Blog

blog image
9th Dec

Insurance Companies Continue to Embrace Drone Technology…But we have so much more to offer!

Posted in General Interest, InformationTagged in , , , ,

The insurance industry is continuing to embrace drone technology, but commercial drone operators such as Iprosurv still have so much more to offer our clients and continue to assist and educate our clients on the  benefits of drones, including better safety, efficiency, faster turnaround time, and reduced costs. Goldman Sachs estimates the global drone industry to reach $100 billion by 2020. Given that insurers today are struggling with an increasing amount of damage from natural disasters and fraud, plenty of insurance companies are aspiring to be data-driven organizations. PwC reported that drone technology could help the insurance industry save as much as 6.8 billion USD annually. 

Insurance companies are already turning to commercial drone companies. Drones can play a part in all the stages of the insurance lifecycle, especially claims management and fraud prevention. Drone powered solutions also help with real-time insights, risk monitoring, and assessment, as well as improving customer experience during claims and surge events.

Risk Assessment

Drones can be used to gather data before a risk is insured, to help in preventative maintenance, and to assess damage after an event. They also allow insurers to engage a generalist, rather than a specialist, to perform field assessments and obtain high-quality visuals. The insurer can achieve significant cost savings through improved efficiency, generating the ROI for investing in drones. Insurers are increasingly using drones for property assessments. Used in the Risk environment drones can help policy holder and insurer formulate a maintenance program over the term of the policy or prior to insurance inception.

Accelerate Claim Management

Insurance companies can assess damage quicker and more efficiently with drone operations by eliminating the need for multiple site visits. For example, a drone can help a claims adjuster process three houses in an hour, whereas without one, an adjuster could process only about three houses in a day (Farmers Insurance). Drones can increase inspection efficiency by up to 85%.

Data Touch Points

When a claim occurs, it can involve multiple stakeholders, Loss Adjusters, Insurers, Forensics, Structural Engineers, Emergency Services, Local Authorities each one requiring instant visual data to make key decisions in the progression of the claim or incident, large amounts of data can be obtained by the use of drone technology, but the use cases don’t stop there, through the use of advanced analytics and software’s stakeholders can receive the data in multiple use formats from basic photogrammetry, 3D modelling, BIMM models. Each stakeholder may use the same data set in a different way dependent on the information they require.

Fraud Reduction

Drones can particularly play a significant role while settling agricultural insurances, as they assess the actual yield and cultivable land. A drone can gather data on 500 to 1,000 acres in less than a day, thereby reducing the time it takes to settle claims- from days to hours. Using drones, Drones have been able to survey three times as many acres as an adjuster on foot and efficiently account for all of a customer’s crop damage.

Improving Customer Experience During Catastrophes

Inclement weather and challenging to reach locations, make it cumbersome for insurers to reach, which eventually results in delay and failure to resolve a large number of claims in a given time. Storms and floods make up large percentage of insured losses. As seen in the aftermath of Hurricane Irma, 300 high-rise buildings were inspected by GFA Generali insurance using drones. The process took just ten days, whereas a ground crew of the same size would have taken several months.

Employee Safety

When appraising property claims, claim adjusters typically encounter hazardous situations. Drone-mapping is a safer inspection method. Companies like Iprosurv are making drone roof inspection more efficient and safer by reducing their exposure to accidents and hazardous conditions. With the implementation of Iprosurvs Major Loss package insurers, loss adjusters, forensics, structural engineers and local authorities to name but a few can have access to vital data to asses interim payments and scope of works all this can be done without attending the initial site visit when the structure is deemed unsafe to enter or the site is under a strict health and safety cordon due to the possibility of collapse or injury to personel.

Bespoke Online Portal.

 Utilizing state of the art software and technology we are able to deliver large amounts of data in user friendly interfaces. With the addition of Iprosurv bespoke portal we are able to deliver large amounts of data in a safe compliant environment with multiple stakeholders. The system is setup to be an end to end system for our clients with multiple touchpoints built in.

If you would like to know more about Iprosurv please do not hesitate to get in touch with us by visiting our website at www.iprosurv.com.

Back