In the current insurance market, it is becoming increasingly more difficult to stand out from the competition and it can be very tempting to fall into the trap of gimmicks. Whilst effective these are short-term solutions. Instead, why not investigate true innovation for your industry?
Innovation doesn’t need to be big and flashy. It doesn’t require ping pong tables and bean-bags in the staff relaxation room, or great offers for new clients. Instead, innovation can be as simple as finding out what would make your service more appealing to your customers (current and prospective) and then finding a means of delivering this requirement.
A common pain point with clients, for example, is their claims aren’t processed quickly enough, or there are delays due to difficult environmental or locational challenges.
Rather than completely overhauling your entire processes to address this issue, you can implement some innovative technology. Such technology could be the introduction of drones into your business assets.
Drones vary greatly in their application but essentially they are unmanned aerial vehicles (UAVs) that can be controlled by a pilot on the ground or remotely via a pre-programmed route.
So, how can drones be used effectively within the insurance industry?
Application of Drones
There are various ways a drone can improve your customer service, processing times and health and safety including:
Property and Damage Inspection - Drones can facilitate the inspection of property in dangerous or hard-to-access places, as well as following a natural disaster like a flood, wildfire or landslide.
Deploying a drone to carry out the assessment will speed up the claims process as well as be able to collect more accurate data for the underwriting policies than could be possible if carried out manually.
Using drones with sensors is also a much safer option for insurance company personnel in high-risk areas, meaning that insurers can proactively mitigate risks whilst at the same time processing claims.
Claims Processing - By using drones adjusters can collect aerial and detailed shots of properties which may not be otherwise possible allowing them to assess claims more accurately but also remotely. This potentially could extend the catchment area of your ideal clients as well.
Additionally, drone footage could also assist in investigating suspicious claims by providing visual evidence to verify the claim’s legitimacy.
Improved Customer Service - This can include quicker response time to claims but also by providing real-time updates about property inspections and claim assessments.
Considerations of Implementing Drones
If you are considering using drones to streamline your claims processes and improve customer service there are a few considerations.
Compliance - For security and safety reasons the use of drones in the UK is subject to strict regulations. Insurance companies must comply with these rules for safe and legal operations.
Data Privacy - Handling the data collected by drones must comply with data protection laws. Therefore ensuring the secure transfer and storage of sensitive information is crucial and processes will have to be created for use.
Initial Investment and Training - There is an outlay required for the equipment itself but also for staff training, as everyone using the drone needs to be licensed. However, this outlay will be recuperated through reduced operational costs and improved claims processing times.
Of course, introducing new technology into such a traditional industry can feel like a gamble.
Here at Camelot Marketplace we understand that and we are here to help.
How useful would it be to speak with people who have already implemented innovative ideas in insurance businesses?
What could you learn from their successes and more importantly their mistakes?
Our members are all C-suite level executives with years of experience within the insurance business and will be able to provide you with exactly the support you and your business need. For more information speak to a member of the team today.
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