Claims from severe weather such as hailstorms are increasing in frequency and severity, and insurers are taking measures to alleviate the challenges of processing those claims. Aerial data is a key tool that can help insurers reduce inspection times, fight fraud and improve catastrophe response.
A study from Verisk Insurance Solutions – Underwriting, titled "Property Hail Claims in the United States: 2000–2013," reveals U.S. insurers handled nearly 9 million hail loss claims valued at more than $54 billion between 2000-2013. About 70% of claims occurred in the final six years of the 14-year study, and the average cost per claim during those six years was 65% higher.
The increasing size and complexity of claims often lead to rising claims-handling costs and longer closing times. Aerial data is helping insurers achieve the seemingly conflicting goals of compiling detailed claim files while processing those claims quickly and effectively.
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