In a key strategic move InsurTech startup SkyWatch.AI, a platform for the drone industry providing data analysis, risk-assessment and active risk-reduction, has established an exclusive partnership with international insurance and investment organization Starr Companies (Starr). The partnership will offer an innovative telematics-based drone insurance platform to operators, while enabling Starr to expand its existing drone insurance product by offering a unique telematics-based insurance.
"Starr is one of the largest aviation insurers in the US," said 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 software gathers data and through the use of AI based algorithms analyzes risks for drone operators. In their press announcement SkyWatch offered the example of DJI drones that can incorporate more than 30 different drone sensors to help operators in a number of areas. This includes preventing potential failures as well as support drone use in hyper-local weather (wind, precipitation, and temperature), 3-D airspace/ground, and crowd density.
Operators are also able to attain a “safety score” for each flight—that they may improve upon and also use to purchase insurance and potentially reduce their premiums over time.
"We believe that SkyWatch brings a fresh approach to how insurance operates and their safety solutions put them at the forefront of the industry," stated Steve Blakey, President and CEO of Starr Insurance Holdings. "Drones are a perfect fit for usage-based insurance. Since most drones involve operations from a mobile device, they are connected in their nature.”