Flexible insurance policy classifies Lorenz AI-Link® as a pilot joining flight experience across the platform
Today, we proudly announce our partnership with Flock, an insurtech startup, operating at the cutting-edge of data analytics and insurance. We have worked on a fully flexible insurance policy for the fleet of drones flying with Lorenz AI- Link®, establishing a joint value of flight experience across the platform benefitting our customers.
The partnership with Flock will allow us to align insurance costs with activity while gathering insights on how to further improve safety standards.
We are currently operating across Denmark, UK, Germany, and Belgium, making intelligent drone solutions for industrial ports and the security industry.
What makes the work with Flock particularly unique is that the Lorenz AI-Link® has been classified as a pilot. This means as the edge-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 controlling the navigation of the drone. It is connected through 4G to the Lorenz Hive, a web interface for mission planning, preprogramming routes, and administration of all data from flight logbooks to sharing recorded data in real-time. Lorenz AI-Link® also documents and saves all flight data automatically meaning any organization using the platform will be able to easily access exposure-based insurance policies from Flock.
Anders Olsen, COO of 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.”
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 the world’s first fully insured robot pilot 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.”
Flock’s fundamental approach to exposure-based insurance is quickly earning it a reputation as the go-to insurer for the autonomous and connected world. Its customers now include some of the world’s leading UAV operators including Terra Drone, Skyports, and Hummingbird Technologies.
With customers including Port Esbjerg, G4S, and Heliguy, we have created a cloud platform for automatic upload and management of drone data, integrating drones as strategic tools for visual data collection. The next step for us is expanding the use of drones to provide visual data in the maritime industry, as well as services in the field of security and facilities management.