Whether you are aware or not, drones have changed the way we see the world. And with their increased availability and affordability, they’re capable of changing how insurance assesses risk, processes claims, optimises manpower and reduces fraud.
Although drones, otherwise referred to as unmanned aircraft, have been used for military purposes since the beginning of aerospace, the technology has only recently captured the imagination of wider audiences due to their greater affordability and ease of use. When you add a GoPro or similar wide-angle camera, the hand-operated, GPS-guided planes today serve a variety of purposes from offering “eyes and ears” to help FIFA monitor World Cup soccer security, to delivering consumers a bird’s eye view of their physical environment. Meanwhile, they keep servicemen out of harm’s way in hostile places throughout the globe.
Around the globe people have found many uses for drones, but what about in the insurance industry you ask?
Imagine this scenario…
After a catastrophe hits, mobile units filled with adjusters are on site to evaluate property damage. Flash forward five years and an insured may never meet the property adjuster handling his or her claim. Instead, a drone is sent to evaluate damage within hours of it occurring. Claims are closed at breakneck speed as adjusters handle a much higher volume. Insurers see fewer workers’ compensation claims as adjusters remain safely ensconced in their cubicles.
While this scenario may seem too futuristic to imagine, according to industry experts it’s a very real possibility that insurers will be using drones in many ways within a few years.
With drone technology, literally the sky is the limit.
In fact, insurance companies are always looking for ways to improve their service and better their insurance product offering. One of the ways they do this is by investigating new, innovative technology to ensure timely, accurate and reliable assessment of claims.
Insurance companies have recently used a drone to help them assess the severity of a sinkhole as well as the damage to the surrounding properties. The site engineer was also able to use the drone footage to establish fault lines and to determine an action plan to stabilise the respective buildings.
Although this was a once-off exercise, insurance companies are continuing to investigate the feasibility of using drone technology in claims assessment going forward.
In the case of a sinkhole claim, drones would typically enable insurance companies to put together aerial photo links to monitor the extent of the damage over a period. It will also prove especially useful in cases where a third party delayed the stabilisation of the sinkhole. Technology like this would therefore allow insurance companies to have accurate and reliable data in a timely fashion.
Another area where drone technology would prove useful is in cases where commercial buildings are too high to access or where the structure covers a large area, drones would be especially useful in providing a cost-effective and safe alternative to sending out assessors or surveyors to assess the damage.
In addition, drone technology would enable insurance companies to conduct aerial surveys and identify possible issues which would be difficult to identify by only sending out assessors or surveyors.
Why is this good news for you?