StockNews.AI
RELX
StockNews.AI
173 days

LexisNexis Flyreel for Claims Now Available to Help U.S. Home Insurance Carriers Optimize Claims Processes and Reduce Costs

1. LexisNexis launched Flyreel for Claims, enhancing AI-driven property assessment. 2. The solution aims to streamline claims, improving efficiency and accuracy. 3. 71% of homeowners prefer consumer-led mobile inspections over traditional methods. 4. Flyreel addresses challenges in the insurance industry like rising claim volumes. 5. It integrates data for tailored solutions and scalable operations.

7m saved
Insight
Article

FAQ

Why Bullish?

The launch of AI-based solutions positions RELX to capitalize on market demands for efficiency, similar to previous successful tech adaptations in insurance.

How important is it?

The announcement of Flyreel for Claims is pivotal for RELX, representing its commitment to innovation in insurance technology, which can lead to increased market share and profitability.

Why Long Term?

As the market increasingly adopts digital solutions, the sustained demand for innovations like Flyreel will positively influence RELX's growth over time.

Related Companies

LKQAONALL
AI-powered, policyholder-guided property claims inspection solution equips adjusters with actionable insights for faster, more accurate claims management , /PRNewswire/ -- LexisNexis® Risk Solutions, a leading data, analytics and technology provider, today announced the availability of LexisNexis® Flyreel® for Claims. Flyreel is an advanced property survey solution that delivers actionable data to insurance carriers through cutting-edge AI technology, enhancing risk assessment and operational efficiency. Tailored for the claims workflow, the consumer-driven survey tool enables homeowners to initiate the property claims inspection process more conveniently, while providing insurance carriers with actionable insights to streamline claims handling and improve accuracy. Flyreel for Claims is specifically designed to address pressing challenges in the home insurance industry, including changing customer expectations, workforce shortages, growing claims volumes, rising loss costs and loss adjustment expenses (LAE), inflation pressures and declining customer satisfaction scores. By streamlining the first notice of loss (FNOL) process, Flyreel helps adjusters deliver a faster, easier and more reliable claims experience. Key features of LexisNexis Flyreel for Claims include: Efficiency and cost savings: By reducing reliance on local onsite claims adjusters, Flyreel helps minimize operational costs while expediting claims processing, enabling carriers to handle claims volumes effectively and triage more complex claims for a better customer experience. Consumer-driven tool: Policyholders can independently capture detailed property insights through an intuitive, self-guided app using their smart phone or mobile device, to jumpstart the FNOL process with actionable data that adjusters can use immediately. AI-powered insights: Flyreel delivers virtual property claims inspections using high-resolution video, imagery and data analysis. Assigned claims adjusters gain detailed measurements, 360-degree panoramic views and preserved high-resolution details that streamline damage assessment and decision-making. Streamlined claims investigations: Flyreel automates and accelerates claims investigations to support faster, more precise decision-making across the claims lifecycle. Comprehensive and scalable solution: Flyreel integrates data from underwriting and claims records allowing carriers to tailor to the solution to meet their specific needs, ensuring scalability and adaptability. SDK-enabled: Insurers can seamlessly embed Flyreel for Claims into their own app and related workflow, streamlining the consumer experience. "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," said Frank Cesario, director of claims, LexisNexis Risk Solutions. "According to our recent home insurance consumer study, 71% of homeowners aware of consumer-led mobile inspections favor this method over traditional in-person inspection visits, demonstrating the growing demand for solutions that simplify and enhance the claims experience. By equipping adjusters with deeper, actionable insights earlier in the claims process, Flyreel can help insurers reduce costs, enhance decision-making and support a more seamless customer experience." LexisNexis Risk Solutions leverages a deep understanding of insurance claims and loss experience. The launch of Flyreel for Claims continues the momentum of earlier Flyreel solutions tailored for the home and commercial insurance markets, advancing how carriers leverage AI to address their most significant challenges. For more information, please visit LexisNexis Flyreel. About LexisNexis Risk SolutionsLexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX. Media Contact:Chas StrongLexisNexis Risk SolutionsPhone: +706-202-5813[email protected]   SOURCE LexisNexis Risk Solutions WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News