Australian insurtech investor, Envest has become a leading investor in a revolutionary insurance platform designed for all things autonomous but initially starting with the underwriting of drones.
Envest will partner with Precision Autonomy to expand its operations both internationally and in Australia.
Precision Autonomy uses a digital end-to-end platform and algorithms to create dynamic, value-driven insurance solutions (pay-per-fly).
Mark Halverson CEO and joint founder of Precision Autonomy said the investment from Envest would accelerate the rollout of PA ‘On Purpose’ infrastructure which records real-time flight data and allows drones (and eventually other autonomous machines) to operate in a transparent, predictable, and auditable way.
“The platform allows profitable management of a large number of small policies and the algorithms dynamically price risk of these emerging autonomous technologies,” Mr Halverson said.
Envest managing director Greg Mullins said the investment in Precision Autonomy was a strategic investment in the future of insurance.
“Founders Mark and Leanne Seeto have over 25 years of experience in consulting, insurance, and financial services working with the world’s largest corporations shaping strategies embracing innovation and disruption – so we are confident that under their leadership, Precision Autonomy will lead the way with this cutting edge innovation and have a part to play in the future of technology enablement in the insurance industry.”
Envest is constantly looking to back businesses like Precision Autonomy that are providing and enabling solutions for the future.”
Together the Envest and Precision Autonomy team are already in discussions with ecosystem participants in the Autonomy Economy, including ride sharing providers, robotics manufacturers, and other key government and commercial entities driving innovation in the autonomous vehicle space.