Flock, a London-based insur-tech start-up, has announced it has launched one of the world’s first app-based ‘pay-as-you-fly’ drone insurance solutions on the app store.
The ‘Flock Cover’ smartphone app provides on-demand insurance for commercial drone pilots in the UK, with policies starting from just £5 for up to eight hours of liability and hull cover.
The company has confirmed that since launching into the iOS and Android app stores in December 2017, hundreds of drone pilots have flocked to the insurance app, and that number is growing on a daily basis.
Insurance policies are bespoke to each flight, as pilots customise their policy by selecting a cover duration (from one to eight hours) and public liability limit, ranging from £1 to £10m.
Flock recently partnered with global leading aviation insurer Allianz, who underwrite Flock’s insurance policies in the UK.
Flock’s proprietary algorithms then aggregate and analyse localised data within that area to quantify the risk of any given drone flight in real-time. This dynamic risk assessment generates a proportionally priced quote, which is immediately visible to the user. The result is a fully transparent and extremely competitively priced alternative to the UK market’s current offering of ‘flat-rate’ annual policies.
The Flock Cover app simultaneously functions as a flight safety tool for pilots. Real-time risks, such as hyper-local weather conditions, nearby ground hazards, and restricted airspaces are clearly displayed to the pilot before take-off.
In addition, Flock recently released its predictive risk analytics engine, meaning pilots can now see their risks and book insurance for any flight up to 10 days in advance.
Flock’s CEO, Ed Leon Klinger, said: “The Flock Cover app is the first of its kind anywhere in Europe. Since launching in December we now have well over 500 professional drone pilots using the app, and we couldn’t be happier with the amazing reception its received. Pilots are using the app to check for risks in their flight area, purchase short-term insurance policies for the duration of their flights, and schedule insurance for flights that they have planned in advance.
Ed added: “The implications of the Flock Cover app for the UK drone industry are massive. For the first time, purchasing fully customisable insurance is as easy as ordering an Uber. Gone are the days of inflexible (and expensive) annual policies. The product speaks for itself. And at £5 for up to 8 hours of fully compliant insurance, it’s really a no brainer for commercial pilots in the UK.”