Nicole Friedman

speaker

798 appearances 16 recordings 1 series first heard Aug 2017 last heard Dec 2024

Nicole Friedman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · That Drone Hovering Over Your Home? It's the Insurance Inspector · 7 Aug 2017 podcast

So that's not even the money they're paying to the customer, but just the back end costs of insurance. matched

employing adjusters and appraisers and all of those kinds of things. matched

And so if they can automate some of these activities, they can definitely save some of those costs. matched

And then also, the faster they can resolve claims, sometimes the cheaper it is to resolve these claims. matched

If there's water damage in a home, there's flooding, sometimes if you get that repaired right away, it costs less than if it takes a couple days to get it repaired and the damage is much worse. matched

Any drawbacks, though? matched

So there is some concern that the accuracy is not as good. matched

If somebody takes a photo and somebody else uses that photo to make an estimate, they might miss some significant damage to a car, to a home that a person could see with their own eyes. matched

And then, of course, in any situation with insurance, there's a lot of concern about fraud, which has been a problem in the current insurance system. matched

But then there's worries about new types of fraud that could occur with photos. matched

And if there would be a different opportunity for people to fraudulently report or inflate their claims. matched

Yeah, insurance is regulated by state, and so every state has its own rules. matched

But some states are really trying to get behind this, trying to speed up the process as customers are asking for. matched

So three states, Delaware, Pennsylvania, and Virginia, just changed the regulations in 2016 to allow these photo or video-based appraisals for car insurance. matched

But some states, Rhode Island and Massachusetts, still have restrictions because there still are some concerns, particularly from, you know, kind of auto repair shops about how accurate this system could be. matched

So on the home insurance side, there's a lot of innovation going on there, too, and primarily the use of drones is a big one that insurers are pretty excited about, that now if there's damage up on a roof, rather than having to send somebody with a ladder to climb up on the roof and inspect the damage, they're now sending out adjusters with drones, and the drones fly up and take pictures above the roof, and the person doesn't have to matched

climb up and risk any of their safety and it can be faster as well and in the future you know insurers are hoping to expand this to really use drones more widely in disaster situations if there's a hurricane or a big storm of some kind and there's a lot of damage in a region that makes it difficult for the insurance company to access the homes and see the buildings that they could send drones to survey the damage more quickly and not have to wait for roads to open matched

Thanks for having me. matched

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