The emergence of drones has opened the floodgates for the insurance firms looking to streamline and automate various insurance processes.
FREMONT, CA: The introduction of Unmanned Aerial Systems (UAS) or drones is allowing commercial players to tap them effectively. One of the many industries where drones are set to have a huge impact is insurance. A growing number of insurers are using drones for improving their underwriting, claims, and risk assessment processes. Certainly, drones can deliver substantial benefits across the insurance value chain by enabling them to take the first move towards autonomous business. Below are some of the areas in insurance where drones play a crucial role.
Drones can offer property data and exposure information that enables insurance carriers to manage and underwrite the risks more efficiently and effectively. It can aid in the renewal of inspections, endorsements, or special request situations by allowing the validation of critical underwriting attributes. Rather than depending on approximation techniques, insurance underwriters can leverage precise information from the drone sensors and camera.
• Risk Mitigation
Drones can aid property and causality insurers to move from protection to prevention-based business models. Autonomous drones will significantly lower the time, expense, and effort it takes for carrying out routine inspections on properties, especially in situations such as natural disasters.
• Claims Management
Conducting aerial inspections using drones can significantly enhance accuracy and improve the productivity of adjusters. Drones can also improve costs and increase return on investment (ROI). Further, they can help carriers to access hard-to-reach geographies for damage evaluation and aid in the quicker settlement of claims. Drones can also deal with numerous cases within a geographic area in a short span, and eliminate expense and time associated with manual efforts.
Sources suggest that by the end of 2020, over 30,000 drones will be used for business-oriented purposes. In order to gear up for the journey ahead, insurers need to invest in the relevant technologies, and tailor strategies that support such investments.
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