Bank That Drone, Will You?

This article was first published by Andrej Probst, an innovation manager, on Rozumy.sk, a technology blog covering innovation, management, banking and security.

You would probably say that a drone and a financial institution have nothing to do with each other.

However, let's look at what drones do.

A drone is a pilotless airplane that is remotely controlled by people or a flight plan. It has multiple sensors and can pick up a lot of data about its location, the weather, views from its camera, etc.

Like any other objects, drones are prone to accidents and incur physical damages. There can be malfunction within the drone. The drone may fall to the ground and damage itself, the sensors, and the object it lands upon.

Many drone owners have negotiated a "drone insurance" with their insurance companies. This insurance covers the cost of damage inflicted upon third party members and the drone itself. This kind of insurance wasn’t available in the Czech Republic.

Until now.

Accident insurance for drones

ČSOB, a commercial bank in the Czech Republic, recognised the opportunity and the gap in the market. The company created a new product - accident insurance for drones. This offering is indeed pretty unique for the Czech market.

Any drone owner is now free to enroll the program and insure his drone. Innovation doesn’t mean creating brand new things or doing things completely different. There are many ways to create new products or services that benefit both the company and its consumers.

One way one of them is to combine different worlds, different business areas that are yet to be combined.

Sometimes, you don’t have to look too far. You create opportunities just by merging or combining to existing areas.

TeskaLabs are helping organizations to embrace mobile and Internet of Things without worrying about security risks to their corporate data. To learn about our security solution, please send us an email at info@teskalabs.com or tweet to us @TeskaLabs.