On the 18 June this year, Flock, the London-based insurtech statup unveiled their "Flock Enterprise", a first-of-its-kind insurance and risk management solution for drone fleets. The product leverages real-time data to provide highly bespoke insurance policies for enterprises using drones. This data-driven approach transforms how organisations insure their connected drone fleets, offering greater visibility into flight risk and rewarding safer flights with cheaper insurance premiums.
For anyone not familiar with the drone industry it may be hard to appreciate just how revolutionary this is. Ensuring the effective and accurate risk assessment of drone flights is one of the key requirements in promoting the safe use of drones in construction - and the provision of risk-appropriate (and affordable) insurance is essential. What sounds like a straight forward thing to assess is actually remarkably difficult, with many different factors that need to be considered.
Flock has already demonstrated the financial and safety benefits of its risk analysis technology. After launching Europe’s first Pay-as-you-fly drone insurance product in conjunction with Allianz, Flock has analysed and priced the risk of more than 500,000 drone flights. By clearly visualising these risks in Flock’s app, thousands of drone pilots have been empowered to optimise towards lower-risk flights and to reduce their insurance costs accordingly.
Flock has gone a long way towards providing the means for cost effective risk assessment AND provided the incentive to reduce risk. It is exactly the kind of innovation this fledgling industry needs and the kind that COMIT is keen to promote.
You can read the full press release from Flock here. They have also published a white paper detailing the use of real-time data in insurance and risk management which you can download from their website.