July 28, 2023

Elevating the Future of Claims Inspections with EagleView Assess™ Drone-Powered Technology

Drone Technology for Property Claim

The future of the insurance industry is stacked with both growth opportunities and challenges. The Business Research Company1 found that the global insurance market grew at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2023, and it’s expected to grow at a CAGR of 7.4% through 2027—reaching $8603.8 billion. Yet, reports show2 that rebuilding and replacement costs surged 55% between 2019 and 2022, and the industry is facing a retirement cliff3 in which 50% of its current workforce will retire by 2036. These rising costs, a pending labor shortage, and overarching issues such as safety risks and climate change threaten to deflate this growth balloon if insurers can’t find ways to stay competitive.

Fortunately, technology offers a compelling solution.. Embracing digital modernization has already benefited the insurance companies that have started such a journey. According to ACORD’s 2022 Insurance Digital Maturity Study4 of the world’s 200 largest insurance carriers, fewer than 25% “have truly digitized the value chain” yet those “that embrace digitization to create new, technology-enabled operating models throughout the organization significantly outperformed others in the industry.” 

Drone-powered technology specifically is a great boon for insurance companies as they rethink how they do business. It allows insurers to streamline claims workflows with fewer staff, improve property inspection accuracy, and ensure safer working conditions for adjusters. Below we illustrate why EagleView Assess™ is the drone-powered technology of choice for insurers aiming to modernize operations.

Injecting Efficiency Into Claims Workflows

The labor imbalance set to take effect over the next decade has been dubbed “The Great Retirement,” and it will leave insurance carriers with half the staff in a market struggling to attract new talent. Research5 has found that less than 4% of people born between 1981 and 1997 would consider working in insurance. This reality means insurers will have to find ways to do more with less, which is where drone-powered technology comes in.

EagleView Assess enables insurance adjusters to complete property inspections faster and with fewer staff members. The technology allows adjusters to conduct highly accurate property inspections from the safety of the ground—eliminating the time required to traverse potentially hazardous roofs. By more efficiently conducting assessments, adjusters streamline workflows and pass that efficiency off to insurance carriers who are in turn able to resolve up to 1.5x more claims per day—giving them a competitive edge in the face of a talent shortage.

Increasing Claims Accuracy

As the Baby Boomers of insurance retire, their decades-long knowledge and skill sets go with them. Insurance companies will have to wrestle with knowledge gaps, and as aforementioned statistics show, they’ll be looking at scarce talent to fill those gaps. This problem opens the door for more human error in claims processing—potentially making claims more expensive than they should be and resulting in claims leakages.

Drone-based technology like Assess allows claims adjusters to capture ultra high-resolution images to create digital roof reproductions with the highest accuracy. With AI-analyzed imagery, property data, and damage detection, insurers maximize claim accuracy and can make fair, defensible claims decisions. The level of precision delivered by Assess enables insurers to avoid conducting secondary inspections and/or overpaying for claims. They also avoid losing “tribal knowledge”—or personally-stored information individual employees might have that they take with them when they retire—because Assess allows them to streamline claims processing workflows with automation.

Improving Safety for Claims Adjusters

Roof inspections are the most dangerous part of a claim adjuster’s job. The U.S. Bureau of Labor Statistics6 found that roofing contracting is one of the top three fatal occupations in the country. Even though they don’t have to do the work of a contractor, claims adjusters have to physically mount, cross, and scan roofs all the same. Damaged, flawed, or deteriorating roofs introduce potentially fatal risks—which adjusters can avoid through drone-powered technology.

By delivering the power to accurately inspect roofs from the ground, Assess keeps adjusters safe without sacrificing quality, reliability, or precision. Digital roof reproductions derived from ultra high-resolution imagery make for easy analysis after drone-based inspections. Avoid the liability and danger associated with climbing ladders, traversing heavy pitches, and more through the drone-powered capabilities of EagleView Assess

Embrace the New Future of Property Inspections with EagleView Assess

Insurance companies that are leveraging advanced technologies like Assess are already seeing competitive improvements to their operations and bottom lines. Insurers that lag in their adoption of drone-based technology will fall behind into weakened market positions as they rely on a dwindling workforce to conduct assessments with the same speed and accuracy as technology. Now is the time to embrace drone-powered solutions to set your insurance company up for success in years to come. Learn more about EagleView Assess for insurance and how to leverage it for growth today and in the future.

Sources:

  1. https://www.thebusinessresearchcompany.com/report/insurance-global-market-report 
  2. https://www.cnn.com/2023/06/19/business/homeowners-insurance-more-expensive-climate/index.html 
  3. https://www.uschamber.com/workforce/education/the-america-works-report-industry-perspectives 
  4. https://www.prnewswire.com/news-releases/acords-2022-insurance-digital-maturity-study-of-top-global-insurance-carriers-finds-that-fewer-than-25-have-truly-digitized-the-value-chain-301568358.html 
  5. https://www.insurancebusinessmag.com/ca/news/breaking-news/report-reveals-truth-about-how-many-millennials-want-to-work-in-insurance-227021.aspx 
  6. https://www.roofingcontractor.com/articles/96461-roofing-deaths-decrease-in-2020-but-is-one-of-top-3-deadliest-occupations 

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