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Do we now need to worry about insurance companies spying on us with drones?

By NexChange
FinTech

The fintech revolution in not just limited to software, algorithms, and online platforms. In insurance, firms are scrambling to get to grips with a different kind of gadgetry: drones.

CB Insights reports that a growing number of the largest U.S. property insurers are seeking to use the aerial hardware to conduct inspections for underwriting and claims adjusting.

AIG, Liberty Mutual, Allstate, and State Farm are among a bevy of firms who obtained Federal Aviation Administration (FAA) drone exemptions in 2015.

For those who value their privacy, such a revelation can sound alarming. The range of possible applications of this technology by insurance companies, after all, is broad.

The drones’ intended uses seem benign, for now. Farmer Insurance’s CEO Ron Guerrier, for example, said the company is evaluating how it can use drones to inspect brush clean-up in areas prone to wildfire. Allstate is testing drones to help with property claims after natural disasters.

We can also imagine insurance companies checking on whether you have really installed the fireproofing on your home or if you have stored a fire extinguisher where promised. Or perhaps they’ll just want to check that no one ever smokes in your home. The possibilities are a bit mind-numbing for those who fear big brother.

Photo: Don McCullough

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