Right before we sent last week’s newsletter, the FAA released its long-awaited Part 107 regulation for commercial use of drones weighing less than 55 pounds.
No longer is an independent spotter required for every flight, and drone-specific courses will suffice for pilots.
The new regulation affords a significant opportunity for insurers. Travelers, which currently has a small fleet of a half-dozen drones weighing between four and five pounds, said that a year from now, it expects to have “several hundred drones in use by claims adjusters.”
And despite a long Section 333 exemption process formerly in place for their use of drones, 70% of the Fortune 500 P&C carriers undertook the process so they could start using drones right away.
Today, we have a great guest post by David Pitman (@edavepitman), co-founder of Converge, a drone-flying software startup based in the Bay Area. David describes how efficiency gains of drone inspections could lead to entirely new practices that can help insurers with calculating premiums and risk mitigation. Check out the guest post.