3D Technology is Finally Making an Impact on the Insurance Industry
3D technology is no longer emerging. The technology has already been in the mainstream for over a decade, and many industries have adopted the use of 3D data capture and printing, from real estate to aerospace.
But the insurance industry has been less eager to change. Despite much talk of the potential benefits of using the new technology, 3D scanning and printing have not yet made the impact on insurance as previously thought.
All that is about to change, thanks in part to the 3D capture platform Matterport. Kimberly Dumas, the company’s global director of insurance, recently spoke with Insurance Journal’s “Insuring Cyber” podcast to explain how Matterport is using 3D scanning to improve claims investigation and damage restoration.
Learn more about the company, 3D technology, and the potential impact it could have on your car insurance below.
The use of 3D technology in the insurance industry is expanding | Twenty20
Who is Matterport?
Matterport is the world leader in 3D capture technology and data. In only 10 short years, the company has found its way into at least seven different industries, from retail to architecture.
Dumas said that the insurance industry is often reluctant to change, but that the global pandemic forced companies to rethink how they document claims.
“Adjusters weren’t allowed to get on planes,” she said. “They weren’t allowed to come inside. Homeowners were standing inside of the property going, ‘Which one’s worse? Do I let somebody in, or do I go to a hotel or do I just sit in water or sit in a smoke-filled house?’”
The problem gave Matterport an opening into the industry. In partnership with a number of insurance companies and organizations, it offered an accurate, easy, mobile way to document damages.
Two of Matterport’s products are used by the insurance industry. Its 3D walkthrough technology helps adjusters with assessing damage and handling claims, while its Mobile Capture app allows users to accurately capture space and create models. The result is a faster and more reliable way to make and assess insurance claims.
Other ways 3D technology could impact insurance
3D technology has the power to make life more convenient, but it can also cause new problems and leave you vulnerable in ways that were previously unimaginable.
In the same episode of “Insuring Cyber,” Insurance Journal talked to Ron Berg, executive director of Big ‘I’ Agents Council for Technology, who spoke of 3D printing’s potential impact on the insurance industry.
“There are so many potential benefits introduced through 3D printing,” he said, “but specifically from an insurer standpoint, there are definite concerns as the risks continue to evolve.”
Berg pointed out the risk hackers might pose if insurers, engineers, and automakers begin repairing vehicles, structures, machinery using 3D printed replacement parts.
“Imagine if you’re driving a car at highway speed and a part failed because a tiny defect was introduced on purpose that was almost untraceable,” he told Insurance Journal.
Berg’s hypothetical scenario illustrates one of many potential risks insurers will have to take into account as more industries adopt the new technology.
How to make sure your insurance covers you for the unexpected
Technology moves fast, and your insurance policies need to move along with it. Making sure all your bases are covered can be a stressful ordeal. Luckily, Jerry is here to help.
Jerry contacts your insurance company to get the details of your current coverage so you don’t have to scale a mountain of questions. You get all the best prices and coverage with none of the hassle.