Insurtech Flock raises £2.25m for drone cover
Flock, a London-based startup that wants to use of real-time data in insurance, has raised a£2.25 million seed funding round from a range of global investors.
Flock will use the money raised to launch its drone insurance platform internationally, as well as expand its London tech team.
Flock’s first product, Flock Cover, is a ‘pay-as-you-fly’ insurance application that allows drone pilots to insure their flights for as little as one hour from their smartphone.
The Flock Cover app aggregates real-time data, including hyperlocal weather conditions, population density, proximity to high-risk areas (such as airports), and more. Flock’s algorithms then analyse this data to quantify the risk of any given drone flight in a matter of milliseconds, the firm claims. Through a partnership with Allianz Flock Cover converts this quantified risk metric to price insurance premium, allowing pilots to purchase hourly insurance policies for their flights. Over 1,000 commercial drone pilots now use Flock Cover, which launched earlier this year in the UK.
Allianz Global Corporate & Specialty (AGCS), the corporate insurance carrier of Allianz, is working with Flock to develop digital insurance solutions for the growing drones or “unmanned aircraft systems” (UAS) market.
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