Flyreel

Flyreel, founded in 2016 by Cole Winans, developed an artificial intelligence platform for property insurance. In 2021, the company was acquired by LexisNexis Risk Solutions, a global data and analytics provider. Cole Winans, with a background in building technology systems, now serves as a Vice President at LexisNexis Risk Solutions, continuing to lead the product he created.

The company's core offering is a platform that enables policyholders to conduct their own property inspections using a smartphone. The technology guides users through the process of capturing images and videos of their property, both interior and exterior. Flyreel's AI then analyzes this data to identify property features, risks, and potential hazards. This information is delivered to insurance carriers in the form of detailed reports and data feeds.

The platform is designed for insurance carriers to improve their underwriting and claims processes. By using Flyreel, carriers can obtain detailed and accurate data about a property without the need for an in-person inspection, which can be costly and time-consuming. The business model is based on providing this technology as a service to insurance companies. The platform helps carriers to more accurately price policies, manage risk, and streamline claims.

Keywords: property insurance, artificial intelligence, self-service inspections, underwriting, claims processing, risk management, property data, insurtech, data analytics, mobile technology