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HDI signs drone cover deal with insurtech

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HDI Global Specialty SE Australia has appointed Precision Autonomy to underwrite and accept commercial drone insurance under a new partnership.

The Texas-based insurtech will underwrite both traditional annual policies and pay-per-minute policies on individual drone pilot usage in Australia and New Zealand.

In November insurtech investor Envest announced it become a partner to Precision Autonomy, which has developed an algorithm-driven insurance platform for commercial drones which uses real-time risk pricing.

HDI says Precision Autonomy’s platform, rating and pricing models for inflight and autonomous vehicles are highly sophisticated.

HDI Global has also appointed Chris McDowell to lead its entry into the accident and health market in Australia and New Zealand.

Mr McDowell, who started last month as Underwriting Manager A&H, has 17 years’ experience specialising in the accident and health market. He was formerly national underwriting manager at Accident and Health International Underwriting.

“It is a market segment that we believe we can do well in given the strength that we have globally in this area already,” HDI Global Regional Market Manager ASEAN and Australasia Willem van Wyk told insuranceNEWS.com.au. “I can definitely see it will grow substantially in years to come.”