Major insurance companies have been utilizing drone technology to efficiently and safely collect quality data since 2015. This disruptive technology enables insurers to make better data driven analysis and decisions from the high-quality data that can be acquired from drone and sensor technologies. Major efficiencies have been realized from the ability to quickly deploy drones into disastrous or hazardous environments that are unsafe or inaccessible to crew. This has not only benefited insurance industry with a potential $7billion savings per year, but more importantly the client during this stressful ordeal. Citing significant reduction in time from claim to estimate in "as little as 4.5 days".
- Reduce Risk & Exposure to crew: traditional methods may require inspectors to navigate hazardous environments that create risks such as falling.
- Overall Efficiency: drones can passively collect valuable data up to 85% faster than manual methods, this can equate to faster settlements. Allowing field adjusters to be more productive.
- Fraud reduction: fraud can cost the industry up to $32billion per year. Quick deployment of drones to assess & document disaster areas can counter fraudulent claims.
- Quality data: LiDAR and Photogrammetry sensors on drones can collect data and accurately recreate 3D environments for analysis. Furthermore, high-zoom and thermal imaging cameras can document from many perspectives that can aid in claims adjudication.
- Governmental regulations: while aviation regulations from Transport Canada and the FAA are still evolving to recognize the value of commercial drone operations. Visual Line-of-sight (VLOS) requirements, altitude and airspace requirements can limit drone deployment capabilities for insurance purposes. We do expect to see accomodations made for this industry in the near future with the advent of RPAs certifications already in play.
- Technology limitations: with any technology, innovations in aspects of safety and usability are made with time. Currently, the integration of sensors with drones primarily offer passive data which cannot yet replace the need for manual tasks such as removing debri to inspect for underlying damage. However, we do expect new technology integrations such as penetrating radar in the near future.
- Underwriting / Risk assessment: Up-to-date aerial data can help underwriters accurately and efficiently assess risk and justify premiums.
- Active monitoring: Governments and insurance companies can deploy drones into areas to monitor situations with minimal risk to humans.
- Inspections: safely and efficiency.
- Claims adjudication: accurate documentation.
- Fraud prevention: timely documentation.
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