Drones and the future of claims adjusting

By EagleView. 

Drone-based technology can revolutionize the insurance industry by allowing claims adjusters to improve their data collection and efficiency.  

The global insurance market is growing with no sign of stopping. This continual growth places increasing pressure on insurance companies to meet the demand. Complicating this is the predicted “Great Retirement” in the industry. With only 25% of the current workforce under the age of 35, it is estimated that by 2036, 50% of the current industry workforce will be retiring. This “Great Retirement” is a big challenge for the insurance industry with experts anticipating that more than 400,000 positions will go unfilled after it.  

Many are struggling to plan for this challenge and questioning how the insurance industry can transform itself rapidly enough to fulfill the anticipated demands with even fewer people. One emerging option is utilizing technology to create more effective and efficient processes. At Eagleview, they have created a white paper to help illustrate the power of technology to make claims adjusting faster and safer. They explain why drone-based technology has the capacity to revolutionize the insurance industry.  

Why are insurance carriers turning to drone-based technology? 

The writing is on the wall: insurance companies that embrace digitization and create new technology-enabled operating models outperform others, according to research. Carriers have started to acknowledge that the only way to modernize is to digitally transform, and they are looking to drone-based technology and automation to do that. 

Drone-based technology delivers improved data collection — allowing insurance carriers to better manage claims — and it offers improved efficiency which reduces operational costs. As leading insurance companies have spent the better part of a decade exploring the use of drone-based technology, they’ve discovered its benefits and major carriers today rely on it to streamline workflows. 

This means they’ll expect claims adjusters to do the same. 

Why is drone-based technology the way forward for claims adjusters? 

Claims adjusters see several major benefits from embracing drone-based technology that allows them to complete inspections without having to physically inspect roofs. Primarily, they can use it to complete more comprehensive inspections with less staff — enabling them to match the growth of the market and demand from carriers even in the face of a talent shortage.  

Claims adjusters can also maximize claim accuracy through drone-based technology that provides AI-analyzed imagery and data — avoiding re-inspections and the costs associated. At the same time, they enjoy greater safety as they have no need to climb onto roofs, which always comes with safety risks.  

An added benefit of drone-based technology is its draw for younger talent. Insurance adjustment firms in particular will need to pull from a wider talent pool and find ways to attract staff as the market grows. Firms that embrace drone-based technology demonstrate a commitment to modernization through advanced solutions, and prospective adjusters will be attracted to opportunities at these firms as they discover they can complete high-quality inspections with greater accuracy and safety. 

Start modernizing your claims adjustment processes today 

Technology is the answer to the challenges that lie ahead for the insurance industry — especially for claims adjusters. With drone-based technology, adjusters and their firms can do more with less, realize cost efficiencies and improve safety to drive a competitive edge and attract talent as they need it. 

Savvy claims adjusters are taking a cue from insurance carriers that are already embracing drone-based technology and working it to their advantage. Get the in-depth details about how you can ready your claims adjustment business for the future in the white paper Modernizing Claims Adjusting With Drone-Based Technology. 

Original article source: EagleView