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How Carriers are Finding Cost Efficiencies by Digitizing Insurance Claims

The latest numbers speak for themselves: the insurance industry can save over $6.7 billion every year by simply digitizing the claims process through the use of commercial drones. Just look around.  Chalk, ladders and analog processes are disappearing from the landscape.  Instead, more and more companies are letting drone-based technology solutions from companies such as Loveland Innovations streamline the entire property and casualty claims process, dramatically lowering costs and improving the customer’s experience.

For example, using Loveland Innovations IMGING solution, insurance companies can gather aerial imagery of a damaged home or business in about 12 minutes. They can create 3D models and produce custom reports on the spot. The real kicker: an inspector doesn’t even have to be there.  The company offers a remote service that will inspect the property and gather the imagery for them.

In the old days, and by that we mean just a few years ago, it would take an inspector days just to process three claims.  Now, they can do it in an hour.  And the technology isn’t just fast, it’s good.  One carrier has said their adjusters agree with IMGING’s damage detection 93% of the time, while another carrier has stated they settle 71% of those claims without getting on a roof.  The safety benefits alone are impossible to ignore.

It’s also very 2022.  Today’s homeowners want a slick, easy to understand process. This kind of cutting-edge drone technology combined with detailed aerial imagery – that can be shared on the spot – delivers on that.  It also means inspectors have all the information they need to make rock-solid decisions instantly, speeding up the entire process for policyholders and increasing customer satisfaction.

With this kind of innovation happening, there’s a good chance that the $6.7 billion savings is an understatement.  Only they haven’t made a drone that can measure the drastic improvement in productivity, the lower LAE, and the increased customer satisfaction – yet.

 

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