It used to be that when someone called their insurance company with a minor claim about home damage or a fender-bender car accident, it would take days or even weeks to get a reimbursement check. Along the way, the insurance company would send an inspector to investigate and validate the damages.
Those days are over.
Some forty percent of car insurers no longer use employees to physically inspect damages before completing the claims process. Instead, insurance companies are turning to automation services to process their claims. Claims that once took two weeks to process now take just a couple of days to be completed.
More and more insurance companies are using drones to inspect property damage instead of an in-person visit. Companies such as Liberty Mutual and Travelers have begun using drones in full force while others such as State Farm and National Insurance have just begun to experiment with the technology.
A recent Wall Street Journal article shows two important reasons why this trend has proven beneficial for insurance professionals.
More speed equals greater profit. Through automation, and now drones, insurance companies are saving money. About 11 cents of every premium dollar in personal property-and-casualty insurance is spent on investigating and settling claims, according to S&P Global Market Intelligence.
More speed equals greater customer satisfaction. As companies have gotten faster at processing claims customer satisfaction has increased as well. The chart the Journal included on customer ratings is eye-popping.
The whole article is worth a read but our takeaway is that drones will continue to be an important part of the insurance industry.