As much fun as it is to talk about the possibilities that commercial drone applications might enable, organizations and operators are very much focused on figuring out where and how the technology can make a difference today. That’s meant a practical exploration around how a drone is going to fit into specific workflows, but it has also meant the legal liabilities and financial risks that are inherent when taking a drone into the air are being considered in much greater detail. It’s the reason that securing proper drone insurance has become a top priority for individual operators in the same way it has for multi-national organizations.
The logistics of obtaining the right kind of drone insurance have created barriers for operators and organizations though, as many have found themselves dealing with antiquated policies that force them to pay for coverage they don’t need. The turnaround time around to secure these policies can be even worse though, as the process and paper associated with some policies have caused delays that resulted in the considerable loss of time and money. Recognition of these inefficiencies has led to the launch of a first-of-its-kind drone insurance platform that offers 24/7 ground and on-demand, usage-based flight coverage solutions for drones, sensors and essential flight equipment.*
Simply put, DroneInsurance.com is different, and it’s designed to be that way. The team behind this new offering spent a great deal of time talking to commercial drone operators, and that went from the small businesses to enterprises, and from the family farms to the large energy companies. To help the industry scale, they believe the industry needed a different insurance platform to address the unique needs, risks and pain points of commercial drone operators, and that’s exactly what they created.
REIN, an insurtech company focused on creating new insurance solutions around the emerging risks posed by robotics, mobility and online ecosystems, is the organization behind this new offering, and DroneInsurance.com was built on a new software they created called the REIN platform. The company is focused on finding areas of risk where data can be utilized to understand how real-world risks are changing things. Commercial drone technology provided them with a unique opportunity to gather this type of data and information.
“Understanding how the world works, through the mountains of data being created by Internet of Things devices everywhere (like drones), makes it easier to create insurance products that can help people properly cover themselves today,” said Jason Griswold, COO & Co-Founder at REIN. “We also designed the REIN software to reduce as many of the manual back-office processes as we could, which gives us the flexibility to create compelling new insurance products and experiences for our customers.”
This new drone insurance platform is ultimately designed to fit the insurance needs of commercial drone operators, no matter their size or scope. The automated platform offers a unique combination of continuous ground coverage along with the ability to add episodic flight coverage on-demand, for as little as a day, or as long as a year. For a monthly amount per drone, businesses can protect their ground operations.
From their pricing structure to their robust ecosystem approach, it’s clear that the REIN team is very much dedicated to the concept of offering something as different as it is powerful when it comes to commercial drone insurance. With an offering that does everything from making it easy to add coverage for sensors to eliminating radius restrictions to supporting FAA approved beyond-line-of-sight (BVLOS) flights, commercial drone operators will be able to protect many of their flights and assets with a process that’s simple, fast, and only contains what a user or organization needs.
While the DroneInsurance.com platform has numerous unique features, it’s far from the only option when it comes to securing drone insurance. That being the case, what’s the real value proposition for anyone trying to figure out which commercial drone offering/platform is right for them or their business?
“DroneInsurance.com was designed to empower users to manage their drone insurance needs in an efficient and cost-effective manner,” Griswold told Commercial UAV News. “Our insurance products are built to meet the emerging risks and resulting unmet needs in the market. This launch is our first version of the site and clients can expect more new products and new markets in the not-too-distant future.”
Like any early stage startup, the DroneInsurance.com team welcomes feedback that can help them learn and improve. To provide that feedback or learn more about their product and offering, visit DroneInsurance.com.*
* DroneInsurance.com is now available throughout the United States except in NY, NJ, KY, IL, WV and MN.