UAV Uses and Applications in Property Insurance and Real Estate

Drones, Unmanned Aerial Vehicles (UAV), or Unmanned Aircraft System (UAS), this technology has taken over enterprise companies and commercial industries across the United States and the rest of the world. The small, remotely piloted aircrafts are capable of housing cameras, infrared technology, and so much more. 

The technology has rapidly advanced over the last few years. While a few years ago, you may have thought of them as a high-priced aerial camera, now they’re used for construction, farming, security, shipping and delivery, insurance, real estate, and even military purposes.

While each industry uses them a little differently, UAVs improve efficiency, increase safety, and reduce costs across the board. In many instances, drones have replaced human labor. This allows companies to increase efficiency and productivity, reduce work-related costs, improve accuracy, and resolve security issues. 

In the last few years drones have been used for purposes that include: 

• Shipping and delivery 

• Aerial photography

• Disaster management 

• Search and rescue operations

• Geographic mapping

• Crop monitoring 

• Safety inspections

• Weather tracking and forecasting 

• Law enforcement 

According to the FAA, there are 1,563,263 drones register in the United States. Of that number, 441,709 are used from commercial purposes. As the use of UAV technology increases across the United States and the rest of the world, regulations have been put in place to ensure safety of the pilot, bystanders, and property.

The commercial sector has seen rapid adoption and growth of drone technology. This is particularly true for industries such as property insurance and real estate. These industries have been using drones to capture aerial imagery, improve efficiency, and replace human labor to improve safety.

Property Insurance

Insurance companies have benefited significantly from the use and application of drone technology. In this space, drones are primarily used for the purposes of improving risk management through better data collection and improving efficiency to reduce operational costs. 

The use of  the technology has increased rapidly in the last few years making the insurance industries one of the leaders in the application of drone technology. This industry uses 17% of registered commercial drones.icle/2019/07/how-drones-are-disrupting-the-insurance-industry/13938  

Risk Assessment 

Drones allow insurance companies to save money by hiring a generalist to gather data on a risk before it is insured, aid in preventative maintenance, and assess damage after an event. This more efficient method allows the companies to improve efficiency and conduct property assessments faster than ever before. 

Claim Management 

Just drone technology speeds up risk assessment, these devices can also be used to assess damages quicker and more efficiently. Rather than having an insurance company visit a site multiple times, drones can capture imagery at all angles to allow for faster processing of claims.

Inspection After Natural Disasters 

After a natural disaster such as a hurricane or significant flooding it can take a long time for an insurance company to safely manually assess damages and process claims. With the help of drones, in a matter of minutes, an insurance company can survey the area, account for damages, and capture images that allow them to complete the inspection process in days rather than the months it could take to have a ground crew do the same job. 

Improve Employee Safety 

Inspecting a property for insurance purposes can be dangerous for employees. A job that requires inspecting a roof exposes employees to hazardous conditions and increases the risk of accidents. With a drone, the job can be done faster while reducing liability. 

Real Estate

The real estate industry uses drones more than almost any other industry. The use of aerial imagery and videography allows for more efficient and effective site inspection, marketing, and more. While the ability to capture aerial images has significantly improved marketing abilities, the data gathered is capable of so much more than that. 

The imagery and data gathered allows for better decision-making in the commercial space. Determining whether or not to purchase a property is simpler with the information obtained on traffic, transportation, nearby utilities, and more. 

Drone technology is primarily used to gather as much information as possible to help determine whether or not a site is right for the intended purpose. 

Traffic Monitoring 

Depending on the intended use of the property, analyzing traffic surrounding a commercial building or piece of land is key to making the right decision. The imagery captured by drone technology over time allows real estate companies to gather data on traffic patterns in the area. Using this information, they can determine whether or not the site is right for the business. 

Utility Mapping 

Before purchasing a piece of property, a commercial real estate company will need to determine whether or not the building or land will have access to electricity, water, sewer, and natural gas. This information can be obtained using drones and mapping technology. 

By gathering this overview and analyzing the data, a company can determine whether or not the site is right for their building, to verify zoning, and to identify any easements that may cause challenges in the future. 

Transportation Planning 

If a company is planning on purchasing a building or lot to build a mall, school, or office building, the ease of access to public transportation in the area can be a determining factor in their decision. Using drones, the company can obtain an aerial view of the area which allows them to see the locations of bus stops, train stations, and other information.

Asset Identification and Inventory 

Drones allow a real estate company to inspect and identify assets across an entire site in less time. By flying over the property and capturing imagery and videos, the company can easily create an inventory of any assets on the property. This allows the company to gather a more complete understanding of the property fast and efficiently. 

Marketing 

One of the most popular uses of drone technology in the real estate space is collecting images and videos for marketing purposes. Rather than capturing images of a building or piece of land from the ground, drones allow photographers to capture an aerial image of the entire property, a view of the top of the building, and other key angles that allow for better marketing. 

The use of drones in the insurance and real estate industries will continue to expand and develop over time. For now, drones have significantly disrupted both injuries creating new jobs, improving business operations, and reducing operational costs. 

The AUVSI anticipates that by 2025 the use of drone technology will result in the creation of more than 100,000 jobs and have an economic impact of $82 billion.