On Thursday of last week I attended the Xchanging London Market Conference, an event of which HFG was a sponsor.
Throughout the day, a subject which kept arising was how effective the use of drones would be to the claims market?
Personally, I think it offers both the insurer and the insured a better opportunity to pay, or be paid more promptly. It could be argued there are downsides to using the drones to determine the value of loss such as being too reliant on technology but on the whole I think it is something that will benefit the industry and the insured significantly.
Currently drones are being used to determine residential property loss, however the plan is to use it in determining aviation loses as well as a long term plan for drones to help in determining commercial loss.
Earlier this month, The Travelers Companies, Inc., announced that it would be using drones to assist in assessing damage resulting from Hurricane Matthew. The insurer deployed a team of newly trained drone operators to inspect residential and commercial property damage in the five states impacted by the hurricane.