Drone-solution provider Lorenz Technology this week insured its future success by partnering with insurtech startup Flock.
Lorenz produces Lorenz AI-Link, an edge-computing device that deploys UAV preprogrammed flight routes, gathering video data in real-time. In addition, AI-Link archives data for incident reporting. The company’s Lorenz Hive software makes visual documentation from drone flights more accessible.
Under the agreement, the Danish company and Flock will create a flexible insurance policy for Lorenz’s UAS fleet.
“This will allow Lorenz Technology to align insurance costs with activity while gathering insights on how to further improve safety standards,” a Lorenz statement notes. Lorenz recently applied for a patent for an “embedded platform that allows off-the-shelf drones to harness artificial intelligence-powered autonomy and intelligence.” In short, it can make any drone smarter.
“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.”
“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,” Lorenz COO Anders Olsen said.
“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.”
Flocks head of sales/marketing Sam Golden added:
“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. The AI-Link may be the world’s first fully insured autonomous pilot but one day this technology will be everywhere. It will transform how we live, work and play.”
A London-based startup, Flock has attracted several major drone customers, including Terra Drone, Skyports and Hummingbird Technologies.