The Ministry of civil aviation anticipates a Rs. 5,000 crore worth investment in the drone manufacturing industry for three years.
The joint venture between the Tata Group and American International Group (AIG), Tata AIG General Insurance Company Limited announced on October 18, 2021, the launch of RPAS (Remotely Piloted Aircraft System) insurance, together with a distribution tie-up with an insurance-tech startup TropoGo.
In the press release issued by Tata AIG on October 18, 2021, the company claimed to be at the forefront and engaging closely with the Drone Federation of India with the view of understanding clearly the different types of risks borne by drone owners and operators. The all-new RPAS insurance introduced by Tata AIG is a “comprehensive product” which is expected to cover Hull as well as Third-Party Liability risks faced by the drone consumers.
Tata AIG-owned RPAS insurance also claims to offer optional coverage in terms of BVLOS operations, night flying, and data loss liability.
With more and more tech-based startups emerging in the Indian market, bringing in innovative and advanced technologies, drone enthusiasts along with the whole community of drone manufacturers gear up themselves to transform India into a drone hub by 2030.
The Ministry of civil aviation anticipates a Rs. 5,000 crore worth investment in the drone manufacturing industry for three years which will expectedly ramp up the annual sales turnover to Rs. 900 crore in financial year 2023 to 2024.
President of commercial business at Tata AIG General Insurance Limited, Sushant Sarin stated that taking into consideration the consumers’ need, the company has co-created a “market-fit” product which promises to fulfill the market requirement and is in line with the suggestions of the working group created by IRDAI (Insurance Regulatory and Development Authority of India) on newly established RPAS insurance. He expressed his confidence saying that Tata AIG’s RPAS insurance product will surpass the expectations of all the stakeholders in the drone system.
He further added that the government’s recent liberalization on owning and operating drones, together with the introduction of PLI (Production Linked Incentive) scheme will fuel up the growth of the drone segment. He also announced that TropoGo is now Tata AIG’s distribution partner which will be responsible for fulfilling the insurance needs of drone owners as well as operators.
TropoGo is an Insurtech startup which has successfully established India’s first ever drone marketplace. It delivers “on-demand” Micro Drone Insurance. The Bengaluru-based startup offers flexible buying options to drone owners and operators, ranging from hourly to annual packages. Founded in 2018, the startup specializes in Drones, Aerial Mobility, Insurance, Drone consulting, and more.
In the latest tie-up with Tata AIG, the startup said in a post, “Every partnership is an opportunity to bring the best for Indian Drone fliers- cover more drone models, make claims easier, offer competitive premium prices and create a risk-averse mindset. Thanking Tata AIG General Insurance Company Limited for this association. Let us co-create products that strengthen the Indian desire to fly more drones with a free spirit. #TATAAIGforDrones #TATAwithTropoGo”