It’s always nice when companies in the emerging drone industry share some of the insights they have gleaned from working with commercial pilots. These fact-finding missions tend to be a good barometer of how things are going. You can’t beat real-world data, after all. We’ve enjoyed covering Kittyhawk’s insight series, for example, which you can read more about in the links below:
Last week UK insure-tech startup Flock published findings from their own treasure trove of customer data, looking in particular at what steps commercial pilots in the UK take to keep insurance costs down while using the Flock app.
Flock’s Key Findings
In case you didn’t know, the Flock app crunches a number of different metrics to provide pilots with on-demand quotes for individual drone flights. The startup partnered with German insurance giant Allianz earlier this year and has raised over £2m from investors so far.
Flock provides insurance policies for professional and recreational pilots. The research from Flock found that, on average, Flock pilots will compare 15 different risk-dependent quotes before they purchase a policy. In practice, this means they will adjust things like the proposed date, time and flight plan of a particular mission.
The app shows how these different metrics correspond to insurance policy prices. As you would expect, the safer the flight is assumed to be, the cheaper the policy.
On-demand insurance means different things to different pilots. Some want to nab a policy on the day, but others are happy to book one in advance. Flock states that 45% of their flights are booked in advance using the company’s Flight Planning Tool.
With the tool, Flock pilots can gauge predicted risks up to ten days in advance of a mission. The result is that Flock pilots typically save 15% on each policy as a result of assessing their original plan, reducing their risk and making amendments to lower that risk.