Help streamline property claims and reduce costs with LexisNexis® Flyreel® for Claims

The property insurance claims process has been notoriously time consuming. And, according to a LexisNexis® Risk Solutions survey, approximately 40% of property claims take more than 30 days to settle. Traditional property inspections often demand extensive resources, on-site adjusters and a lot of time, all adding to increased costs and inefficiencies for insurers and policyholders alike.

That’s where LexisNexis® Flyreel® for Claims comes in as a game-changer for property claims inspections.

In a recent webinar, my colleague and I provided key insights on the current market challenges and demonstrated how Flyreel for Claims can be applied to address these challenges.

Flyreel for Claims is an AI-enabled property assessment solution that allows customers to initiate property claim inspections on their terms, whenever it is convenient for them. Below is a recap of what we discussed during the webinar. If you would like to see the full demo and 20-minute webinar, you can watch it on demand.

Market challenges

Traditional property inspections can be delayed due to inaccurate data or adjusters’ availability. These slowdowns have direct financial repercussions for insurers and create a frustrating experience for policyholders awaiting resolution of their claim. 

During the webinar, we outlined several challenges currently facing property insurers based on data and statistics from LexisNexis® Insurance Market Insights Home Claims Insights report. Among them:

• Increased customer expectations combined with declining customer satisfaction rates
• Waiting time longer than 30 days for customers to receive the first payment during the claims process
• An increase in severity of property claims
• Inefficiency in field inspections causing delays
• Traditional desk inspections not able to capture the necessary details

The solution

With Flyreel for Claims, policyholders can initiate inspections on their smartphones in just under 20 minutes on average. Built on decades of insurance and FNOL expertise, it delivers deeper visibility into a property for adjusters without them having to go onsite, helping move claims forward efficiently.

From policyholders, adjusters receive:

• An FNOL video narration and transcript with AI-generated summaries of the damage
• 360-degree views of the space with a 10x zoom feature for viewing every detail up close
• 3D models with automated room measurements

We highlight each of these features by showing a real water claim scenario.

Transforming the claims experience

Flyreel for Claims can help carriers lower costs by reducing the need for on-site visits, while helping accelerate the claims process. Policyholders benefit from a convenient, self-guided inspection experience and adjusters receive comprehensive, more accurate information from the policyholder that helps improve both precision and turnaround time.

Flyreel for Claims brings AI innovation to property claims, helping:

• Reduce operational costs
• Increase efficiency
• Provide faster and accurate claim resolutions

It is a win-win for both carriers and customers. Watch the 20-minute webinar or learn more and see how Flyreel for Claims can help transform your claims process.