London, 18 June, 2019 – Flock, the London-based insurtech startup, unveiled today ‘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.
Flock Enterprise is the first product worldwide to offer real-time insurance for drone fleets. Several notable organisations are already using the solution including Flock’s flagship customer Texo DSI, a drone survey and inspection company who operate the world’s most dynamic, multi-million pound drone fleet.
Flock Enterprise is powered by Flock’s proprietary Risk Intelligence Engine, which analyses and prices real-time drone flight risks on an individual basis. High-risk drone flights (such as those undertaken in densely populated areas, or during bad weather) receive higher risk metrics, and therefore higher insurance prices. Safer flights (such as those undertaken in rural areas, or during optimal weather conditions) are met with lower prices. Individual flight prices are then seamlessly aggregated to calculate a monthly premium, which fairly reflects the actual usage and risk profile of a drone fleet in a given month.
Flock’s Risk Intelligence Engine
Unique to Flock’s innovative insurance model are the granular risk insights that are shared with customers. By using these insights, enterprises can proactively improve safety standards across their fleets and reduce their insurance premiums as a result.
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 reduce their policy price by an average of 15% as a result.
Thousands of pilots have used Flock’s Pay-as-you-fly mobile app to pinpoint where and when it is safest to fly.
In conjunction with the launch of Flock Enterprise, Flock has published a white paper detailing the use of real-time data in insurance and risk management. To access the white paper for free, visit Flock’s website.
Ed Leon Klinger, Flock CEO said: “At Flock, we believe that insurance can be so much more than a piece of paper. We’re using cutting edge data science to not only unlock fully digital, customer-centric insurance products, but to completely transform the way organisations understand, manage, and mitigate their own risks.”
He added: “Our Pay-as-you-fly insurance policies have now helped thousands of small businesses fly safer. With the launch of Flock Enterprise, we’re making our technology available to some of the largest drone companies in the world. We’re delighted to be enabling Texo and others to expand the use-cases of our technology and theirs.”
David Williams, Chief Operating Officer, Texo iHUB said: “We see Flock more as a partner than as an insurer. Rather than simply offering us a price, they actively help our pilots and risk managers identify and minimise the organisational risks we’re undertaking.”
He added: ‘We’re excited to work closely with them moving forward to really push the boundaries of what’s possible in the commercial drone industry.”