Flyreel

Flyreel is a property insurance technology company that utilizes artificial intelligence (AI) and machine learning to enable self-service property inspections. The company's AI-powered mobile app allows policyholders to conduct comprehensive interior and exterior scans of their properties using their smartphones. As users capture photos and videos, Flyreel's proprietary computer vision technology automatically identifies and documents important features, contents, risks, and other policy-relevant details. This data is then digitized, verified, and securely delivered to insurance carriers' workflows, eliminating the need for onsite inspections.

The company's solution helps insurers streamline and scale their underwriting programs through AI-enabled automation. Flyreel's technology enables insurers to more effectively determine appropriate premiums, identify critical hazards upfront, reduce premium leakage, and simplify the inspection process. The AI assistant guides users through fully configurable workflows, adapting the conversation based on what it detects to gather comprehensive property data. Flyreel's system works with both perfect and imperfect data, allowing it to process real-world smartphone footage effectively.

In June 2022, Flyreel was acquired by LexisNexis Risk Solutions to complement its existing data assets and models for assessing property risk. Following the acquisition, LexisNexis enhanced Flyreel to allow insurers to configure the AI solution with their own underwriting preferences, enabling them to prioritize risks based on their specific needs. Flyreel was being used to help US property insurers capture, prioritize, and act on relevant property risks to improve underwriting efficiency.

Key customers and partnerships

Flyreel has partnered with several notable insurance companies to implement its technology. State Auto was one of Flyreel's first customers, adopting the technology to enhance their property inspection processes. Other key clients include Kingstone Insurance, QBE, and Mercury Insurance. In June 2021, Mercury Insurance expanded its use of Flyreel's DIY home inspection technology to policyholders in multiple states, including Arizona, California, Georgia, Illinois, Nevada, Oklahoma, Texas, and Virginia.

The Philadelphia Contributionship, one of America's oldest insurance companies, implemented Flyreel's technology in December 2021 to provide customers with a convenient way to conduct property inspections. Guidewire, a leading insurance software provider, has also invested in Flyreel, recognizing the company's potential to drive innovation in the insurance industry.