Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Antton Peña, Founder of Flock, and we will be looking at the insurance of drones.Antton starts by explaining what Flock do and how they became involved with the insurance of drones. When Amazon first started exploring the idea of drone deliveries Antton identified that potential risks involved with this would require a very bespoke type of insurance cover, something which at that time was not readily available. By tapping into third party data such as Google Maps and real time weather data the level of risk could be adapted, along with the premium. Antton goes on to explain the uses of drones are far bigger than most people realise. They insure anything from small personal drones to 300 pound 4 metre long drones that are flying objects to oil rigs and construction projects or are rescuing people in the sea. Currently there are over 5,500 companies with licenses to fly drones commercially. He then explains why drones can't just be insured as part of a business or home insurance policy, the short answer is the risk is vastly different and more volatile so the insurance solution needs to be flexible and tailored depending on the particular circumstances, for example location of travel, length and distance travelled, time of travel and weather conditions. Flock have 30-40 data points that get collected in real time and all these data points give an understanding of what's going on in relation to the factors mentioned above. Antton goes on to explain that Flock have multiple packages insureds can choose, from pay as you fly hourly coverage, to more regular monthly and annual packages for the more commercially used drones. Finally, Antton looks ahead to the future of the drone industry and what he expects to be the next big changes and developments.We hope you enjoy the podcast! If you did, please See acast.com/privacy for privacy and opt-out information.
Hoy tenemos con nosotros a Antton Peña, cofundador de la startup Flock. Nos explicará su trayectoria en el mundo del diseño y cómo ha sido su experiencia fundando varias startups, además de trasladarnos su visión sobre el ecosistema de emprendimiento de Euskadi. AURRERA!
Antton Peña: How Technology and Data Are Revolutionizing Drone Insurance
The Business of Data Podcast
Advances in data and technology may herald a step-change in commercial insurance, Antton Peña and Rayno Mostert from drone insurance company Flock argue in this week’s podcast From self-driving cars to drone deliveries, practical applications for advanced autonomous vehicles are rapidly increasing around the world. Innovation is at the core of Flock Founder Antton Peña’s mission to reinvent drone insurance, as he explains in this week’s episode of the Business of Data podcast, “It’s no longer simply about entering a few input fields and getting a price,” Peña says. “It’s about understanding how the technology you have got changes risk and about how [that technology] will change risk in the future.” Drones are now delivering tests and medical supplies in the UK and around the world. This new application of drone technology has only become more urgent in the wake of the global pandemic. “There has been a big push to use this technology,” explains Peña. “Things like drug delivery tests for the NHS that have been done by drone.” Central to Flock’s innovative approach to drone insurance is a fresh take on how to appropriately assess risk in the absence of relevant historical data. The company’s approach has been to develop a simulation-like approach that accounts for a vast number of factors to quantify the probability of a crash. “If you don’t have historical claims data you need something more granular, something that models the risk from the ground up,” explains Flock Actuarial Data Scientist Rayno Mostert. As well as innovating in technology Flock is leading the field in use-based insurance plans. Mostert believes that the pandemic has highlighted the need for the insurance industry to account for use in the way it bills its clients. “We’ve seen in the past few months motor insurers refunding clients due to reduced exposure, Mostert concludes. “I see that essentially as recognition that the [insurance] industry says the way to fairly price insurance is by looking at how much your customer is using.” Key Takeaways With new applications come new challenges. As autonomous vehicles increase in number around the globe so will the need to find innovative approaches to regulation Innovating requires educating. It is not enough to build sophisticated technology; you need to educate your partners and your customers on the benefits too The insurance of the future accounts for use. The pandemic has prevented many businesses from operating commercially – is it time for a new approach to insurance payments?
Antton Peña, Founder of Flock talks all things insurtech, drones and flying cars
Fireside with Founders
This week we are joined by Antton Peña, Founder of Flock where we start by talking about his current business and what they do. In this episode we also discuss; Antton leaving his first startup and starting something new Making sure you have a real passion for what you do Going from Design to Insurance and the learning curve Flocks partnership with one of the worlds leading insurance companies Some of the challenges facing the regulators in the airspace world as drone use increases The future of drone use and what we might see in our sky soon. Make sure you listen for all this and more!
SenCast | Ep 006 | Antton Peña, Founder & Product Lead - Flock
SenCast Episode 006 with Antton Peña - Founder & Product Lead at Flock. Hosted by Harry, CIO, SenSat.Whats on the show? + We caught up with Antton in our offices at Digital Catapult to talk about how Flock is hoping to change the drone insurance market. Whats in store for the drone industry in the UK and abroad and how drone regulations might change to meet the challenges from the economy. + We ask Antton what advise he’d give to founding teams, the challenges that face the UK drone industry and how companies like Flock and SenSat can change the perceptions of drone.With thanks to: + Antton Peña, Flock https://www.linkedin.com/company-beta/10485141/+ Website flyflock.ioWhat's the SenCast? + The SenCast is a show designed for anyone in or interested in the startup community, have in interest in technology or just want to hear experts talk about their trades + We talk about startup life, technology and what the future will hold, from the people creating it todayWho are SenSat? We are a geospatial tech startup with the aim to digitise the world. We convert the physical world into digital information that humans can easily interact and make decisions withwww.SenSat.co.uk