Leslie Rippley, VP of Commercial and Agricultural Lines at AAIS, looks at ways drones and unmanned aircraft systems (UAS) are changing farm and agriculture business. She believes they will revolutionize the industry; particularly in functions previously done manually, or with the use of expensive, sometimes dangerous planes. Drones are ushering in “Precision Agriculture” where farmers use them to survey large properties, and collect data they can use to maximize yield and revenue.
Ms. Rippley says technology and data are “game-changing” for insurance carriers. Today’s’ underwriter uses data and analytics, in addition to traditional underwriting information, to determine trend and loss developments in particular accounts to provide technical pricing guidance. Ultimately, carriers are expecting to achieve a better underwriting result and profitable combined ratio as a result.
For more on the trends affecting the property-casualty insurance market, visit the AAIS website.