OREANDA-NEWS. “Drones have changed the way we see the world. And with their increased accessibility and affordability, they are capable of changing the way in which insurance assesses risk, processes claims, optimizes manpower and reduces fraud,” writes John Burgin. Excerpts: 

“Commercial and personal-line insurers will likely be among the list of early adopters. For example, a property adjuster could gain more useful insights in less time by remotely guiding a drone to a location of interest. Or a handler might resolve a catastrophe claim faster and more effectively with a drone’s help.

While pending regulations, privacy concerns and robotic limitations could slow immediate adoption, once these obstacles are overcome, drones could have a significant commercial impact on the world, insurance included.

To that end, here are four realistic scenarios for employing drones in the insurance industry:

1. Improved claims efficiency and safety. Drones have the potential to significantly change property adjusting. Drones enable adjusters to carry less, stay safe and greatly improve evidence collection. 

2. Enhanced productivity of risk engineers. With the availability of drones, a generalist, rather than a specialist, can be sent to the field to assess risk. Drones not only reduce the demands of specialized workers, they also save time for all involved, eliminate the need for multiple site visits and significantly reduce the cost and turnaround time for completing risk-assessment reports. 

3. Heightened customer service. As drones increase the speed and efficacy of risk engineers and adjusters, they also compress the time it takes for claims to get paid, which improves customer satisfaction.

4. Reduced agricultural fraud. Drones can also be used effectively in crop insurance—not only to determine the actual cultivable land, but also during the claims process to understand the extent of loss and the actual yield.

As technology evolves, it becomes increasingly vital for insurers to adopt more innovative approaches to how they conduct business or risk losing opportunities to more future-focused competitors—something most carriers can ill afford during periods of sluggish growth. For many, drones promise to be the next disruptive technology, with the potential to reduce cost, fraud and turnaround dramatically, while boosting productivity. 

As the regulatory environment catches up with technology, insurance carriers must not overlook the market opportunities that drones facilitate across all lines of business.”