Insurance

Use of Drones in the Insurance Business

Insurance companies have been lagging far behind in some areas, considering how new digital technology has been transforming the financial industry. Much of this has been due to statutory and government requirements and business models that are far from up-to-date. Yet in some ways, insurance companies have quickly caught up with and employed state-of-the-art digital technology, especially the “Internet of Things.” By using advanced digital technology, insurers can both assess claims and reduce risks.

How Drones are Transforming the Insurance Industry

Drones now participate in all stages of the insurance life cycle. They are being used to gather data before a risk is insured. They do this by engaging actively in preventative maintenance. Drones also assess damage after an event. By using drones instead of a workforce, insurers not only save money, but also enjoy other benefits, such as:

• Images of a residential or commercial property to be insured can be obtained prior to providing coverage
• When there is a disaster, a drone can convey data about the extent of the damage long before the site is safe or accessible to human beings
• Safety is improved for claims assessors, and they can complete their work quicker inspecting a building with a drone
• The turnaround time on claims can be reduced significantly

An extra benefit of drone technology is in fact unique to insurers. Because insurers are in the business of risk, insuring drones opens a new line of business! While the application of drones to catastrophic situations by insurers is recent, the use of these devices and the data they provide is growing rapidly.

Drones employed in both insurance contracts and claims reduce costs and provide safety.

Let Prescott Drone Solutions show you how drones can revolutionize and help you grow your insurance business, contact us today!