Flock will support Sky Futures’ global expansion
Insurtech and specialist broker Flock has been appointed as Sky Futures’ drone insurance partner.
The move will support Sky-Futures’ global expansion plans as it scales up its drone insurance class.
It will tap Flock’s risk intelligence engine for insights to optimise its safety standards.
Sky-Futures is a drone inspection and service provider, it has conducted many large-scale projects across 33 countries, and it has plans to grow in 2021.
Ed Leon Klinger, chief executive at Flock said: “In an increasingly connected and autonomous world, it’s essential that insurance companies leverage the vast amounts of real-time data available to provide fair, accurate pricing for their customers.
“But we can go further - at Flock, we’re helping our customers understand their own exposure to complex risks, how this impacts their policy price, and how to reduce it over time.”
Flock is now working with insurers to also scale globally in a bid to become the “go to insurer” for the connected and autonomous world.
Safety is key
Over the last decade Sky-Futures has operated across several sectors including oil and gas, telecommunications, utilities, renewables, engineering, maritime and survey.
In May 2019 it was bought by private equity backed asset management firm ICR Integrity.
Chris Blackford, chief executive at Sky-Futures said: “Safety is key for Sky-Futures and our customers, and we needed an insurance partner that shared this focus in everything they do.
”Flock goes above and beyond, helping to drive safety standards across the drone industry and accelerating the adoption of emerging technology worldwide.
“As we’ve continued to expand globally, we needed to ensure that our insurance partner had the capability to keep up with our complex needs and rapid rate of growth.
“We are adding new drones, pilots, and locations to our policy almost every week, it was therefore important that we engaged a data-driven insurtech like Flock could keep up with our quickly changing requirements.”
Flock was established in 2016, it uses data generated by its risk intelligence engine to create in-depth risk profiles of every operator it insures.
It analyses real-time, third party and proprietary data to calculate risk on a per-flight basis to do this.
This provides customers with exposure-based insurance policies therefore improving safety. Flock’s chief executive is also chairman of UK Tech Nation’s insurtech board.