In relation to this topic, one big change that we see coming down the pipeline is the use of drones in property inspections. While nothing quite compares to the human eye being able to physically see a property, drones can help the property and casualty industry underwrite risk by going in areas where a property inspector simply can’t fit.
Many drone makers, including 3D Robotics, one of the early drone startup companies, have historically targeted the consumer market rather than marketing to businesses. However, consumer demand for drones has not taken off as anticipated, and many drone makers have realized that in order to succeed, they need to shift their focus to commercial users.
Given the new and relaxed FAA drone regulations, drone makers see a huge opportunity to target businesses. The aerial imaging that drones can offer will be particularly advantageous for the insurance industry in regards to increased transparency over a larger field of view. This should specifically show true within the farm and agriculture segment of the industry.
Falling Drone Prices Makes This Technology More Attainable
Something else that should be mentioned about drones is the falling price of this technology. Drones have been around for several years now, and with more drone makers entering the marketplace, the price of this technology is becoming more affordable.
As we head into 2017, it will be interesting to see how drone makers shift their marketing towards businesses, and more specifically, the property and casualty insurance industry. In an effort to stay ahead of the technology wave, we’ll likely see an increase in drone providers partnering with inspection companies to either test or use drones in property inspections in the coming year.
However, it should also be said that nothing can replace the value that a thorough property inspection completed by a human can provide. For over 35 years, our team of seasoned professionals at Insurance Risk Services have been partnering with property and casualty insurance carriers to provide them with the most accurate underwriting support via field inspections. We pride ourselves in using cutting-edge technology and software to best serve our clients’ needs.
If you’re interested in learning more about the role that drone technology could play in property inspections for the property and casualty insurance industry, please contact us at Insurance Risk Services. We’ve seen how the industry has evolved over the past four decades and therefore have a good gauge for what we can expect in the coming years.