The insurtech will create a flexible insurance offering for the software firm’s AI-piloted drone fleet
Insurtech Flock has been selected as the connected insurance partner for software firm Lorenz Technology.
Flock will create a flexible insurance policy for Lorenz Technology’s drone fleet, which will allow the firm to align its insurance costs with flight activity as well as gather insights on how to further improve safety standards.
Sam Golden, head of sales and marketing at Flock, said: “The work Lorenz is doing to lower the barriers to entry for any industrial facility or port looking to use drones is incredibly impressive. The combination of artificial intelligence, edge-computing and unmanned aerial systems is unlike anything I’ve seen before.
“Lorenz AI-Link may be one of the world’s first fully insured autonomous pilots, but one day this technology will be everywhere. It will transform how we live, work and play. We look forward to supporting the team at Lorenz Technology for many years to come as they continue on their mission to make all drones fly autonomously.”
Lorenz Technology operates across Denmark, the UK, Germany and Belgium making drone solutions for industrial ports and the security industry.
The firm has developed a patent-pending embedded platform that allows off-the-shelf drones to use AI-powered autonomy and intelligence. Lorenz Technology further plans to expand the use of drones to provide visual data to the maritime industry, security sector and facilities management businesses.
Anders Olsen, chief operating officer at Lorenz Technology, said: “Flock is the perfect insurance partner. Lorenz Technology needed a flexible policy where the price is based on our actual exposure to risk during our flights. This allows us to align our costs with our commercial activity.
“This data driven approach to insurance is helping support the growing enterprise drone market where pilots, drones and activities change rapidly. Working with Flock, our insurance costs are determined based on everything from pilot experience to weather conditions and population density.
“With the Lorenz AI-Link now classified as a pilot, we’re continuously accumulating flight hours which will not only benefit us in the form of lower risk and lower insurance fees, but it will benefit any of our new and existing customers that choose to work with Flock as their insurance provider.”
The software firm claims that its work with Flock is particularly unique as its AI technology has been classified as a pilot. This means that as the computer gains more in-flight experience and learns how to increase safety standards, the cost of insuring the system will reduce.
Lorenz AI-Link is an “edge computing” device which controls the navigation of the drone; edge computing is carried out near or at the data source instead of being cloud reliant.
It is connected using 4G to the Lorenz Hive – a web interface for mission planning, pre-programming routes and data admin for the flight logbook. It also shares recorded real time footage.
Lorenz AI-Link documents and saves all flight data automatically. This enables any organisation using the platform to access exposure-based insurance policies from Flock.
Lorenz Technology’s customers include Port Esbjerg, G4S and Heliguy. The firm has also created a cloud platform where drone data can be uploaded automatically and managed, using drones as strategic tools for visual data collection.
Flock takes an exposure-based approach to insurance and provides usage based policies for individual pilots and SMEs.
Its customers include Terra Drone, Skyports and Hummingbird Technologies.