Iris Automation Renews Digitally with EaseClient Stories
“Navigating the insurance realm as a rapidly growing start-up company working with bleeding-edge technology can be a huge headache. Tyler and the team at Embroker worked with us from Day 1 to source competitive quotes, cut through the meaningless jargon, and lessen our workload without sacrificing coverage through their easy-to-use platform and fantastic customer service.”
-Aaron Bailey, CFO at Iris Automation
Iris Automation is a YCombinator and Silicon Valley investor backed company with a team from NASA, Boeing, and Airbus, amongst others, and includes PhDs in computer vision. Iris is tackling three big challenges facing the industrial drone industry: reliability, safety, and autonomous flight beyond the line of sight.
Currently, industrial drone systems are not trusted to fly beyond-line-of-sight or be completely autonomous; Iris is changing that by giving them the ability to intelligently see and react to the physical world by building a collision avoidance system. The product is a sophisticated computer vision algorithm packaged into a physical, plug and play perception unit, which is being sold directly to drone manufacturers and adds tremendous value to their systems as it enables them to overcome regulatory, insurance, trust, and safety issues.
Analyzing Insurance Costs for Startups
Embroker Vertical Insurance Index
How much are you paying for your insurance? Are you purchasing the right policies? Find out what founders are doing, and the trends that you may not have seen.
Using a combination of computer vision and deep learning algorithms, Iris Automation’s technology allows drones to be able to see the world similar to the way a human pilot does. Interleaving basic deterministic algorithms with more advanced, nondeterministic algorithms and neural networks allows the system is be fault tolerant and also carry the incredible intelligence onboard. There is a lot of overlap with autonomous driving technology, as situational awareness is key for any autonomous vehicle, regardless of whether they are land, sea, or air based.
With their innovation, Iris needed an insurance broker who understood their specific needs to gain the best coverage at the best premium. Learn more how Embroker pairs expertise with technology on Embroker 101.
Originally Incorporated in Vancouver, Iris Automation moved to San Francisco, California after graduating from Y-Combinator. CFO Aaron Bailey had shopped for Drone UAV insurance before, but the market was very select. There were not many carriers available, and he didn’t know who to go to.
Bailey was pleased with Embroker’s easy to use cloud-based Risk Management Platform. He had all of Iris’s insurance documents on a shared Google Drive prior to signing with Embroker, but now he no longer needed that shared drive. With Embroker’s technology, not only were the premiums and policies completely transparent, but all his information was already prepopulated for Iris’s renewal.
Utilizing Embroker’s secure Risk Management Platform, Bailey had the ability to see what policies he had versus what needed renewing, and the coverage he obtained with Embroker was excellent compared to what he had seen previously.
Aaron Bailey was able to purchase and renew Iris Automation’s insurance with ease and transparency. Additionally, he found expert guidance while navigating coverages for Iris’s cutting-edge drone technology.
Now that you have a better understanding of how Embroker helps tech companies get insured intelligently, you may be wondering how all of this affects your business and where to go from here. If you need more help or information, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, create your Embroker account today.
When you look at the aviation insurance marketplace, there’s a lot happening. How has COVID-19 impacted trends for 2022? Learn more.
You may be wondering: construction insurance vs. surety bond—which do I need for my business? The answer is—both.