Flyreel and Donan have collaborated to provide new artificial intelligence (AI) solutions for property risk and claims.
Flyreel and Donan are collaborating to offer property insurers with AI that allows them to understand, predict and prevent risk.
In case of a claim, the partnership equips carriers with the intelligence and control to undertake subrogation.
Flyreel stated that its AI assistant will guide policyholders during property inspections by using the camera on their mobile device and insurance-specific computer vision.
When users pan their mobile phones across a property’s interior and exterior, the AI’s computer vision will automatically record the property features, contents and policy-worth details.
For carriers, this is personalized self-inspection at scale, real-time data intelligence and comprehensive baseline records for properties to take decisions across the insurance value chain.
Integration of Donan’s high-resolution, forensic data and insights from property and product failure investigations can help Flyreel’s AI in identifying specific risks related to products and appliances as they’re detected by the AI.
The AI solutions company stated an example, where if the AI comes across a water heater, the system will return the risk factors and could also predict when and why the water heater may fail.
With such insights, insurers can better understand, manage and price individual risk and provide personalized insurance recommendations.
Flyreel CEO Cole Winans said: “Our mission is to help carriers use the best of today’s technology to protect people and the things that matter most to them. By integrating Donan’s intellectual property into our platform, we’re uniquely positioned to provide carriers with the most comprehensive, affordable and efficient way to understand and measure risk.
“This partnership sets the tone for where our market needs to go in order to provide policyholders the protection and experience they deserve in today’s age.”
The partnership between Flyreel and Donan could enable insurers to take informed risk decisions at scale, while offering new value to customers through personalized digital experience.
The solution can help carriers to better align risk with premium, provide a personalized coverage to the unique and individual risks that each customer faces, to proactively mitigate risk with individual policyholders at scale, to identify recall opportunities before the claim occurs and to assess subrogation potential at the first notice of loss.
Donan president and CEO J. Lyle Donan said: “Donan completes tens of thousands of property and product failure investigations every year for nearly every major personal and commercial property lines carrier throughout the United States.
“Our vast loss experience and detailed property-specific data is exceptionally valuable when understanding risk and responding to claims. We’re excited to put our intellectual property to use in Flyreel so that carriers can benefit from a new level of property intelligence through this amazing solution.”