By: William Forbes
When I saw this article on drones in The Motley Fool, I have to admit I was pretty excited. It spoke to the business owner in me and the gadget-lover, who will always geek out over the latest technology. Additionally, it's not very often that insurance is "cool," perhaps the tide is turning!
The article proposes that the insurance industry could find significant savings by using remote-controlled drones. It suggests that drones could help with reducing fraud, evaluating risks, and collecting data to reduce losses. It's an interesting idea, particularly the bit about data collection. If insurers had better ways of predicting exposures and losses, they could better tailor rates to individuals. That means the potential for lower rates for consumers. You can't argue with that.
I'm sure the industry will have to address privacy and security in regard to drone use. There are plenty of people who would have concerns about drones collecting footage of their property at any time. But, another possible benefit, use of drones could potentially speed up the claims process for customers. Rather than waiting on an adjuster to drive out and survey the damage, agents could start collecting information on the claim immediately with a drone.
It'll be interesting to watch this industry trend develop.
Here is the full link to the article: http://www.fool.com/investing/2016/09/22/3-ways-drones-will-change-the-insurance-industry.aspx