SkyWatch Will Offer On-Demand (for qualified insured’s), Usage-Based Drone Insurance Based on Their Proprietary Safety Platform
SkyWatch.AI, a data analysis, risk-assessment and active risk-reduction platform for the UAV industry (also known as drones), announced today that it has signed an exclusive partnership deal with Starr Companies (Starr) to offer an ingenious telematics-based UAV insurance platform.
The partnership will allow Starr to expand their existing UAV insurance product, and offer a unique telematics-based insurance to UAV operators.
“We are very excited to partner with a visionary company such as Starr,” said Tomer Kashi, SkyWatch’s CEO. “Their understanding of the importance of safety in aviation, amazing reputation, track record, and innovative approach makes them the perfect partner for SkyWatch.”
“Starr is one of the largest aviation insurers in the US,” added Ori Blumenthal, SkyWatch’s CTO. “Their ability to look to the future and perceive trends is what makes them such a category leader – and their understanding of usage-based insurance is what will keep them there.”
SkyWatch’s mobile application is currently available on an invite-only basis on iOS and Android to both business and recreational operators. The application connects to many unmanned aerial vehicles (UAVs) of choice and allows operators to get real-time hazard warnings based from the drone’s telemetry, calculating a proprietary “safety score” for each flight. The proprietary “safety score” can be used to set an industry benchmark for operators, who will be more aware of how they fly, and will be able to improve their score as they practice better, safer flights. Additionally, qualified operators can purchase insurance based on, among other things, this safety score, and Tomer explains that “safer pilots, with high scores, can expect to see their insurance premiums decrease over time.”
SkyWatch’s software uniquely gathers a variety of data sources and uses AI based algorithms to analyze risks for drone operators. For example, in DJI drones, these include more than 30 different drone sensors to predict and assist in preventing potential failures before they ever occur, hyper-local weather (wind, precipitation, and temperature), 3-D airspace/ground, and crowd density.
“The use of UAVs is growing rapidly. SkyWatch allows qualified UAV operators to easily secure quality insurance coverage which is essential for any business. SkyWatch delivers the ability for Starr’s aviation business unit to effortlessly obtain the proper data which can be used for better insights on the unique risk a UAV presents,” said Steve Blakey, President and CEO of Starr Insurance Holdings. “We believe that SkyWatch brings a fresh approach to how insurance operates and their safety solutions put them at the forefront of the industry.”
“Drones are a perfect fit for usage-based insurance. Since most drones involve operations from a mobile device, they are connected in their nature,” added Steve Blakey. “As more and more platforms become connected, we expect to be able to offer the same solution for more emerging technologies.”