DENVER, Feb. 15, 2018 /PRNewswire/ -- Microsoft (NASDAQ:
MSFT) and Flyreel, the most advanced AI-assisted underwriting
solution for commercial and residential properties, today announced
a working relationship to accelerate access to Flyreel's exclusive
underwriting assistant.
As part of the alliance, Microsoft is investing resources and
expertise to accelerate Flyreel's go-to-market strategy, bringing
new efficiency and accuracy to the property and casualty insurance
market.
"So many of our insurance industry clients have been asking for
this kind of intelligent, automated solution to help them cut
costs, improve operational efficiency, and increase customer
satisfaction and retention. But, we've been unable to find
one--until now," said Colin McClive,
Director, US Insurance Industry at Microsoft. "That's why we're so
excited to work with Flyreel. Their solution does just that by
enabling end users to conduct on-demand property inspections for
better transparency and accuracy across the entire
carrier-policyholder relationship."
Flyreel Ends the Guesswork in Pricing, Coverage &
Claims
Insurance carriers face a number of challenges when it comes to
efficiently and accurately pricing premiums and underwriting
coverage. For high-value properties, a professional inspector may
conduct an assessment, but this is expensive, inconsistent and can
be difficult to scale. Many properties are insured sight-unseen
based on averages for property features, contents and liability.
That means carriers risk overvaluing the property, quoting a high
premium and losing the business, or they may undervalue and charge
too little, resulting in premium leakage. This can lead to
insufficient coverage and customer dissatisfaction, especially in
the wake of a claim.
"Nearly 40 percent of customers look to switch carriers after a
claim because of dissatisfaction with the way it was handled--most
often because of discrepancies between the amount they thought they
were covered for, versus what the insurance company is willing to
pay," said Cole Winans, CEO of
Flyreel. "Flyreel solves that problem by letting the customer or
another authorized end user act as the inspector to conduct an
accurate assessment of the property value and its contents,
ensuring a more accurate quote and sufficient coverage from the
carrier. It's a win for the entire insurance industry."
User-Friendly AI Improves Carrier Efficiency, Expands Front
Line Service
Built for scale on the Microsoft Azure platform and delivered
through a mobile app, Flyreel's conversational AI-powered assistant
can be used by customers, inspectors or brokers, guiding them
through inspections just like an expert underwriter would, adapting
to the user's input to ask appropriate questions. Flyreel's
proprietary, insurance-specific computer vision technology
documents the property's contents, condition and more to create a
complete inventory with exceptional ease and speed. Insurers get
detailed property and contents reports, allowing them to make
underwriting decisions quickly and transparently, based on accurate
data.
This enables carriers to offer better coverage and pricing to
customers and work with policyholders to jointly mitigate risk. In
the event of a claim, this baseline documentation helps minimize
claim cycle times and expenses to ensure expediency and customer
satisfaction at every point in the insurance lifecycle.
"Flyreel's unique application of AI and computer vision
technology provides a practical, user-friendly solution that
empowers both consumers and carriers to make better, data-based
decisions," said Tereza Nemessanyi, Entrepreneur-In-Residence at
Microsoft for Startups who leads incubation of early-stage startups
in strategic industries. "This is a perfect example of how
artificial intelligence changes the game: by making complex
processes so simple, that we don't know how we managed to do it
before."
To learn more about the Flyreel AI-assisted underwriting
solution for commercial and residential properties, visit
www.flyreel.com.
About Flyreel
Flyreel is the most advanced
AI-assisted underwriting solution for commercial and residential
properties. With its intuitive AI-assistant, insurance-specific
computer vision and detailed property and contents reports, Flyreel
empowers consumers and carriers to make smarter, data-based
underwriting and policy decisions. This unprecedented transparency
dramatically improves underwriting efficiency, risk management,
loss ratio and customer satisfaction. Flyreel is a startup
based in Denver, Colorado.
To learn more, visit www.flyreel.com.
MEDIA CONTACTS:
Jessi
Cimafonte
SSPR
719-239-3216
jcimafonte@sspr.com
Laurie Kuhn
Flyreel, Cofounder and COO
720-507-5058
laurie@flyreel.co
View original content with
multimedia:http://www.prnewswire.com/news-releases/microsoft-and-flyreel-accelerate-insurance-industry-access-to-groundbreaking-new-ai-powered-underwriting-solution-300599249.html
SOURCE Flyreel