DENVER, Dec. 15, 2021 /PRNewswire-PRWeb/ -- Today, Flyreel, the leading AI solution that provides Total Property Understanding™ to property insurers, is revealing new insights from a subset of its 2021 data.
65% of American homes were built before 1989, according to data from the American Community Survey. As these homes age, their loss potential increases with maintenance on roofs, electrical systems, and plumbing systems often deferred. There is a rising need for current data on aging homes as insurance underwriting and risk management teams work tirelessly each year to source and manage risk while improving loss ratios.
In recognition of this need, Flyreel has performed an extensive review of its 2021 dataset to reveal valuable insights about property exteriors and interiors to inform areas of focus for underwriting organizations leading into 2022. As a result of this review, Flyreel has identified that nearly 55% of homeowners' renewal policies inspected revealed two or more critical risks or hazards that, depending on an insurance provider's position, could impact eligibility and/or premium. Of new policies inspected in 2021, Flyreel has revealed that 54% had two or more critical risks or hazards.
The types of critical risks and hazards analyzed in this study included but were not limited to roof damage such as lifting or curling shingles, electrical hazards such as exposed wiring or recalled circuit breakers, exterior property condition issues such as wood rot or damaged siding, as well as hazardous types of plumbing that frequently lead to non-weather related water-loss.
"In reviewing this data, we'd hope to see renewal policies outperforming new policies in terms of their risk profile. Instead, these two categories are nearly identical," said Cole Winans, CEO of Flyreel. "This reveals two important points. First, the efficacy of historical inspection methods appears limited to the extent it is not having a material downstream effect on the risk of active policies at the time of renewal. Second, as a result of the former, insurance providers stand to gain considerable value by surfacing dormant premium and risk management opportunities through the use of interior and exterior self-inspections across their renewal book."
Additional research shows renewal inspections are done infrequently, on average every three to five years, with many insured properties having never been inspected at all. By overlooking renewals, insurance carriers may also be overlooking inaccuracies in terms of pricing and coverage, as well as opportunities to reduce losses and protect their customers through proactive risk management.
Flyreel's platform delivers a seamless digital experience for smartphone users to easily capture data about interior and exterior spaces to expedite property assessments. By providing more precise and up-to-date property information, Flyreel helps to reduce costs, while improving outcomes for providers and their users. For more information about Flyreel, visit https://www.flyreel.co/.
About Flyreel
Flyreel is the leading AI solution that provides Total Property Understanding™ to property insurers, real estate companies, and beyond. By combining the most comprehensive data capture solution into a seamless, intuitive mobile experience, Flyreel delivers a next-generation digital experience for smartphone users that collects valuable property intel about interior and exterior spaces. Flyreel provides more accurate and up-to-date property information without requiring "boots on the ground" to accelerate cycle times, reduce costs and deliver an exceptional customer experience. For more information, visit https://www.flyreel.co/.
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SOURCE Flyreel
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