HDI has partnered with the US-based InsurTech firm Precision Autonomy to develop the new platform that offers digital automation of general aviation insurance policies
HDI Global Specialty, a joint venture of Hannover Re and HDI Global, has launched its new insurance platform, dubbed Aviation IQ, to deliver general aviation policies to brokers.
The specialty insurer has partnered with the US-based InsurTech firm Precision Autonomy to develop the new platform, which is designed to facilitate end-to-end digital automation of general aviation insurance policies.
Precision Autonomy is said to enable insurers and reinsurers to provide insurance services for inflight and autonomous vehicles, by leveraging its unique technology platform, algorithms, and integrations.
Precision Autonomy CEO and co-founder Mark Halverson said: “We are delighted to be extending our relationship with the Australian team at HDI Global Specialty. The partnership is already delivering a much enhanced experience for their brokers, I’m looking forward to demonstrating our ability to take this to the next level.”
HDI Global initially offering Aviation IQ in Australia, with plans to expand globally
The company is initially offering the new platform only in Australia, but is expected to expand the offering globally, across all of its aviation teams.
Also, the company said that the customisation capabilities of the Aviation IQ platform is expected to provide the aviation brokers with enhanced service and experience.
Partnership between HDI Global Speciality and Precision Autonomy initially started in January 2020, with the commercial drone insurance offering in the Australian market. The launch of Aviation IQ is said to extend the existing partnership between the companies.
HDI Global Specialty Australia aviation head Jamie Bowes said: “Aviation IQ is a bespoke full insurance life cycle platform for general aviation policies. The aviation market has lacked disruption and innovation, this seeks to considerably change that.
“We are now able to provide a much faster response to brokers, more flexibility in terms of product offering, pricing and usability, and thus streamlining the traditional method of placement and management of aviation insurance policies.”