Liberty Specialty Markets is preparing to launch an on-demand platform for drone insurance using techology from Acend.
DroneInsurance.com will allow unmanned aerial-vehicle enthusiasts to purchase coverage for their hobby online, whether they want it for as short as a day or as long as a year, the companies say. Acend's technology allows for minimal forms by using external data to establish risk profiles.
For example, the platform automatically looks for and applies discounts to customers who employ risk reduction techniques such as continuous pilot training, implementation of safety management and operation of more reliable equipment.
"At Liberty Specialty Markets, we are always looking to provide risk solutions to our policy holders in new and innovative ways. The rise of drone usage by our customers is expanding rapidly and partnering with Acend makes perfect sense to meet this increasing demand," said Mike Gosselin, Chief Underwriting Officer, Specialty. "Here we have a chance to match Acend's market leading technology with innovative insurance products and collectively create a best-in-class solution for the drone market."
The on-demand model for this niche group competes with Verifly, an insurtech that launched a similar platform last year.
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