Aircraft insurance goes digital

Backed by insurance and aviation risk management solution company Global Aerospace, SkyWatch says its newest offering will expedite the process of customizing and obtaining insurance coverage for aircraft owners by cutting out the need for a middleman and providing an end-to-end digitized quote and purchase experience.

Last year, SkyWatch launched its on-demand aircraft renter’s insurance that allowed pilots the ability to customize their aircraft renter’s insurance policy based on the amount of time they plan to be in the air.

To save time and offer competitive rates, the company utilizes a form of artificial intelligence to calculate rates based on its underwriter system, allowing the program to automatically approve most policies that don’t require additional attention.

Although the platform is completely digital, customer service staff can be reached by phone or email should an aircraft owner have questions or need help with a policy.

SkyWatch is powered by VOOM Core, a digital insurance platform that provides end-to-end insurance policy management, as well as a risk analytics engine that collects and calculates vehicle data and other relevant information to provide real-time risk insights.

“Our innovative approach is built on a foundation of data-driven technology and a deep understanding of the unique needs of pilots,” Tomer Kashi, cofounder and CEO of SkyWatch, said.

Company officials declined to go into detail about their rates, but Elad Shalev, product marketing manager at VOOM, said that their rates are “very competitive on [aircraft] up to $350,000, and that can also be the case for more expensive [aircraft] on certain terms.” On pilot age-based premiums Shalev says it is “aligned with the industry standards here and … also always open to check any case.”

Currently, the company does not offer the option to cover commercial use for aircraft owners, but this option is available on drone insurance policies. The company does offer liability coverage for personal use of up to $1 million per accident plus $200,000 per passenger. Pilots can also get ground or full hull coverage up to the airplane’s value, with the ability to do midterm coverage changes. The company is a licensed insurance broker in all 50 U.S. states and in Canada with offices in Palo Alto, California, and Tel Aviv, Israel.