Measure Australia is working with the insurance industry to help insurers decrease the two most significant industry threats; increasing fraud, and increasing damage from natural disasters. Measure Australia is doing this through risk monitoring, risk assessment and claims management (including fraud prevention).
While there is no one size fits all solution, risk monitoring is undertaken in areas exposed to natural disasters. Natural disasters Measure Australia can capture include bushfires, floods, droughts, volcanic eruptions or cyclones. By monitoring threatened regions, stakeholders can monitor the situation and alert residents if an emergency arises. This method can prevent casualties and significant structural damage; a beneficial outcome for not only insurance agencies but also for society itself.
Improved data collection from Measure Australia’s drone systems has beneficial impacts on assessing risk. Both due to more precise risk management but also because the level of data obtained is of high calibre and more efficiently compared between periods.
The information can be combined with data accumulated in more traditional ways for cross-sectional analysis, which can increase efficiency and scoring model precision. All of this leads to an improved calculation of insurance premiums which means costs to the customer are more tailored which can enhance overall customer satisfaction.
Insurance companies are actively looking for new methods to reduce such losses by detecting fraud before claims are paid.
Measure Australia’s data gathering process can be used to improve Insurance claims management by checking the initial state of a property and its condition after a reported incident. Drones can provide detailed, accurate data allowing for the creation of 3D models of infrastructure. 3D models can be used to assess possibly damaged areas faster, more cheaply and more precisely. Another benefit is to provide accurate documentation to mitigate the risk of fraud.
Measure Australia’s data has also seen an increase in customer satisfaction because of our ability to dispatch pilots nationally in very short time frames, which has the ability to speed up compensation.