The insurance industry is set to be one of the earliest adopters of drones because of the numerous benefits it offers, including better safety, efficiency, faster turnaround time, and reduced costs. Goldman Sachs estimates the global drone industry to reach $100 billion by 2020. Given that insurers today are struggling with an increasing amount of damage from natural disasters and fraud, plenty of insurance companies are aspiring to be data-driven organizations. PwC reported that drone technology could help the insurance industry save as much as 6.8 billion USD annually.
Insurance companies already employ 17% of all commercial drones. Drones can play a part in all the stages of the insurance lifecycle, especially claims management and fraud prevention. Drone powered solutions also help with real-time insights, risk monitoring, and assessment, as well as improving customer experience during catastrophes.