Our latest Spøtlight is on Cole Winans, Founder and CEO of Flyreel – find out more about the company’s computer vision technology, and get a sneak peek into their plans for 2021.
Hi Cole, can you tell us a bit about Flyreel?
Flyreel provides comprehensive interior and exterior data to property insurance carriers to improve underwriting, risk management, and claims outcomes. Our advanced AI assistant guides policyholders through fully configurable inspection and claims workflows using an industry-leading mobile experience and proprietary computer vision technology. As users scan their property with their smartphone camera, Flyreel’s computer vision technology automatically documents critical property data like hazards, risks, features, materials, and more. Flyreel customers are seeing an increase of more than $50 in net-premium written per property scanned, and Flyreel’s AI is identifying 40% more critical risks and hazards than alternative methods.
Can you go into more detail about the technology and use cases of your proprietary AI assistant and computer vision technology?
As users scan their property with their smartphone camera, Flyreel’s computer vision technology automatically documents critical property data like hazards, risks, features, materials, and more. Examples of this include the automatic identification of recalled circuit breakers in electrical panels, the identification of rust and corrosion on plumbing fixtures and hot water heaters, or, the presence and absence of wood burning stoves–– and so much more.
Flyreel recently raised a $10m Series A – congratulations! What are your plans for the new funding?
Flyreel will leverage proceeds from the Series A financing to continue serving its growing list of customers while expanding its product line and platform features to deliver further integration and automation across the insurance value chain.
What are some other highlights from the last 12-months?
Our customer base has grown from 6 insurance carriers to 17, and we’ve begun conducting thousands of fully automated property inspections each month –– while identifying critical risks and hazards in nearly 30% of all homes scanned, providing critically important information to protect policyholders and the things they care about most.
How has Covid-19 impacted Flyreel?
We’ve been in the fortunate position of being able to help insurance carriers during this time. Flyreel’s solution has supported a number of property insurers as they’ve accelerated their digitization strategies and business continuity plans, relying on our technology to acquire critical insights to continue writing new policies and processing renewals.
Can you share some of your plans for 2021? Any key targets or milestones?
Flyreel will launch its claims product in 2021, deploying our AI assistant in a way that guides policyholders through capturing a digital FNOL.
What’s your view on your market at the moment? What are the opportunities and threats that Covid-19 have presented to it?
We’re optimistic and believe that Covid-19 has accelerated much-needed digitization and innovation strategies for carriers, which will lead to improved customer experiences.
If you had to give one piece of advice for aspiring startups looking to disrupt the insurance industry, particularly at this time, what would it be?
Be patient – it will take longer than you expect, however, it’s extraordinarily rewarding!
Is there a startup within the insurance or wider financial services space you think should be one to watch in 2021?
We’re big fans of our sister companies — Young Alfred and Openly!