“Pay-as-you-fly” drone insurance? Yup, there is an app for that. Allianz Global Corporate & Specialty, the corporate insurance carrier of Allianz, announced that it has partnered with a London-based start-up Flock to develop digital insurance solutions for drones. Allianz and Flock are set to launch a mobile app later this year for the U.K. market that enables operators to purchase ‘pay-as-you-fly’ drone insurance at the touch of a button.
“Pay as you fly” drone insurance and Geospatial data
Globally, the market for commercial applications of drones is set to reach $127 billion by 2020 (PwC report), automating a lot of work that is currently being carried out by humans. As drones take over my skies, safety becomes a priority with drone insurances playing a pivotal role in protecting drone operators and the public from the risks of drone flight.
The interesting aspect of this story is how Flock computes the risk factor for a drone flight using real-time, location-based data. Flock’s algorithms utilize weather data, nearby buildings, local flight restrictions, details regarding your drone and your profile to evaluate your risk factor and provide you with the “pay-as-you-fly” drone insurance that is underwritten by Allianz.
Flock is also one of the members of the Geovation program in the U.K. that is supported by Ordnance Survey.
It’s going to be interesting to see how the drone insurance market shapes up and what role geospatial analysis will play in migitating potential risks of drone flights. Flock with its data-driven approach to drone insurance definitely has an amazing journey in front of it 🙂