SkyWatch, the leading InsurTech company for aviation, announced today that it has launched a usage-based insurance product for rented light aircraft that offers yearly, monthly, weekly, and daily coverage options. The launch is in collaboration with Global Aerospace, Inc., a leading provider of aviation insurance and risk management solutions for the aviation and aerospace industries. SkyWatch will distribute the product - available in most US states - directly to pilots and via select partners, while Global Aerospace will provide underwriting expertise and prompt claims handling.
Most pilots across the US are renters, which means that flying in an irregular and spontaneous fashion is common. However, available insurance policies run on a yearly or monthly basis, so many of these pilots, from leisure enthusiasts to young students and their instructors, end up paying insurance costs even when they are not flying. SkyWatch is the first to offer not only annual and monthly options but also weekly and daily plans, better-enabling pilots to pay only for their time in the sky.
SkyWatch has established itself as an InsurTech leader with its innovative insurance solutions for the world of aviation. From light aircraft to drones, its data-driven, usage-based insurance products are designed to provide the highest coverage at the absolute lowest price. SkyWatch has offices in Tel Aviv, Israel and in Palo Alto, and is a licensed insurance broker in all 50 US states and in Canada. SkyWatch is a part of VOOM, a leading provider of usage-based insurance products for the future of mobility.
"Together with Global Aerospace, we're providing pilots with flexibility and freedom through this usage-based insurance product," said Tomer Kashi, CEO and Co-Founder of SkyWatch. "SkyWatch is committed to providing the best value to all aviators and leveraging data is key to offering flexible and cost-effective insurance options. The difference we make for aviators inspires us to keep innovating on all fronts."
"We are excited to partner with SkyWatch to provide an industry-first offering. The decision to build an easy-to-use, technology-based platform to provide pilots of rented or borrowed aircraft with flexible and affordable usage-based coverage options aligns with our commitment to drive innovation and simplify the process of buying insurance," said Jeff Bruno, President and Chief Underwriting Officer of Global Aerospace.