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British insurer Flock launches



Flock, a London-based start-up, unveiled Europe's first "pay-as-you-go" drone insurance solution.

"Flockcover" smartphone app can provide on-demand commercial insurance for British drone pilots. The company provides premiums from 5 pounds (7 US dollars) starting from the underwriting time of up to 8 hours of liability insurance.

In a statement releasing the app, Flock said the company's "Flockcover" app would take only a minute to build a profile and buy fully compatible hull and liability insurance.

The Flock insurance regulations are tailored for each pilot, allowing pilots to choose underwriting Time (1 hours to 8 hours) and the maximum liability coverage (from GBP 1 million to 8 million pounds), Flock explained.

Flock first announced a partnership with Aviation insurance company Allianz (Allianz) in July 2017 to underwrite flock insurance policies in the UK. Flock smartphone apps can be searched and installed in iOS and Android app stores.

Flock says its data-oriented approach to insurance reinforces its separation from traditional insurers.
For example, when a pilot chooses a radius of 500 meters (547 yards) Radius circle ("Flight area"), Flock's proprietary algorithm gathers and analyzes local data in the region, To quantify the risk of any given UAV flying in real time.

"This dynamic risk assessment produces a proportional pricing offer that is more valuable to users." The company points out that the premium is a competitive price that can replace the current fixed-rate annual policy offered by the UK market.

The flying industry is safer.

The Flockcoverapp application is also a flight safety tool for pilots.
Before takeoff, the pilots were clearly presented with real-time risks such as hyper-local weather conditions, nearby ground hazards and restricted aircraft space.

In addition, Flock provides a predictive risk analysis engine, which means pilots can see flight risk (and booking insurance) 10 days in advance.

Flock's chief executive, Edleonklinger, stressed the importance of the tool. The British government's forthcoming draft drone bill shows that the problem of drone safety is becoming increasingly prominent. Flock's first product--flockcoverapp--not only allows pilots to fly more safely, but also rewards low-risk flights, helping to reduce claims and make the industry safer.

In order to accommodate the rapidly growing number of commercial drones in the UK, flock recently expanded its services to provide "pay-as-you-go" insurance policies for "business operator training", Flock said, noting that more than 3,700 commercial operators are currently registered in the UK Civil Aviation Authority.
Soon, the company will launch a tailor-made insurance for amateur flight enthusiasts, starting with a premium of £ 3 (USD 4.16). Flock says it is working closely with partners, including Allianz (Allianz), as well as unmanned aircraft manufacturers, software companies and training schools to introduce smarter insurance policies for unmanned aircraft pilots across Europe.

Source:Ifeng     2018-03-17