London insuretech startup Flock has launched Flock Enterprise, an insurance and risk management solution for organizations that uses data-driven insights to reduce premiums and improve risk visibility for fleet operations.
Flock’s enterprise insurance is powered by a proprietary Risk Intelligence Engine. The engine analyzes and prices drone flights in real-time on an individual basis.
High-risk drone flights, such as those in densely populated areas or during bad weather, are assigned higher risk metrics and higher insurance prices. Likewise safer flights – in rural areas or when the weather is conducive to flying – have cheaper coverage.
Individual flight prices are then aggregated to calculate a monthly cost, reflecting actual usage and risk profile to form a bespoke premium.
With so much variation between organizations in terms of drone flight risk and mission type, a more customized approach makes a lot of sense.
Insights shared with customers to reduce insurance premiums
One interesting aspect of Flock’s new enterprise service is the decision to share granular risk insights with customers. By using these insights, enterprises can heighten their improve safety standards while reducing insurance premiums.
Since the launch of Europe’s first pay-as-you-fly drone insurance product with Allianz, the startup has assessed and priced more than half a million drone flights. As a result, thousands of pilots have used the ability to visualize risk in the Flock app to reduce the risk of their flights and lower policy prices by an average of 15%.
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.”
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 [flagship client] Texo and others to expand the use-cases of our technology and theirs.”
David Williams, COO at Flock client 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.”
We’re excited to work closely with them moving forward to really push the boundaries of what’s possible in the commercial drone industry.”
Flock has published a white paper detailing the use of real-time data in insurance and risk management. You can read it for free, here.