Share
Insurance Covered
A look at drone insurance (With Antton Peña)
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
More episodes
View all episodes
10. Star Wars special: The insurance of the Death Star (With Bruce Carman, Paul Miller, Calum Lamont KC & Neil Fleming)
44:10Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode we are doing something a little different, Peter is joined by an ensemble cast of experts to answer the question, in the Star Wars universe, could the Death Star be insured, and if so, what policies would cover it.Peter is joined by:Bruce Carman, CUO at Hive Underwriters Calum Lamont KC, Barrister at Keating ChambersNeil Fleming, Space Risk Analyst at Ascot GroupPaul Miller, Compliance Recruiter at HFG In this episode we cover:What exactly is a Death StarIf an aviation war insurer would consider insuring the Death Star and what the concerns of underwriting the Death Star would be Whether there would be a claim resulting from the inherent design flaws that resulted in it's destructionIf any kind of space insurance would cover the Death Star in a similar way in which it would insure satellitesThe answer to the question: Is the Death Star insurable.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.9. Insurance as a force for good (With Rowan Douglas)
29:23Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rowan Douglas, CEO of Climate Risk and Resilience at Howden. In this episode they discuss the role insurance has to play in building resilience in the face of climate change. In this episode we cover:Insurance as a force for goodRowan's talk at COP28How insurance can help in humanity's goal to transition to net zeroHow in the short term insurance can help us bounce back from the impact of the climate crisisWe hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
8. Insurance as the great enabler (Dr. Franziska Arnold Dwyer)
28:59Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Dr. Franziska Arnold Dwyer. In this episode they discuss her new book, Insurance, Climate Change and the Law, which among other things looks at insurance as the great enabler for change.In this episode we cover:Why Franziska made the leap from private practice to academia Why she decided to focus on insurance and climate change in her bookWhy Franziska believes insurers should actively adopt a role that forces positive changeThree concepts 'insuring green', 'not insuring brown' and 'greening insurance' . The challenges insurers will likely face as they become the enablers. We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
7. Insurance for politicians (With Avril le Pitre)
15:37Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Avril le Pitre, Founder and CEO of Adverse Selection, a brand new MGA that offers protection for politicians.In this episode we cover:How Avril identified this need for politicians insuranceWhat the policies cover and how many politicians are purchasing this insuranceJurisdictions that they currently cover and possible expansionsNew products Avril is looking to launch in the futureWe hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.6. The 5 secrets to handling large claims (With Sarah Howell)
32:33Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Sarah Howell, Claims Manager at Liberty Specialty Markets, and the topic for discussion is the 5 secrets to handling large claims.In this episode we cover:Sarah's career in insuranceWhat makes a 'large claim'Sarah's 5 secrets on how to effectively manage large claimsWhich of the 5 secrets is the most importantWe hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.
5. The birth of an MGA (With James Sterling & Charles Boorman)
31:13Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by two guests, Charles Boorman, CEO and James Sterling, Head of Claims, at Kayzen Specialty a new MGA, and in this episode we discuss the story of how Kayzen was formed.In this episode we discuss:A recap on what an MGA actually is and what role they play.How MGA's differ from insurers.Who Kayzen are and what lines of business they write.Why Charles decided to start an MGA.Why Kayzen decided to both underwrite and manage the claims.The plans for Kayzen's future.4. On being the Director General of the ABI (With Hannah Gurga)
30:10Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Hannah Gurga, Director General of the ABI, and they will be discussing Hannah's role at the ABI. In this episode we cover:An overview of the ABIWhat the role of Director General entails and if it differs to that of a CEOHow the governance of the ABI is organisedThe ABI's current 3 year strategy, the aims of it and what progress has been madeThe issues Hannah has on her radar for the insurance industryWe hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.3. A look at kidnap and ransom insurance (with Charlie Hanbury)
32:42Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Charlie Hanbury, CEO of Samphire MGA, and in this episode they will be discussing all things K&R, that's kidnap and ransom insurance. In this episode we cover:What kidnap and ransom insurance coversHow common kidnap is around the worldWho buys this kind of cover and why?How kidnap and ransom insurance has developed in the last century and how it may develop in the futureWe hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.2. Moral hazard: the dark heart of insurance (With Robert Hartwig)
36:36Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Robert Hartwig, Associate Professor of Finance at the University of South Carolina. I this episode they discuss the concept of moral hazard in insurance. In this episode we cover:What is meant by the term moral hazard.The two forms of moral hazard.How insurers protect themselves against moral hazard.The other side of moral hazard, can it actually be a good thing as well?Insurance as an enabler, providing a financial safety net for when risk goes wrong. Links between moral hazard and the climate crisis.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.