CASE STUDY FROM GeoX
Equally , recently , Farmers Insurance partnered with Boston Dynamics to use the company ’ s robot dog to venture into areas considered unsafe for human beings . The device is armed with 350 degree cameras that capture imagery and vital data .
Attar believes that so far , the industry has only explored the tip of the iceberg in terms of just how much technology can enhance the underwriting process .
“ Drone footage is an important way to gather information about properties , and these technologies are growing more agile and intelligent all the time . After a disaster has happened , assessors from public bodies or private firms shouldn ' t have to risk their safety to assess a property ’ s damage when technology is available to remotely ( and more accurately ) evaluate the property for claims purposes .”
However , ironing out practical issues will further extend the use cases . Attar says drone technology will have to improve in its ability to capture imagery of large areas , adding longer battery life and improved flight safety , especially over populated cities , so flight regulation in the future will allow long flight plans without eyesight from pilots .
“ Currently the main aerial capturing method for covering complete metropolitans and cities is by using manned aircrafts or satellites , while drones are used for small and on-demand aerial coverage due to their limitations . This is why the majority of imagery used by GeoX is aerial imagery captured by fixed-wing aircrafts , which fly in low altitudes and provide high resolution images with wide geographical coverage .”
Risk assessment in emerging markets In areas where technology is not fully embedded , the difficulty in assessing insurance risk is amplified . Companies face
CASE STUDY FROM GeoX
The COVID-19 pandemic brought to light a severe need for remote technology in the risk assessment space . For example , after the 2020 Mississippi Easter Sunday earthquake , disaster management teams could not safely access sites to assess the damage while adhering to the critical social distancing measures in place at the time .
GeoX worked with FEMA in this period , using AI analytics to facilitate fast damage detection from aerial imagery . This enabled the quick allocation of resources for disaster management teams , re-building projects , and claims organisations . Putting this into the context of COVID-19 , aerial imagery collection and a remotely operated AI product was really the only safe way to go about this kind of management , something FEMA recognised .
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