Flyreel

Flyreel is an insurtech offering AI-assisted underwriting, claims and risk management solutions for property insurers.

Its conversational chatbot can guide policyholders through their own property inspections using the camera on their smartphone - using Flyreel's proprietary, AI-enhanced computer vision technology to automatically document property data, features, contents, and policy-worthy details. For insurers, this enables personalised self-inspections at scale, real-time data intelligence, and comprehensive baseline records of properties to inform decisions across the value chain.

The solution not only enables quick and transparent underwriting decisions but also lessens claim cycle times and expenses - presenting a completely scaleable, on-demand surveyor option which reduces dependency on human experts for simple inspections, offering cost efficiencies and improved customer experience.

In February 2018 Flyreel signed a deal with Microsoft to accelerate the startup's go-to-market strategy, receiving resources and expertise from the tech giant. A few months later, in September, Flyreel partnered with forensic investigation firm Donan, which enables Flyreel's AI to identify specific risks related to products and appliances as they are detected by Flyreel's computer vision.

In April 2019 Flyreel announced it had raised a $3.85m Seed round led by Gradient Ventures, with funding intended to help the startup service new and existing demand, whilst expanding its team and accelerating the development of its patent-pending technology.

Later that year, in October, State Auto Insurance integrated with Flyreel to provide AI-powered property inspections for its policy holders.

In July 2020 Flyreel partnered with QBE North America to offer AI-assisted home inspections for its customers.

Flyreel announced it had raised $10m in Series A funding in November 2020, which it will put towards expanding its product line and platform features. Investors included Guidewire Software and Google's AI-focused venture fund, Gradient Ventures. The company also revealed that it was now serving 15 major insurance providers.

In February 2021 Kingstone Insurance announced it had strategically partnered with Flyreel to offer contactless home inspections.

In November 2021 Flyreel revealed it had seen nearly a 200% increase in property assessments YoY, and that it had launched internationally by partnering with one of Canada's top 10 P&C carriers.

In June 2022 Flyreel was acquired by LexisNexis Risk Solutions, joining its insurance division.