Munich Re has partnered with PrecisionHawk, a drone data platform, to leverage drones in the insurance claims process.
The companies have tested their relationship in the field already, following an earthquake last month in Ecuador. PrecisionHawk collected, processed and analyzed drone imagery and delivered to Munich Re, which helped the insurer assess the extent of damages and respond to claims. The insurer is planning to contract more teams in North America and Latin America for further deployments.
PrecisionHawk's service team uses a fleet of drones, including its proprietary Lancaster 5, to collect aerial imagery at disaster sites over 45-minute flights. Its data platform, DataMapper, analyzes and manages that data.
"The cooperation with PrecisionHawk will speed up loss assessment and estimation of losses in the aftermath of a natural disaster significantly," said Tobias Bttner, head of corporate claims forMunich Re. "Our clients will benefit not only from the high resolution of spatial data, but also from processing the data with algorithms. Combining these new algorithms and modeling methods with Munich Re's claim expertise will enhance and accelerate existing loss adjusting procedures for example by helping to deploy loss adjustment resources more efficiently. Innovative technologies will considerably improve the efficiency of claims management in the insurance industry in future".
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