Sompo International Holdings Ltd. announced in its statement that it has entered into a long-term partnership with Flock, a UK insurtech that provides data-driven insurance solutions to commercial drone operators.
The partnership looks to increase the availability of critical insurance for emerging use-cases in the commercial drone industry. These up-and-coming use-cases include drone cargo deliveries, flying taxi passenger flights, and drone swarm shows, the Bermuda-based specialty provider of property and casualty insurance and reinsurance says.
Through the partnership, Sompo’s aviation and aerospace insurance underwriting experience will be merged with Flock’s real-time risk algorithms which contribute to a new era of insurance built for an increasingly autonomous and connected world, the statement said.
Flock’s drone insurance products are utilized to cover thousands of pilots in the UK and Europe, and the organization is likewise investigating how its proprietary technology could be used to reinvent insurance for other specialty lines. Sompo will uphold Flock’s development methodology, and both companies will cooperate to improve accessibility to adaptable and transparent strategies, the statement said.
Mr. Ed Leon Klinger, CEO of Flock, commented, “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.”