Sompo International has entered into an agreement with UK insurtech Flock to develop new solutions for drone cargo deliveries and flying taxi passenger flights.

Automation will be a key factor in the future of transportation, and Flock and Sompo are well placed to support the development of the technology and insurances for the growing UAVs market.

Julian James, CEO of Sompo’s International Insurance division, said: “At this time of significant change across the business landscape, insurers, brokers and disruptors need to work together to develop innovative responses to a raft of emerging and evolving risks. Drones have multiple applications and are set to transform a range of industries from e-commerce to risk management and crisis response. The sheer breadth of applications means the global commercial drone market is expected to be worth in excess of US$40 billion by 2025. Flock is a market leader in this sector with tremendous potential; it has a proven business model utilising a transferable and scalable technology that has already delivered unique products and an impressive growth story.”

Ed Leon Klinger, CEO of Flock, added: “By combining Flock’s data-driven approach to risk with Sompo International’s significant expertise and established global distribution networks, this partnership marks an important milestone in the evolution of drone insurance globally. Vehicles are increasingly connected, autonomous, and powered by real-time data. At Flock, we’re building insurance products to accommodate for this new world and so it was vital to partner with an underwriter that shares our ambitious vision.”


Image courtesy Flock and Skyports

Share Story: