Drones and the Future of Insurance Related Activities
Overview
Drones present a considerable opportunity to streamline and innovate within the insurance sector, offering benefits like enhanced assessment accuracy, increased efficiency, and reduced costs. Specific statistics of interest include an expected increase of drone market size from USD 22.5 billion in 2020 to USD 42.8 billion by 2025, a projected 10% potential savings on claim adjustment expenses across the insurance industry, and an estimated improvement in underwriting accuracy by 40-60% due to drone usage.
The Role of Drones in Insurances
The insurance industry is set to leverage drones heavily in the future, offering benefits that extend to customers, insurers, and wider stakeholders. The global drone market is projected to grow at a compound annual growth rate of 13.8% from USD 22.5 billion in 2020 to USD 42.8 billion by 2025, and insurance is a key sector driving this growth. The use of drones enables insurers to quickly and safely gather high-quality data, allowing for detailed risk assessments and potentially reducing claims processing times.
Reduction in Costs and Enhanced Efficiency
The implementation of drones in claim processing and risk assessment can lead to significant cost reductions and efficiency improvements. A Goldman Sachs report estimates that the use of drones in insurance could lead to potential savings of 10% on claim adjustment expenses, amounting to approximately $6.8 billion globally. Additionally, PwC predicts that aerial drone imagery and analytics could reduce the time taken for building inspections alone by up to 50%, significantly enhancing the efficiency of assessment and verification processes.
Improved Assessment Accuracy
With drones, insurers can improve the quality and accuracy of risk and claim assessments. PwC suggests that drone usage could enhance underwriting accuracy by 40-60%, helping insurers make more precise decisions and reducing overall risk. Additionally, Allianz reported that 61% of risk managers use drone-collected data in their day-to-day operations to assess and manage risks more effectively.
Key Takeaways
- The global drone market, significantly driven by the insurance sector, is projected to grow at a CAGR of 13.8% from USD 22.5 billion in 2020 to USD 42.8 billion by 2025.
- Drones can potentially save 10% on claim adjustment expenses across the insurance industry, approximately $6.8 billion globally.
- The use of drone technology in insurance domain can enhance underwriting accuracy by 40-60%, making risk assessment more precise and robust.
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