A look at drone insurance
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Antton Peña, Founder of Flock, and we will be looking at the insurance of drones.
Antton starts by explaining what Flock do and how they became involved with the insurance of drones. When Amazon first started exploring the idea of drone deliveries Antton identified that potential risks involved with this would require a very bespoke type of insurance cover, something which at that time was not readily available. By tapping into third party data such as Google Maps and real time weather data the level of risk could be adapted, along with the premium.
Antton goes on to explain the uses of drones are far bigger than most people realise. They insure anything from small personal drones to 300 pound 4 metre long drones that are flying objects to oil rigs and construction projects or are rescuing people in the sea. Currently there are over 5,500 companies with licenses to fly drones commercially.
He then explains why drones can't just be insured as part of a business or home insurance policy, the short answer is the risk is vastly different and more volatile so the insurance solution needs to be flexible and tailored depending on the particular circumstances, for example location of travel, length and distance travelled, time of travel and weather conditions. Flock have 30-40 data points that get collected in real time and all these data points give an understanding of what's going on in relation to the factors mentioned above.
Antton goes on to explain that Flock have multiple packages insureds can choose, from pay as you fly hourly coverage, to more regular monthly and annual packages for the more commercially used drones.
Finally, Antton looks ahead to the future of the drone industry and what he expects to be the next big changes and developments.
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