Over 10 insurance firms received FAA drone approvals in 2015, including AIG, State Farm and Liberty Mutual.
Last year saw venture capital funding to drone startups rise to record highs. Meanwhile, a growing group of the largest US property insurers are looking to drones to help conduct inspections for underwriting and claims adjusting.
For example, new Farmer’s CIO Ron Guerrier recently commented that Farmer’s is evaluating how it can use drones to inspect brush clean-up in areas prone to wildfire. Allstate is similarly testing the use of drones to help with property claims after natural disasters such as hurricanes.
The testing and research of drones by insurers is evident in the boom of FAA drone exemptions going to insurers in 2015, including those going to firms such as AIG, Liberty Mutual, Allstate, and State Farm, the latter of which was approved for three exemptions. (Farmer’s has filed for an exemption but it has not yet been approved.)
Below is a roundup of notable drone exemptions granted by the FAA to insurance firms.
|Insurance Firm||Date||FAA Description|
|Acuity||Dec-15||Aerial data collection and video production in support of insurance activities|
|Pure Insurance||Dec-15||Aerial data collection in support of inspections for insurance underwriting and claims adjusting|
|State Farm||Nov-15||Outdoor research and development related to use of UAS for civil operations for insurance functions including using imagery and analytics in underwriting, re-underwriting, catastrophe response, roof inspection, claim resolutions settings, and aerial data collection|
|State Farm||Oct-15||Roof inspections|
|Nationwide||Oct-15||Aerial data collection|
|Travelers||Aug-15||Roof inspections, underwriting, risk assessment, risk control, accident reconstruction, and small UAS pilot training and development|
|AmFam||Jul-15||Aerial photography and videography and to conduct research and development on catastrophe response|
|USAA||Jul-15||Research & development; disaster and catastrophe events to assist members and communities|
|Liberty Mutual||Jun-15||Aerial photography for home and business roof inspection, and large structure/fire site inspection|
|Allstate||Jun-15||Aerial data collection|
|Erie Insurance||Apr-15||Research and development; surveys and inspections; risk assessment, risk management, loss prevention and underwriting|
|AIG||Apr-15||Research and development|
|State Farm||Feb-15||Aerial inspections, insurance|
Looking for insurance tech data? Sign up for the CB Insights Venture Capital Database free below.
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity