Flock CEO on data strategy behind commercial drone insurance
Can technology and data analysis make it possible for an insurance company to offer better prices for drones and fleets? U.K.-based insurance company Flock thinks so and has built a sophisticated model for evaluating risk in real time. The data model sucks up information about traffic, weather, and dozens of other factors and calculates a real-time price. Policies are continuously recalculated using data gathered from telemetry and location. Flock touts the freedom and flexibility of being able to purchase policies that “last from an hour to a year.”
Flock, which writes policies for commercial drone flights and automobile fleet trips and is expanding into the European market, today announced a $17 million series A funding round led by Social Capital, with participation from existing investors Anthemis and Dig Ventures. This brings Flock’s total funding to $22 million.
VentureBeat sat down with Flock CEO Ed Leon Klinger to understand where the company is going and how much it will cost to insure the trip.