Annual Meetings-Emerging Trends Drones, driverless, vehicles, and cyber threats & property insurance - Jim Loveland, Founder & CEO, Loveland Innovations

Emerging Trends Drones, driverless, vehicles, and cyber threats & property insurance - Jim Loveland, Founder & CEO, Loveland Innovations

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Jim Loveland, Founder & CEO of Loveland Innovations, presented about the current state and future outlook of drone/UAS utilization in the insurance industry. The FAA estimates significant growth in hobbyist and commercial drone registrations, with 13 million drones and 420,000 commercial UAS expected by 2020 and 2021 respectively. Drone adoption is driven by easing regulations, advancing technology, increasing value, and real industry needs. Part 107 regulations allow commercial drone operations with some restrictions, such as maintaining visual line of sight and daylight flights. Future trends include operations over crowds and beyond visual line of sight becoming more common, with automation of airspace management. The technology scorecard shows improvements in flight control, navigation, endurance, and sensors. Drone value is expected to increase with exotic sensors becoming common and costs reducing. Various applications such as crop monitoring, accident investigations, and security monitoring showcase the versatility of drones in the insurance sector. The industry faces a crucial time of rapid adoption due to the alignment of regulation, technology advancement, cost-effectiveness, and industry demands. Loveland Innovations emphasizes the importance of not falling behind in this transformative period for drone integration in insurance.

Asset Caption

Presented by : Jim Loveland, Founder & CEO, Loveland Innovations

Keywords

Jim Loveland

Loveland Innovations

drone/UAS utilization

insurance industry

FAA regulations

commercial drone registrations

Part 107 regulations

future trends

drone technology advancements

insurance sector applications