How Drones and AI Are Redefining InsurtechHow Drones and AI Are Redefining Insurtech https://www.lovelandinnovations.com/wp-content/uploads/2019/04/4.15.19_drones-AI-insurance_r1.jpg 1024 576 Casey Morgan Casey Morgan https://www.lovelandinnovations.com/wp-content/uploads/2018/04/casey-head.jpg
Even in the wake of major North American catastrophes – hurricanes, wildfires, and earthquakes – insureds report high levels of claim satisfaction with some carriers. How can carriers continue to produce excellent customer satisfaction ratings given the enterprise-wide stressors of massive property damage claims? The secret weapon might just be A.I. and drone technologies.
Today’s forward-thinking carriers are embracing today’s technological advances. The results? Improved efficiency, lower operating costs, and skyrocketing levels of customer satisfaction – even during a catastrophe.
Loveland Innovations is on the cutting edge of drone and A.I. based carrier solutions with its patented IMGING inspection platform that encompasses hardware, software, and training. We provide custom fit claim and inspection solutions that boost customer experience and strengthen the carrier bottom line.
How Carriers Use Drone and A.I. Technology
From a carrier standpoint, A.I. and drone technology presents an opportunity to redefine claims operations. Some carriers use drones to complete roof inspections without ever having to climb onto the roof. Other insurance carriers report reduced re-inspection instances because of highly detailed imagery and 3D modeling. In all cases, adjusters shorten claim lifecycle times tremendously.
While carriers can take several approaches to harness the benefits of A.I. and drone-based inspections, one of the most impactful and accessible methods is a hybrid approach that reimagines desk adjusting models.
A New Approach to Desk Adjusting Claims
Carriers can select from three A.I. and drone-based solutions. Our most comprehensive allows carrier to completely outsource the property claim. Loveland Innovations handles the entire process – delivering a fully adjusted claim to the carrier.
Another approach involves a carrier training and equipping their team of field adjusters to complete drone inspections using Loveland’s IMGING platform.
The third option – which is immediately accessible for carriers – involves a hybrid approach. We pair our IMGING inspection platform and expertise with your team of desk adjusters.
A hybrid approach allows carriers to keep adjusters in house and focused on adjusting, while we handle the time and resource consuming inspection process.
What IMGING Delivers to a Desk Adjuster
A drone assist desk adjusting model works in three simple steps:
- Carriers notify us of the inspection location
- We send a drone pilot to the site to gather information and imagery through the IMGING platform
- A desk adjuster accesses the data by logging into the IMGING application and settles the claim
Although the solution is simple, the data is deep. IMGING reports are highly customizable and contain detailed data including high-resolution photos, measurements, 3D models of property locations, and an image gallery. Adjusters are equipped with highly detailed and accurate inspection data so they can create proper settlements with ease.
How IMGING Increases Efficiency
With a Drone Assist desk adjusting model, carriers are more efficient. A.I. and drone technology can shorten the average claim lifecycle from 10-14 days to 3-5 days, and adjusters spend less time in the field and more time adjusting. Here are a few ways our carriers are redefining their claims process with IMGING:
- One carrier has settled 71 percent of reported roof damage claims without getting on the roof
- The IMGING platform reduced roof inspection time from 45 minutes to 10 minutes per inspection
- Desk adjusters receive more consistent and higher quality data when compared to data gathered by traditional field adjusters
Accessing Drone and A.I. Based Solutions
Modern insurance carriers have an unprecedented opportunity to streamline their claims operations. By embracing drone and A.I. solutions, carriers can increase efficiency, deliver five-star customer experience and decrease operating and loss adjustment expenses.
With Loveland Innovations’ IMGING inspection platform, carriers can have safe and consistent roof inspections in just minutes. Request a demo today to learn how we can help revolutionize your desk adjusting model.
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Casey Morgan is the Creative Director at Loveland Innovations. He finds compelling ways to tell stories through words, video, and other digital media. He’s a U of U graduate and taco fanatic whose love for tech marketing is rivaled only by his love for the great outdoors.All stories by: Casey Morgan