We are living in a technological world that is forever evolving. Technology has paved the way for more practical and cost-effective processes, causing change in the Insurance Industry.
For a long time, the Insurance industry was using hundred year old processes compared to other industries. Now in 2019, Insurance companies are catching up and continue to learn and adapt to a fast changing consumer market.
WHAT IS A DRONE?
A drone is an unmanned aircraft, that can be manually controlled or through GPS software with integrated flight plans. The use of drones for risk mitigation is on the rise, and we are likely to see more organisations adopt AI technology to improve their products and services.
HERE ARE FOUR WAYS DRONES CAN BE USED IN INSURANCE:
Drones have been used to assess damages caused by natural disasters. Loss Adjusters are often restricted from visiting affected sites immediately after a catastrophe due to authority regulations. This is why Drones are such efficient tool, allowing loss adjusters to generate loss reports and process claims without risking the safety of human workers.
More and more farmers are using Crop Insurance to cover themselves from crop and livestock damages. Underwriters have been able to use drones to evaluate a large scale area in a short time frame, mitigating risk and providing a more accurate insurance policy and pricing for the customer.
Did you know that a drone can take over 350 high quality images in 20 minutes? What does this mean for assessors? It means that they can avoid the hazardous task of spending hours searching for water, fire and hail damage in roofs.
Assessing damages can often be a lengthy process which can often increase the chances of insurance fraud. Without taking away the need for quality and care, speed is extremely important to mitigate the risk of fraud and speed up the claims process for all parties.
5 benefits of Drones
- Less fraud
- More efficient claims process and quicker damage assessments
- Thousands of jobs to be created - Drone pilots
- Reduced injuries and fatalities for Loss Adjusters
- High volume of data
Are you interested in a career in insurance? Explore our What You Can Do section for career recommendations based on your personality and interests!