Like the construction industry, the insurance sector quickly adopted drone technology early on due to its ability to effectively and rapidly capture high-quality data. In addition, the increased safety benefits often outweigh the limited risks associated with using drones to scale and optimize your insurance operations.
Like the construction industry, the insurance sector quickly adopted drone technology early on due to its ability to effectively and rapidly capture high-quality data. In addition, the increased safety benefits often outweigh the limited risks associated with using drones to scale and optimize your insurance operations.
Risk mitigation and reducing operational costs are two key points of interest of insurance companies. With drones, providers can reduce the risk to their employees and company while also cutting their expenses.
According to a Kenneth Research Report, the global demand for drones in the insurance industry will be valued at $3.57 billion by 2025. With this valuation, drone technology will continue to play a transformative role in the insurance industry.
Traditional methods for conducting insurance inspections are dangerous, timely, and expensive. Using drones for these applications solves all three of the issues mentioned above. For example, an insurance adjuster would have to climb on a roof and take pictures for a storm damage claim before drones.
Not only is this dangerous, but it requires more equipment like a camera and a vehicle capable of carrying a ladder and other safety equipment. In contrast, a drone can be deployed and collect high-resolution images within minutes without ever leaving the ground.
Of course, the roof example is only one of many inspection types where drones increase safety, claim processing, and reduce operational costs. As drone technology advances, indoor drones are becoming more popular for intense insurance inspections of critical infrastructure and buildings. The versatility of drones is becoming widely apparent, and the possibilities for insurance applications are only the beginning.
Insurance fraud continues to be an issue and amounts to significant losses for insurance companies across the board. Drones can be used to validate the alleged damage when a customer submits a claim. Attempting to confirm these claims can be challenging, especially if it involves a large plot of land, like a farm.
Farmers typically have insurance for their crops in the event of natural disasters or other factors that could lead to a significant loss of their crop yield. A recent IBISWorld report revealed that the market size for agricultural insurance increased by 6.7% in 2021. With continued growth, insurance companies will need to innovate their processes to increase claim efficiency while also reducing the risk of fraud.
Deploying drones equipped with agricultural sensors will allow insurance companies to have accurate real-time data to validate and issue the correct claim payout. Again, this is only one specific example of how drones can be used to prevent fraudulent claims.
Insurance work can be tedious, primarily if drones are not utilized to collect the information needed to process a claim. Returning to the roof example, it may take a claims adjuster hours to gather images for a storm damage claim. Setting up a ladder and safety equipment and loading it all backup wastes time. A drone can be deployed and capture real-time imagery within minutes.
The sooner the insurance company has the images, the faster the assessment is made for the claim to be accepted or denied. Quick turnaround time is imperative for the company and the customer who wants their issue resolved quickly. A drone's safety and effectiveness also allow more data to be collected and also reduce the number of people that are needed to get this information.
If you are interested in utilizing drones to help grow your insurance operations, you may be curious about the next steps. Here at DRONEADAIR, we help connect you to the best-certified drone pilots to help you capture the data you will need to help you grow and scale your business.
Our new Enterprise platform (Coming Soon) allows you to automatically assign missions to pilots inside your organization or send mission requests to our Pro Pilots, and we will match your project with the perfect pilot for your specific needs.
Other Features Include:
We hope you found this list of the top insurance drone applications to be helpful! If you would like to learn about other drone applications, check out our drone industry pages below.
