Drones have gone from strictly military use to commonplace almost overnight. From hobbyists, to photographers and first responders, drones have become integral to myriad of markets across the United States. As it turns out, insurance is one of the industries that has been the most profoundly impacted by commonplace drone use. Let’s take a closer look at how drones are transforming the insurance world.
The insurance industry first dipped its toes into drone-infested waters about six years ago. The hope then was the same as it is now: to utilize drones to quickly and efficiently examine physical damage to process claims more quickly and more accurately. Unfortunately, as with most new technology, there have been a few bumps along the way.
Predictably, the cost of reliable drones has been a major limiting factor for a number of insurers. Some of the higher-end drones sport six-figure price tags. Fortunately, the average cost for drones have dropped year-over-year, making this technology more accessible for even a small insurance company.
The Federal Aviation Administration (FAA) has also been a major roadblock for the widespread utilization of drone technology. The sudden influx in airborne craft caused the agency to initially respond to drone use with a plethora of restrictive guidelines.
Essentially the agency was holding these tiny machines to the same standards as airplanes. That meant that drone operators were required to undergo extensive training, and log all of their flight plans with the FAA prior to takeoff. As drone use has become more commonplace, the FAA is beginning to loosen those restrictions, which is good news for companies that want to utilize drones in their day-to-day operations more often.
The Claims Journal wrote a succinct explanation of how exactly the insurance industry plans on utilizing drones in the future:
“When it comes to drones, the ideal outcome for their application is capturing the highest-precision, highest-quality imagery of damaged – and undamaged – property. The drone’s role here is only part one of the process. The next step is passing that data to an expert who can make a determination of whether and how that roof needs to be repaired or replaced, and how to do that in the fastest, best way possible.”
Drones will be able to quickly survey disaster areas, and provide those images in real-time back to an insurance expert who can examine the damage and pay out the appropriate claim. This utilization of drone technology will help insurers become more efficient and the average consumer to get their claim payouts in a much more timely manner. It’s a win-win and something we can expect to see more insurers adopt in the coming years.
Of course, you can only file a claim if you have the correct insurance policy in place! To learn more about your current policies, or to inquire about what new policy options are available to you, reach out to TGS Insurance at www.tgsinsurance.com.