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British drone insurer Flock raises $17 million led by Palihapitiya

LONDON (Reuters) – British drone insurer Flock has raised $17 million from investors in early-stage funding led by venture investor Chamath Palihapitiya’s Social Capital, Flock said on Thursday.

Flock started out insuring commercial drones, and added car and van fleets last year. It provides so-called usage-based insurance, adjusting premiums according to real-time information such as weather conditions and distance travelled.

Trends such as ride-sharing and same-day delivery require new types of insurance, CEO Ed Leon Klinger said, as the world also looks ahead to driverless cars.

“These customers are changing very, very quickly but the world of insurance hasn’t really adapted.”

Flock, which started in 2018, said its drone insurance book made up more than 35% of the UK commercial drone market, with clients including the BBC, Netflix and the National Health Service. Motor insurance clients include Jaguar Land Rover.

“Flock has the potential to help unlock and enable a truly autonomous…

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Source: finance.yahoo.com