Insurtech Otonomi raises $3.4 million to build a first-to-market blockchain-powered parametric cargo platform
“Otonomi brings a new product to the market by building complex models to be able to profitably underwrite insurance against freight shipment delays. Traditionally, insurance at the point of sale has focused on damage to goods. However, costly delays often occur across air, maritime, truck and last-mile logistics. Otonomi has a great team positioned to bring together aspects of parametric assurance, risk related to supply chain and shipment delays, and highly integrable deployment.so Chris Shonkpartner and co-founder at ATX Ventures Partners.
The company is first to market to offer parametric load delay insurance (a fast, transparent and automated delay insurance product) that unlocks claims resolution in 45 minutes instead of 45 days, compressing administrative costs by up to 90%.
“[Our platform] is as much of a unique value add for end customers, shippers, logistics, 3PLs and freight forwarders on the one hand as it is also a huge bottom line saver for insurance company partners on the other“, Yann mentions, during an interview on Nasdaq TradeTalks Show last month.
Otonomi’s leadership drew on six critical industries to assemble a core team of resolute go-getters in finance, insurance, blockchain, UX design, marketing and security. The team thrives on adding value to customers and insurance companies, both sectors are crying out for a refresh.
“By leveraging smart contracts, advanced risk metrics and industry-leading oracles from our technology partner Chain linkour engineers are able to build more transparent, timely and cost-effective products for our logistics end customers and insurance underwriting partners.” Jeremy proudly states his CTO.
Otonomi’s leadership is excited to actively hire 4 key strategic roles: 1) Lead full-stack engineer, 2) Senior data engineer, 3) Insurance sales and 4) Operations manager. Reach out to Yann or Jeremy if you want to join!
About Autonomy: Otonomi is a parametric cargo insurance platform that supercharges operations with 3 proprietary technologies: decentralized oracle API triggers, claims automation via smart contracts and algorithmic insurance risk analysis.
This successful raise against a challenging market backdrop is an important recognition of Otonomi’s unique value proposition for bringing automation at scale.
Visit us at otonomi.ai
SOURCE Autonomy
