Ver­i­fly Of­fers Drone-Flight In­sur­ance on Mo­bile App

Digital Insurance - - INDUSTRY BRIEFS -

In ef­forts to ac­com­mo­date the grow­ing drone user mar­ket, ven­ture-backed Ver­i­fly is mak­ing drone in­sur­ance on-de­mand by way of its new mo­bile app.

The ap­pli­ca­tion, avail­able for An­droid and iOS, al­lows pi­lots to pur­chase drone cov­er­age by the hour. A quar­ter-mile cir­cle is drawn around users upon open­ing the app, sig­ni­fy­ing the op­er­a­tor’s cov­er­age area.

A quote is then gen­er­ated based on risks in the vicin­ity, in­clud­ing schools, land­marks and weather. Cov­er­age can cost as lit­tle as $10 per hour. In­sur­ance for ac­ci­den­tal in­va­sion of pri­vacy of up to $10,000 is also in­cluded, ac­cord­ing to Ver­i­fly co-founder Jay Breg­man.

“Our team wants to give peo­ple the drone in­sur­ance cov­er­age they want when they know they will use it,” said Breg­man. “We just need the mar­ket to con­tinue to grow at the astro­nom­i­cal rate it has been in or­der to suc­ceed.”

Breg­man launched Ver­i­fly with co-founder Eu­gene Hertz on Au­gust 8 af­ter 18 months of app de­vel­op­ment. A team of 15 en­gi­neers and prod­uct de­sign­ers worked end­lessly to ac­cu­rately com­pute and an­a­lyze risk. Geospa­tial re­searchers from Ire­land’s Univer­sity of Maynooth were brought in to help com­plete the process, he said.

Ver­i­fly en­ters the grow­ing un­manned air­craft ve­hi­cles (UAVs) mar­ket with New Jer­sey-based Global Aero­space as its main in­sur­ance part­ner. The startup has raised a total $2.7 mil­lion in fund­ing, thanks to con­tri­bu­tions from Slow Ven­tures and Ire­land Avi­a­tion, among oth­ers.

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