5X5 Talks to YPO Podcast About Data, Discipline and Safer Aviation
Data is becoming a hot topic in general aviation, with discussions centering on how the large amounts of information available are put to use. Our founder and CEO, Troy Kopischke, and chief underwriter, Jeff Rhodes, recently spoke with another passionate aviator, fixed-wing and helicopter pilot Christian Palmaz, for the YPO SkyCast on YouTube. They discussed why we incorporate data in underwriting to promote safety, pilot improvement and aviation overall.
Here are some key topics covered:
What led to the launch of 5X5 and its approach?
Kopischke, who’s created multiple tech-related businesses, shared how he used data to improve when he became a pilot but soon learned that most insurers don’t and instead apply arbitrary, hard-to-see standards in underwriting. “We're trying to do something that's driving truth and transparency into the system,” he says. We are about creating a great pool of aviators that deeply care about flight safety.”
Why is most current aviation insurance antiquated?
Many big insurers’ guidelines were created 20 to 50 years ago and never updated to reflect the advent of single-pilot, owner-operated jets and satellite navigation, says Rhodes, who worked for some of those companies. Arbitrary minimums and broker networks are holdovers from those times.
Will data be used to punish a pilot for one bouncy landing or minor mistakes?
Put simply: No. With an owner’s consent, 5X5 collects avionics and ADS-B data so it can assess performance and risk across the pool, not to penalize pilots for a single occurrence. The company wants to draw conclusions — and subsequently improve safety — on such matters as how 1,000, 1,500 or 5,000 flight hours are tied to losses or whether simulator training, in-aircraft training or a combination of the two is most effective.
How do data-based and other discounts work with 5X5?
Operators receive a 5% discount for sharing data. Discounts grow with extra training as well as membership in an owners and pilots association such as the Citation, TBM and Piper M-class groups that have special partnerships with 5X5. As Kopischke notes, 5X5’s underwriting software aligns with the recommended curricula of those associations, providing insights into key indicators and commitment to good-safety habits such as stabilized approaches.
How can a pilot make themselves the most insurable and prepared to transition?
It’s not just the insurer who should be looking at your flight data. Pore over the data your aircraft generates to monitor flight performance, Rhodes says. Develop the habit of doing debriefings, obtain a mentor to discuss flight plans and procedures, create and strictly adhere to your own standard operating procedures, and be willing to cancel flights and adjust plans based on conditions. As a single operator, “create that accountability structure for yourself,” he says, because no one else will.
