Allianz Global Corporate & Specialty SE (AGCS), our corporate insurance carrier, has worked with InsurTech start-up Flock to develop digital insurance solutions for the growing drone or ‘Unmanned Aircraft Systems’ (UAS) market. The partnership’s first product, just launched, is an app (for Android and iOS devices) that lets operators purchase ‘pay-as-you-fly’ drone insurance at the touch of a button.
Flock has partnered with world-leading data providers to aggregate real-time data relevant to drone flight risk, like drone data, operator profiles, environmental data, and hyperlocal weather conditions. Flock combines real-time location based data (such as nearby schools, airports, NOTAMS (a notice to airmen), and more), as well as pilot information and drone details, to intelligently price insurance premiums for commercial and recreational pilots. Insuring a drone while it’s flying is an increasingly pressing concern because drone numbers continue to soar, which could lead to more accidents.