Another young talent from Silicon Wadi, the area near Tel Aviv which gathers the Israeli ecosystem of technological innovation, we talked about in this article, presenting two insurtech startups from that area.
SkyWatch was founded in 2016 by Tomer Kashi, Ori Blumenthal and Ronny Ahituv, all former members of the Israeli Air Force Academy, while working on the development of a real-time flight risk assessment system and creating a “safety score” for drone-operators. As the project evolved, the team identified a sore point for many operators, the insurance, and decided to direct its risk detection technology, based on artificial intelligence, to the insurance sector for drones.
The result is an application, SkyWatch’s Map & Flight Module (free of charge), which can be used by drones to fly safely, as the application can identify and report risk factors. The application attributes a unique security score to each flight and each flight can be combined with the on-demand policy, which can be purchased directly by clicking on the app. Pilots who have more than 5 flights with a good safety rating can benefit from an automatic discount on their future policies.
SkyWatch is licensed as insurance agent and works with companies including, currently, Starr, one of the world’s leading aviation insurers distributing policies in 45 US states. The app is still available worldwide, but so far is not combined with a policy.
The drone-based market is growing rapidly, so much so that drones are getting essential in several sectors: from aerial photography to 3D mapping, from site inspections (often dangerous) to delivering parcels.
According to PWC, the emerging global market for drone-using business services is valued at over $127 billion. Goldman Sachs argues that one of the most significant effects of the growing drones industry is drone-insurance, with a TAM of over 3 billion dollars in premiums. Both PWC and GS point out that adequate solutions for safety, regulatory compliance and insurance are not only a great market opportunity, but even one of the biggest barriers to their rapid adoption as well. (source: SkyWatch)
“The use of UAVs (Unmanned Aerial Vehicles) is growing rapidly. SkyWatch allows qualified UAV operators to easily obtain high quality insurance coverage, essential for any business. SkyWatch offers the possibility for Starr’s aviation business unit to effortlessly obtain the correct data to be used for a better understanding of the single risk presented by a UAV. We think that SkyWatch is at the forefront of this industry and brings a new approach to insurance performance. On-demand ones are perfect for drones.”, said Steve Blakey, President and CEO of Starr Insurance Holdings.
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