How Inspection Technology is Changing the Way Property Inspections Are Being Completed

How Inspection Technology is Changing the Way Property Inspections Are Being Completed
There’s no question that technology is impacting the way that today’s property inspections are being completed. Some of these new advancements in inspection technology allow insurance carriers to more accurately underwrite risk. However, it’s important that underwriters don’t overestimate the capability of this new technology as that creates the opportunity for errors to be made.
Here are 3 major ways that advancements in inspection technology is changing the way that property inspections are being completed:

1. Drone Technology
One way that we can expect inspection technology to advance in 2017 is through the use of drones to assist with property inspections. Some insurance carriers are already testing how drone technology can improve the accuracy of property inspections. Drones are able to capture images of areas that inspectors would not otherwise have access to, therefore helping underwriters to more accurately assess risk. With the new leniency in FAA drone regulations, we will see more businesses, particularly those in the property and casualty insurance industry, embrace drone technology in the coming year.

However, despite all of the excitement surrounding the use of drones to complete property inspections, it’s important to keep in mind that having an inspector physically evaluate the property is still the most accurate way to assess risk. For instance, a drone is not able to get up-close-and-personal with property damage and perform critical tests such as determining how flexible the shingles on a roof are.

2. Virtual Property Inspections
Another key way that inspection technology is advancing is through the use of virtual imagery via satellites to inspect a property’s condition. In some cases, interior imagery is also available to help underwriters assess risk. Using this imagery can eliminate the need for insurance carriers to invest the time in money in having property inspections completed. However, nothing can replace the value that having an inspector walk the property can provide. This is why inspecting properties through virtual imagery will be reserved for low-risk properties.

3. Mobile Inspection Technology
Many of today’s property inspectors are using mobile technology to increase efficiency and deliver better service. Using mobile software to more accurately complete property inspections can also allow inspectors to live stream video at the scene of the property. Mobile inspection technology allows insurance carriers to better assess risk and improve the speed that claims are processed.

At Insurance Risk Services, we’ve been partnering with carriers in the property and casualty insurance industry for more than 35 years. When choosing Insurance Risk Services as your partner you can rest assured we change and adjust with the times. We take pride in reviewing, testing and implementing technology in order to continue providing the most accurate underwriting reports in the industry so that our insurance carriers can best determine which risks are worth taking. While technology is impacting how property inspections are being completed, nothing can replace the value that an in-person property inspection can provide. Please contact us to learn how we can help you to make more informed underwriting decisions.