In efforts to accommodate the growing drone user market, venture-backed Verifly is making drone insurance on-demand by way of its new mobile app.
The application, available for Android and iOS, allows pilots to purchase drone coverage by the hour. A quarter-mile circle is drawn around users upon opening the app, signifying the operator’s coverage area. A quote is then generated based on risks in the vicinity, including schools, landmarks and weather. Coverage can cost as little as $10 per hour. Insurance for accidental invasion of privacy of up to $10,000 is also included, according to Verifly co-founder Jay Bregman.
“Our team wants to give people the drone insurance coverage they want when they know they will use it,” said Bregman. “We just need the market to continue to grow at the astronomical rate it has been in order to succeed.”
Bregman is not new to the startup world. He co-launched Hailo—a British taxi app network— in 2011, operating as CEO for four years. The business is currently considered a main competitor to Uber and Lyft in Europe.
He launched Verifly with co-founder Eugene Hertz on Aug. 8 after 18 months of app development. A team of 15 engineers and product designers worked endlessly to accurately compute and analyze risk. Geospatial researchers from Ireland’s University of Maynooth were brought in to help complete the process, he said.
Verifly enters the growing unmanned aircraft vehicles (UAVs) market with New Jersey-based Global Aerospace as its main insurance partner. The startup has raised a total $2.7 million in funding, thanks to contributions from Slow Ventures and Ireland Aviation, among others. Additionally, it does not rule out partnering with other insurers in the future.
Going forward, Bregman plans to add more flexibility for pilots looking to purchase insurance on the go. By default, Verifly only offers coverage for an hour. Users who want to fly beyond that point have to buy additional coverage. Enhancements to the app are expected in the coming months, he said.
“We are totally focused on our core mission, but realize we have built a platform that can be used for other types of on-demand insurance,” Bregman said. “We can’t rule anything out, especially anything that adds value to our core-based drone users.”
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