclusion


The introduction of Flyreel for Claims by LexisNexis Risk Solutions signifies a significant step forward in the application of AI within the insurance industry. It demonstrates how data-driven solutions can effectively address persistent challenges, propelling the sector into a more modernized and efficient future.

To learn more about how Flyreel can transform your insurance operations, visit LexisNexis Flyreel.

Topics Financial Services & Investing)

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