London-based insurance firm Flock has given industry insight on the trends it sees from its short term insurance offering.
The company, which launched in January, provides its short-term plans via a mobile app called Flock Cover.
In its eight month of operation, Flock has found that on average, Drone pilots compare around 15 different risk dependent quotes before signing up for a policy.
Flock analyses hyperlocal weather data and environmental variables when preparing a quote, alongside static information such as the drone pilot’s profile.
It then puts its data through a group of algorithms to calculate a flight risk metric in a matter of milliseconds to proportionally price a policy in line with the level of risk found.
Flock consequently found that pilots are using the information on flight metrics to fly safer and has seen a decrease of 4.5 on the average FLR.
The company is also seeing drone pilots being to plan in advance for their flight time more as well, and has noted that nearly 45% of all bookings on the app are now made in advance.
This progression in the insurance market has led to users saving on their policy with Flock. The company has recently announced that users are now saving around 15% on their insurance plans due pilots gaining more knowledge on how to reduce in-flight risk.
Flock is a government and VC-backed ‘insurtech’ startup which is hoping to expand and lead on data-driven risk intelligence and insurance technology for the drone industry.