This week, Lorenz Technology, a world leader in automated and intelligent drone solutions, announces it has worked with Flock to create a fully flexible insurance policy for its fleet.
This will allow Lorenz Technology to align insurance costs with activity while gathering insights on how to further improve safety standards.
Currently operating across Denmark, UK, Germany, and Belgium, Lorenz Technology makes intelligent drone solutions for industrial ports and the security industry.
The company has developed a patent-pending embedded platform that allows off-the-shelf drones to harness artificial intelligence-powered autonomy and intelligence.
What makes the work with Flock particularly unique is that the company’s AI technology 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 logbook to sharing recorded data in real-time. Lorenz AI-Link® also documents and saves all flight data automatically meaning any organisation 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 one of the world’s first fully insured autonomous pilots 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, Lorenz Technology has 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 Lorenz Technology 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.
Flock is a London-based, VC and Government-backed insurtech startup, operating at the cutting-edge of data analytics and insurance.
Flock’s risk intelligence engine powers a suite of fully flexible insurance products in the drone industry, ranging from pay-as-you-fly policies for SMEs, up to usage-based enterprise insurance for the world’s largest drone fleets. Flock is now working with global insurers to launch a range of products in other speciality lines insurance as part of its mission to make the world a safer, smarter place.
About Lorenz Technology
Lorenz AI-Link® is an edge-computing device enabling customers to preprogramme flight routes and gather the video data in real-time. This, while also storing the data in an archive for incidents reporting. The software, Lorenz Hive, functions across devices (phone, tablet, desktop) and makes it easy to work with the visual documentation gathered on drone flights.
The instant sharing of the video stream through Lorenz Hive in real-time with sub-second latency also supplies ways of conducting security, enhancing safety for port personnel or guards on security patrols.