30,000 Drones Flying in 5 Years

Drones & Insurance.

According to the Federal Aviation Administration (FAA), an estimated 30,000 drones could be in the sky in the U.S. by 2020. This number includes both commercial and civil drones being used. Aside from getting your amazon purchase to you  faster, what are these drones going to be used for?

“Businesses have set their sights on new applications for drones that could speed product delivery, monitor crops or capture claims data among dozens of others uses,” said Gerry Finley, senior vice president, Casualty Underwriting, Munich Reinsurance America.

Insurance carriers is one industry that has already begun testing for commercial use. This could be very useful for insurers in 3 key areas; Before, During, After

Before Insuring – Gathering Risk Information

If an insurer is interested in offering coverage in an area they don’t currently, they could use drones for gathering risk information. This could be expanding into different commercial risks or even expanding into different territories in the state or country.

While Insuring – Risk Management

Carriers spend millions and millions of dollars a year doing inspections on properties after they write the business. Drones would offer a major cost reduction for these property inspections. Especially when you take into account paying a person for the time and the gas to drive all over the state and country to take pictures of the said risks.

After a claim – Claim Inspection

Drones being involved in claim inspections would offer the same cost reduction benefits. Instead of sending a claims adjuster to drive a few hours for one inspection, the drone would be able to do this at a lower cost. The drone would be able to take the same pictures and video the claims adjuster was going there to take.

With all of this said, there would still need to be human interaction between the insured and the insurer. However, it would make things much more cost effective and efficient for the insurer.

Does that mean these cost savings could be passed onto us, their insured’s?