Hummingbird Technologies has revealed how it is working alongside Flock to align drone insurance costs while driving up safety standards.
This means that by partnering with Flock, Hummingbird insurance premiums for operations have directly matched the usage while managing to maintain that correct cover is in place.
As a company, Hummingbird Technologies is an AI business that provides advanced crop analytics to its customers by using proprietary Machine Learning algorithms applied to remote sensing captured imagery.
It hopes to use its expertise to allow customers to increase their yields, optimise chemical inputs, farm more sustainably and make earlier, more informed decisions.
Ben Smith, head of UK operations at Hummingbird Technologies, commented on how previous policies they have had in the past have been rigid and took a long time to change if the company bought a new drone or had a change of license for example.
However, giving insight into what Flock offer the firm, he says the way pricing fits in with flexibility is a perfect match for Hummingbird’s fast moving business model.
Smith explains: “When we first got Flock, I was surprised by the price. When it factored in the risk for our low-risk operations, the price that we pay on certain drone flights was very competitive.”
On the direct benefits to the business from the drone insurance, he continued: “It has meant that we can be a lot more flexible and allowed us to not worry too much about how much we are spending on drone insurance.
“So before, we would be really concerned when we were paying for super-high premiums for January and December when we would do just two or three flights a month because we would be paying the same as what we do when we do 200-300 flights per month in June or July.”
Flock, through its enterprise partnerships, works with a number of larger firms and in the last few years has earned experience in insuring large fleets.
In doing so, it offers a range of insurance products suitable for commercial drone operators, from individual pilots to the world’s largest fleets and can can issue insurance policies per flight, month or year .
To do so, it uses a proprietary risk intelligence algorithm to create custom ‘risk profiles’ for each of its enterprise customers.
It then uses these profiles to work with a panel of global underwriters to provide market-leading coverage tailored to its client’s needs.
As companies work with Flock over extended periods of time they receive tailored risk insights from Flock that help them further improve safety standards across their fleet.
Looking at this partnership more in-depth, Hendrik Knyphausen, Hummingbird Technologies’ vice president of operations, goes on to describe how the risks insights given are very useful to helping operations and therefore the business progress.
Knyphausen adds: “We are constantly trying to improve our flight operations so any data and analytics we can get on that is super-helpful for us.”
On this, Smith also contributed: “It is something that we don’t have much visibility on at the moment, because we don’t have a risk tracking software. We do our own risk assessments before every flight, but we don’t collate them to see how we can reduce our risk or how we can improve so this really opens our eyes to that.
“The partnership between Hummingbird and Flock has been a really great one. We are a really fast-paced, quick working company, and we needed a fast-paced, flexible insurer to cover us and we definitely get that through Flock,” he concluded.
CDP reported on Hummingbird’s take off following a £3m investment in 2018.
Read the full story on that here.