Drones and the Future of Insurance Carriers
Overview
Drones, also known as unmanned aircraft systems (UAS), are revolutionizing the insurance industry. This guide will provide an overview of their growing importance in underwriting, risk assessment, and claims management. Rapid advances in technology have made drones an invaluable asset for insurers, decreasing labor costs and processing times while increasing the accuracy and efficiency of assessments. In the U.S., 85% of insurance carriers use drones and this number is expected to continue to rise. Drone deployment has also led to significant time savings for insurance carriers, with roof inspection times reduced by as much as 75%.
Underwriting and Risk Assessment
Underwriting traditionally involves detailed property inspections to evaluate potential risks. Drones can, however, complete these inspections more quickly and accurately. Aerial images captured by drones provide more complete and detailed property profiles, and can better expose potential risks. Drones can easily access hard-to-reach areas, minimizing the need for multiple onsite visits and improving underwriters' ability to accurately assess risk. Markets and Markets research estimates that the drone insurance sector could be worth $1.4 billion by 2027.
Claims Management
Cost and efficiency savings are even granular in claims management. Traditionally, claim handlers would have to visit an insured property to assess a claim, often multiple times. With drone technology, an unmanned aircraft system can be dispatched to collect real-time data from the site of an incident. It is estimated that for every hour of flight time, drones are saving insurers an average of $300-$400 in labor costs. By obtaining accurate and detailed images, drones can also reduce fraudulent claims, which account for almost 10% of all claims costs.
Key Takeaways
- Drones are revolutionizing the way insurance carriers conduct business, leading to cost and time savings and greater accuracy in risk assessment and claims management.
- About 85% of U.S. insurance carriers now use drones.
- Drone use could reduce roof inspection times by an estimated 75%.
- The drone insurance sector is projected to be worth $1.4 billion by 2027.
- For every hour of flight time, drones could save insurers between $300 and $400 in labor costs.
- Drones can help combat fraud, which accounts for almost 10% of all claim costs.
3Laws Robotics
3Laws Robotics is developing innovative software to further amplify the benefits of drone usage in the insurance sector. Their main focus is on addressing the challenge of certification, considering this to be a major hurdle for many robotics companies. 3Laws’ software, 3Laws Supervisor, is designed to smoothen the certification process, easing potential friction. Built on Control Barrier Functions (CBFs), it is stated to offer mathematically provable safety.
3Laws technology applies across multiple domains:
- Enhancing Warehouse automation efficiency by up to 40%.
- Ensuring safe and continuous operation of drones near humans.
- Providing effective navigation for drones in unpredictable surroundings.
The software aims to improve operational efficiency by minimizing downtime and unnecessary e-stops. Also, it adapts easily to different drone platforms and is compatible with popular robotics middleware such as ROS and ROS2. By offering dynamic, predictive safety that is safety certified for ISO 3691-4 and ISO 26262 standards, 3Laws Robotics is positioned as a next-generation solution for safety and efficiency in the world of drones and insurance.