Drones Are Changing the Way the Insurance Industry Works Leave a comment

Drones Are Changing the Way the Insurance Industry Works

The use of drones is not just a modern trend. Many industries are gradually implementing these tools to improve productivity. The insurance industry was the first to implement the use of drones. They understand a broad selection of benefits offered by these flying machines, including efficiency, faster turnaround time, safety and much more! Experts believe that by 2020, the global drone industry will reach $100 billion. Unfortunately, the number of natural disasters increase and the majority of insurance organizations want to be data-driven. That’s why they started implementing drone technology, which might help them save $7 billion every year.

Today, insurance companies use approximately 17% of commercial drones. UAVs are a must-have tool that helps experts monitor risks and enhance the customer experience when disasters happen. Let’s take a look at the main areas where drones can be used.

Risk Assessment

The key mission of UAVs is to gather information in order to assess damage after an event. Moreover, these devices help insurers conduct field assessments and get high-quality visuals. As a result, experts from this area can achieve much better results and save costs. It is more profitable for them to invest in drones than to gather information about the damages manually.

Improve Claim Management

Insurance companies can work faster and more effectively when they eliminate the need to visit the occurrence location. In this case, the best tool allowing them to do this is a drone. For instance, one drone can check three houses per hour, but an adjuster without a drone can check only three houses per day. Therefore the inspection efficiency will be improved.

Drone Can Help Reduce Fraud

It is safe to say that fraud comprises at least 10% of insurance losses. As a result, it may cost up to $32 billion per year. While settling agricultural insurances, drones are of vital importance. UAVs can easily gather data on 1,000 acres per day!

We can tell the same about the automotive industry. Insurers from this area lose up to $29 billion every year in premium leakage. But when they use drones equipped with location-based services, they can collect more precise data. As a result, experts from this niche can save time, funds and resources.

The Safety of Employees

It goes without saying that drone mapping is a safer method of inspection. Claim adjusters usually face a variety of unpleasant situations. When using drones, such companies can make roof inspections safer and more effective.

Better Customer Experience

During catastrophes, it is really hard to reach remote locations, especially when the weather is awful. For instance, during Hurricane Irma, all the buildings were inspected by GFA Generali insurance. The company used drones to inspect the area. This process took only ten days!

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