Sompo partners with insurtech Flock for commercial drone insurance
Bermuda-based specialty property and casualty re/insurer Sompo International has entered into a long-term partnership with UK insurtech Flock that provides data-driven insurance solutions to commercial drone operators.
The partnership will see Sompo provide capacity for Flock’s exposure-based drone insurance programme. It could be used to cover drone cargo deliveries, flying taxi passenger flights and drone swarm shows.
Sompo said it will support Flock’s future growth strategy while the two companies will work together to make it easier for complex projects to access fair, flexible and transparent policies.
Julian James, CEO of international insurance at Sompo International, said: “At this time of significant change across the business landscape, insurers, brokers and disruptors need to work together to develop innovative responses to a raft of emerging and evolving risks.
“Drones have multiple applications and are set to transform a range of industries from e-commerce to risk management and crisis response. The sheer breadth of applications means the global commercial drone market is expected to be worth in excess of $40 billion by 2025. Flock is a market leader in this sector with tremendous potential; it has a proven business model utilising a transferable and scalable technology that has already delivered unique products and an impressive growth story.”
Ed Leon Klinger, CEO of Flock, added: “By combining Flock’s data-driven approach to risk with Sompo International’s significant expertise and established global distribution networks, this partnership marks an important milestone in the evolution of drone insurance globally. Vehicles are increasingly connected, autonomous, and powered by real-time data. At Flock, we’re building insurance products to accommodate for this new world and so it was vital to partner with an underwriter that shares our ambitious vision.”
Andrew Metcalfe, Sompo International’s senior vice president, London Market Aerospace Insurance, said: “The increasing use of automation will be a key factor in the development of transportation in the future. Flock’s technology platform has the ability to deliver significant benefits, including the real-time use of data to provide insight into developing efficient operations and enhanced safety management systems, increasing the operational footprint of Unmanned Aerial Vehicles.”
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