7 years ago

Flock Raises £2.25 Million for On-Demand Drone Insurance

  • Flock, a London-based startup providing data-driven drone insurance, has secured £2.25 million in seed funding led by Anthemis

  • Flock's 'pay-as-you-fly' insurance app leverages real-time data to personalize pricing based on flight risk

  • The funding will support Flock's growth and expansion of its on-demand drone insurance product.

      • ProblemFinancial Services

      "Drone insurance is overpriced, cumbersome, and often compulsory, but it is not fit for purpose. Insurers do not understand drone flight risks and cannot differentiate between high-risk and low-risk customers or flights, so they charge everyone roughly the same amount for an annual policy."

      Solution

      "Flock offers a pay-as-you-fly insurance app that aggregates real-time data on weather conditions, population density, proximity to high-risk areas, and other factors to quantify the risk of any given drone flight. The pricing is risk-dependent, so the safer you fly, the less you pay."

      Covered on