InsurTech Startup SkyWatch.AI Announces Partnership with STARR, Offering Usage-Based Insurance to the Drone Industry
SkyWatch Will Offer On-Demand (for qualified insured's), Usage-Based Drone Insurance Based on Their Proprietary Safety Platform
Mar 27, 2018, 09:00 ET
PALO ALTO, California, March 27, 2018 /PRNewswire/ -- 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."
About Starr Companies
Starr Companies (or Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr's insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Singapore and U.K. each have an A.M. Best rating of "A" (Excellent). Starr's Lloyd's syndicate has a Standard & Poor's rating of "A+" (Strong).
SkyWatch is a powerful data analytics platform that empowers drone operators and fleet managers to track their safety metrics and reduce flight risks preflight, in-flight (real time) and post-flight. The SkyWatch platform leverages the power of machine learning to not only assess the risk, but to actively mitigate it. For more information and to gain early access, visit skywatch.ai.
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