The ROI of Drone Technology
In just one event, that sweet spot becomes a sore spot rather quickly.
So the search is on for ways to decrease costs that can help shore up the profit margin in the tough times. And typically, the adjusting department isn’t the first place insurers look when considering where to find those cost reductions.
Yet if insurers are willing to adopt new methods by which the adjusting team does its job, there’s plenty of savings to be had. In fact, our research has shown that customers who adopt automated drone technology for their adjuster team can see a 60% reduction in claim costs.
If you are curious about how much you can save, use our simple and free Savings Calculator to find out how end-to-end industrial drone solutions can drastically reduce your loss adjustment expenses and slash claim cycle times. Answer a few questions and get a customized savings number in under five minutes.
Consider the areas in which your adjusters incur expenses just in the course of doing their jobs:
Roof Dimensional Analysis Reports
Every roof claim requires a report, and your adjusters are simply too busy to write them. So you outsource each report. Each report costs between $20 and $85 to outsource. That adds up. One insurer purchasing 12,000 reports for two hailstone events paid close to $600,000. Annually, your company could be spending $5,000,000 for approximately 100,000 reports.
The Kespry Automated Drone System eliminates that cost. Kespry’s automated dimensional analysis of a roof is fast – usually within a few hours of the flight. The report includes more comprehensive data, and includes 2D and 3D mapping.
How long does it take one adjuster to inspect a property? When using the Kespry drone, your adjusters can gain 1.5 hours of time per claim. That means your team is more efficient and can handle up to three times more claims per week than without the Kespry technology.
What’s your adjuster’s time worth? If your team handles 50,000 claims annually, your potential cost reduction could be $1,730,769.
Ladder Assist Outsourcing
Consider that each time your adjuster needs a ladder for one job, it’s $150. Assuming 50,000 claims annually, your company could easily be spending $2,250,000 each year.
When you conduct a Kespry drone roof inspection in place of an adjuster, ladders aren’t needed. The Kespry drone captures the entire roof structure. With high-resolution photos and thousands of data points being automatically sent to the Kespry Cloud, your company never needs to send an adjuster up a ladder again.
Sadly, adjusters get injured on the job. Assuming just a 0.4535% injury rate among 18,000 adjusters, your company could well pay $4,082,400 annually for workers compensation benefits. However, worker fatality isn’t factored in. with a 3% fatality rate, your company may face an annual cost totaling $5,307,120.
By using the Kespry Drone System, you can virtually eliminate workers compensation payouts based on adjuster falls, and the cost of fatalities involving adjusters performing inspections can be greatly reduced or eliminated.
In total, using the Kespry Industrial Drone Platform for your adjuster team can save you $200-$400 per claim. Over a year, a large insurer could see savings that top $18 million, depending on the size of the operations.
Calculate how much you can save by adopting drone technology with our simple and free Savings Calculator. Answer a few questions and get a customized savings number in under five minutes.
Want to start seeing cost reductions? Contact us today.