BusinessInsurtech

Sompo International partners with Flock

The deal will help provide commercial drone insurance to a growing sector of automated aviation

Sompo International, the specialty provider of property and casualty (re)insurance, has announced a partnership with Flock, an insurtech venture that provides data-driven insurance solutions to commercial drone operators.

The deal is intended to increase the availability of critical insurance that is needed for emerging cases such as drone cargo deliveries, flying taxi passenger flights, and drone swarm shows.

While Flock already supports thousands of pilots across the UK and Europe, the long-term partnership will extend its growth capacity.

Julian James, CEO of international insurance at Sompo International, said: “Flock is a market leader in this sector with tremendous potential; it has a proven business model utilising a transferable and scalable technology that has already delivered unique products and an impressive growth story.”

The two firms hope to combine Flock’s real-time risk algorithms with Sompo’s aviation and aerospace insurance underwriting experience to effectively support the “increasing use of automation” that the industry is seeing.

Ed Leon Klinger, CEO at Flock, said: “Vehicles are increasingly connected, autonomous, and powered by real-time data. 

“At Flock, we’re building insurance products to accommodate for this new world and so it was vital to partner with an underwriter that shares our ambitious vision.”

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