Google Tanslate

Select Language

Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

Reach out to us. Please fill up the form below
Let us know how we can help. You can expect a response within 24 hours
Services of interest
Untitled

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Verifly – Instant on-demand drone insurance

In View Summary

Verifly is a US-based startup offering on-demand drone insurance for recreational and commercial flights through a mobile app. Policies offered by Verifly cover the 2 mile radius around a particular flight for up to 8 hours at $10/hour.

The app combines mapping technology with real-time flying conditions in order to advise drone enthusiasts of potential flying risks while simultaneously offering third-party liability insurance to instantly cover against risks such as injury to people, damage to property and lawsuits relating to unintentional invasion of privacy and unintentional flyaways.

Verifly combines mapping technology with real-time flying conditions in order to advise drone enthusiasts of potential flying risks while simultaneously offering third-party liability insurance to instantly cover against risks

How It Works:

  • Select your drone flight proximity.
  • View a quote for up to 8 hours of flying.
  • Purchase an aviation insurance policy built specifically for drones – up to $5M liability underwritten by Global Aerospace.
  • Monitor your policies with a countdown timer and notifications.

Verifly’s co-founder and CEO Jay Bregman has said the inspiration to launch Verify came from wanting to “design something simple, easy to use and tailored to the particular type of risk associated with flying a drone”.

Additionally, Verifly is partnering with Loveland Innovations, a provider of commercial drone services provider for property inspections, making it easier for adjusters and contractors using Loveland’s ‘IMGING’ product to get insurance coverage they need to conduct autonomous property inspection using drones.

Reported Benefits

Key Benefits:

  • Up to $5,000,000 of liability insurance covering injury to people/property damage.
  • $10/hr starting price – no annual commitment.
  • Instant approval whether you’re flying for fun or commercially.
  • Purchase coverage in two taps with a name and credit card.
  • Receive an instant proof of insurance in-app and via e-mail.

The Digital Insurer's View

Ultimately, the challenge with on-demand insurance catering to segments such as drones is that these are niche markets. However, drones are a growth market and commercial use cases are likely to eclipse personal usage. Additionally, commercial insurance contracts and higher renewal rates makes for impressive unit economics for Verifly, which bodes well for its model going forward.

References

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in