US News: LexisNexis Understands Property Insurance

LexisNexis Risk Solutions® recently announced the launch of LexisNexis® Total Property Understanding™, a new comprehensive property intelligence solution to help enable U.S. home insurance underwriters to narrow in on properties needing additional evaluation based on risk, capture comprehensive interior, exterior and aerial data from those properties through a consumer self-guided survey tool, and access AI-enabled insights to fast-track decision making. The solution expands the capabilities from the recent Flyreel® acquisition and can be used at new business or renewal to help carriers amplify their underwriting workforce and help significantly improve return on underwriting investment.

“Total Property Understanding is an answer for home insurance carriers who have been struggling to get timely and accurate data insights needed to help improve property underwriting,” said Cole Winans, vice president, Home Insurance, LexisNexis Risk Solutions. “In many cases, insurers are still relying on limited boots-on-the-ground inspections and manual processes that provide only a partial understanding of the risk. By combining the AI capabilities of Flyreel with insights from hundreds of interior, exterior and aerial property data attributes, we are introducing a more comprehensive solution in property risk assessment while helping consumers better ensure their coverage needs are known and accounted for.”

Total Property Understanding combines capabilities from LexisNexis® Smart Selection and LexisNexis® Flyreel, incorporating LexisNexis® Rooftop, which uniquely combines aerial imagery with claims insights that measure wear and tear to roofs. The result is an end-to-end underwriting solution that can seamlessly integrate into an insurer’s workflow, using predictive insights and proprietary data sources to help carriers identify potentially underinsured or high-risk properties at new business or renewal. Carriers then offer policyholders a convenient and easy consumer self-guided survey tool, using advanced computer vision technology to automatically capture hundreds of property insights.

Any identified risks and hazards are transformed into an actionable report with prioritized detections based on the carrier’s underwriting practices and risk appetite and is then delivered through an easy-to-use dashboard or system integration that can help enable straight-through processing.

About alastair walker 12154 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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