The response to recent natural disasters has brought drones into the limelight. But providing damage assessment is only one part of how drones - and the data they capture - are changing the insurance world. No doubt, providing the claims function with ready access to drone technology is important, but perhaps even more impactful is to move data capture forwards in existing processes and to make the data more useful. This is the kind of game-changing challenge that companies like Betterview are meeting.
On the underwriting side, imagine a roof quality score driven by assessments provided by drones, married to other important data sources like historical weather data and manned aircraft imagery. But the data has to come in a form that underwriters can understand.
On the claims side, it's assisting inspection companies and claims management firms by putting drones in their hands and then managing the entire workflow, from setting up flights, flying them (including managing the pilots), and analyzing the flight data.
Oliver Wyman caught up with David Tobias, Co-Founder and COO of Betterview at InsureTech Connect 2017, who shares a glimpse of how his company is putting drones and data to work.
For more from Oliver Wyman on the implications of drones and data, see our article "Preparing for the New Drone Data Wave" that first appeared in Harvard Business Review.