Lorenz Technology has confirmed its work with Flock to create a fully flexible insurance policy for its fleet.
The partnership will allow Lorenz Technology to align insurance costs with activity while gathering insights on how to further improve safety standards.
Currently operating across Denmark, UK, Germany, and Belgium, Lorenz Technology makes intelligent drone solutions for industrial ports and the security industry.
The company has developed a patent-pending embedded platform that allows off-the-shelf drones to harness artificial intelligence-powered autonomy and intelligence.
The companies explained that what makes the work with Flock particularly unique is that the company’s AI technology has been classified as a pilot.
This means as the edge-computer gains more in-flight experience and learns how to increase safety standards, the cost of insuring the system will reduce.
Anders Olsen, COO of Lorenz Technology said: “Flock is the perfect insurance partner. Lorenz Technology needed a flexible policy where the price is based on our actual exposure to risk during our flights. This allows us to align our costs with our commercial activity.
“This data-driven approach to insurance is helping support the growing enterprise drone market where pilots, drones and activities change rapidly. Working with Flock our insurance costs are determined based on everything from pilot experience to weather conditions and population density.”
Adding: “With the Lorenz AI-Link® now classified as a pilot, we’re continuously accumulating flight hours which will not only benefit us in the form of lower risk and lower insurance fees but it will benefit any of our new and existing customers that choose to work with Flock as their insurance provider.”
While Sam Golden, head of sales and marketing at Flock, explained: “The work Lorenz is doing to lower the barriers to entry for any industrial facility or port looking to use drones is incredibly impressive. The combination of artificial intelligence, edge-computing and unmanned aerial systems is unlike anything I’ve seen before.
“Lorenz AI-Link may be the world’s first fully insured robot pilot but one day this technology will be everywhere. It will transform how we live, work and play. We look forward to supporting the team at Lorenz Technology for many years to come as they continue on their mission to make all drones fly autonomously.”