Every industry needs digital tools in today’s day and age of fierce market competition and rising customer expectations. Otonomi believes in reshaping the insurance system as a leading insurance tech company. With a focus on safe and timely operations and customer needs, Otonomi has set out to make cargo and carrier insurance policies more secure and efficient.
Freight and cargo shipment of merchandise requires freight and cargo insurance. However, despite insurance policies, the burden of shipment liabilities falls on the carrier. Even though insurance covers most damages and disasters, finding policies for natural events like storms and earthquakes can be challenging.
Unforeseen and unpredictable incidents result in companies incurring heavy losses due to damage, theft, and losing goods. Otonomi bears in mind the concerns of the cargo and insurance sectors and creates innovative solutions to bridge that gap.
Otonomi develops AI-powered platforms that solidify the insurance tech infrastructure. The company spans its services across various industries to build parametric applications, such as data sources, database servers, APIs, and IoT products. Its blockchain-driven parametric application revolutionizes freight insurance policies. Otonomi’s quick and cost-effective digital platform benefits its clients and customers.
Otonomi considers the need to build solid customer relationships and designs technologies that meet its client’s expectations. Its parametric platform supports data-driven sensors, smart contracts, and accessible digital wallets. The integrated and easy-to-navigate application decreases claim resolution durations and additional costs by over 90%.
“We aim at being the de facto ‘detect, active, and pay’ infrastructure InsurTech for all data sources that can be used to create parametric products: database server APIs, logistics analytics, and IoT sensors,” said Yann Barbarroux, CEO of Otonomi.
The onset of the pandemic plunged the global supply chain into a volatile state. Service interruptions created an unstable and uncertain shipping climate marred by high demand and low supply operations. This imbalance put extreme pressure on the logistics and insurance industries. With over 62 million metric tons of cargo delayed, both sectors were in disarray. Otonomi delivers its services to offer respite to carriers and policyholders. The company covers the gaps between both industries, boosts risk management strategies, and reduces financial losses by preventing shipment delays.
Otonomi extends its parametric products to various industries, including air cargo, ocean marine, ground transport, and cyber insurance. Its products support transparent event notifications for shipment delays, fast compensation settlements, and flexible risk management, cost-effectively. Otonomi’s smart-contract technology provides high speed and automates claim processes.
With its parametric application, Otonomi prevents merchandise delays and shipment disruptions. It implements secure and independent alerts to notify carriers about interruptions. Moreover, the platform uses blockchain-powered tools that reduce fraud risk and enable quick payouts using Web3-operated digital wallets.
The US-based company deploys its years of experience to manage portfolios, reform the logistics landscape, and eliminate risks and threats. It acquires billions of proprietary data in logistics, aviation, and climate to develop a robust data management environment.
With the help of its AI/ML and statistical algorithms, Otonomi unlocks quantitative features at cost-efficient rates with a loss ratio reduction of over 5%. Additionally, the company’s risk management procedure decreases adverse selection, diversifies portfolios, and enhances the threat detection speed.
Otonomi’s parametric policies ensure the shipping process remains automatic and transparent. Otonomi’s user-friendly freight-schedule page, flexible rates, and insurance broker partners enable its clients to insure their shipments conveniently without filing a claim. The company’s parametric platform provides a market differentiator and allows clients to experience a seamless onboarding experience.