The current COVID-19 crisis response has hit business across the globe, and the drone industry has been no exception. Insur-tech startup SkyWatch.ai has been working with drone companies throughout the crisis – but now they can see the tide turning for the industry.
Those operators who have been directly involved in response efforts or who work in critical business have been able to continue operating, “many were forced to delay, and even put off their activity and business operations. A significant hit was experienced within the special events, entertainment and real-estate sector,” says SkyWatch.
SkyWatch responded to the crisis by establishing a free-of-charge 60-day suspension policy on active monthly and annual insurance plans, allowing pilots to save their existing plan until needed again. In March and April, more than 25% of SkyWatch.AI pilots altered their insurance to meet changed demand – but there is good news. Since some quarantine restrictions have been lifted at the beginning of the month, “20% of those suspended policies have since been reactivated as more drone pilots are now able to return to business and resume drone operations,” says SkyWatch.
“Since the start of the pandemic, our priority has been to adapt and continuously provide our pilots with the right services and solutions.” said Tomer Kashi, CEO and Co-founder of SkyWatch.AI “We have been able to assist numerous business owners by adjusting their plans in order to reduce costs and alleviate added burdens. Now, we are seeing a growing trend in which pilots are not only returning to their original business, but they are also adjusting their services to meet the current demand.”
SkyWatch.AI is the world’s first on-demand, telematics-based insurance platform for the drone industry. The SkyWatch.AI platform leverages the power of machine learning to assess and mitigate risks and provide tailor-made hourly, monthly and annual coverage for drone pilots across the US, Canada and UK.
Drone insurance in the US is provided by SkyWatch Insurance Services, Inc. a licensed insurance broker in all US states where SkyWatch.AI operates and is underwritten by STARR Indemnity & Liability Company, the largest aviation insurer in the US (Rated “A”, excellent by A.M. best).
For more information, visit www.skywatch.ai