Drones have changed the way we see the world. From military applications to mining, drone technology has cut costs and sped up operational decisions in many industries. But what about the insurance industry? They are capable of changing how insurance assesses risk, processes claims, optimizes manpower and reduces fraud.
Drones have the potential to significantly change property adjusting. Instead of climbing scaffoldings and ladders to assess rooflines, ice dams and chimneys or renting scissor lifts and boom trucks to determine the cause and extent of fire damage, claims adjusters can deploy a drone to analyse hazardous situations without sacrificing sure footing or disturbing the scene. It works just like Sensefly’s eXom.
With the availability of drones, a generalist, rather than a specialist, can be sent to the field to assess risk. The generalist can easily navigate the drone through the property to capture videos and photos while using recorded voice dictations to note what they see. All this creates more accurate and timely reports, without wasting a risk engineer’s time traveling from one location to another.
As drones increase the speed and efficacy of risk engineers and adjusters, they also compress the time it takes for claims to get paid, which improves customer satisfaction. This is especially true of catastrophe claims, 40% of which involve hurricanes and tropical storms. In most scenarios, catastrophe adjusters encounter damaged or blocked roads, fallen trees, broken power lines and other safety hazards while evaluating losses. With the help of CAT models and CAT vans, carriers have been able to examine affected areas within hours of a disaster.
Drones can also be used effectively in crop insurance—not only to determine the actual cultivable land, but also during the claims process to understand the extent of loss and the actual yield. Although few carriers offer it, crop insurance is the single largest source of financial protection for farmers.
As technology evolves, it’s increasingly vital for insurers to adopt more innovative approaches to how they conduct business because there are smarter ways of conducting business, they just have to adapt to them.
To find out the other ways that drones can speed up operational time, contact us.
With thanks to: Cognizant