Usage-based insurance (UBI) is exploding as a phenomenon in the auto industry. Now, Acend, a telematics, software and data science provider, will deliver that same groundbreaking service to the unmanned aerial systems (UAS) market.
Through a strategic partnership between Acend and PrecisionHawk, a leading provider of aerial data and safety platforms for drones, commercial drone operators will be able to access and procure UBI through Acend’s simple automated platform. PrecisionHawk will provide Acend with drone data, including flight statistics and user approval.
“By partnering with PrecisionHawk’s LATAS technology to provide real-time flight tracking information, Acend is building an innovative model to empower drone operators with a simple and secure way to obtain cost-effective drone insurance coverage,” said Christopher Dean, president and co-founder at PrecisionHawk. “The ability to simply pay a few dollars in a rapid micro-transaction is a game-changer in insurance accessibility for the average drone operator.”
Willis Towers Watson, a leading global advisory, broking and solutions company, will serve as risk management advisor and insurance broker for the Acend platform. Willis Towers Watson is a market leader in delivering risk management and insurance solutions to the aerospace, aviation and transportation sectors, and has extensive experience in telematics via its DriveAbility scoring platform.
“We believe usage-based insurance is the future of the UAS market,” said Jason Saunders, president of Willis Towers Watson aerospace practice. “Our focus is on supporting the Acend platform by leveraging what we have learned from the auto industry to deliver UBI.”
Today the process for drone operators to secure insurance coverage is time-consuming, inefficient and complex for both carriers and operators. This collaboration will address the complexities and analog nature of UAS insurance by bringing the power of data analytics, technology, and a pleasant user experience together.
Acend’s platform streamlines the insurance process and enables carriers to deliver UBI to the market.
“We are taking a user-centric approach to drone insurance,” said Acend CEO Steve Rabbitt. “We believe that creating an experience that is effortless for the consumer, in what is traditionally an inefficient and unpleasant process, differentiates Acend from other solutions. However, improving insurance is only the beginning of what Acend will do.”
According to Rabbitt, Acend is already bringing partners to the platform that deliver value to customers beyond just the insurance transaction.
Acend is currently working with select aerospace insurance carriers and will begin piloting the technology later this year.
Source: Press Release