40. Flock

Company: Flock

Founder(s): Antton Peña, Ed Leon Klinger

Website: https://flockcover.com/

Description: Flock is a London-based, VC and government-backed insurtech providing intelligent insurance to drone operators and commercial motor fleets.

 

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Founded in 2015, Flock was designed for our fast-paced and super connected world. Its mission was to make insurance more relevant for our modern world. Primarily, it aimed to bridge the gap between today’s insurance sector and the burgeoning technologies of the future.

They made their roots in London and began with commercial drones. Flock was the first company to offer a pay-as-you-fly insurance product specifically for drones. The product works using real-time data including wind speed and population density in order to assess risk in order to quantify, insure and mitigate drone flight risks.

Since then, they have gone on to insure multiple drone operations around the world including large-scale projects such as NHS medical delivery flights and agricultural surveyors.

Flock’s innovative technology has helped thousands of pilots, managing to reduce their risk exposure by an average of 15%, all over the world.

From drones, Flock has also expanded into insurance products for commercial motor fleets and, specifically, connected vehicles. This sector is ever-changing and rapidly moving so requires the most advanced technology in order to keep up. As such, Flock has designed agile and data-driven insurance solutions to match these needs.

Flock aims to help customers manage and take control of their own risks, adopting a preemptive and preventative approach for insurance, as well as paying out when incidents occur.

In 2018, Flock raised £2.25 million in seed funding. Leading the round is fintech and insurtech VC fund Anthemis, with participation from Silicon Valley’s Plug and Play, Seed and Speed, and previous backer Downing Ventures.