What is Otonomi.AI
Meet Otonomi.AI, a next generation insurance startup for time-critical freight based in Brooklyn. New York. Otonomi AI offers a streamlined solution for shippers to manage and mitigate financial risks associated with cargo delays. Leveraging advanced AI algorithms, Otonomi provides instant delay quotes to time-sensitive cargo owners precisely when they need them. Their proprietary parametric mechanism simplifies the claims process, introducing transparency and speed to an industry characterized by constant motion. By combining innovative technology with a user-friendly approach, Otonomi empowers shippers to navigate the complexities of logistics with greater confidence and efficiency.
About the Industry
The freight delay protection insurance industry is experiencing notable trends driven by factors such as globalization, technological advancements, and evolving supply chain dynamics. Shippers are increasingly seeking customized insurance policies to mitigate financial losses associated with cargo delays, leading insurers to offer tailored coverage options that align with specific business needs and risk profiles. Integration of technologies like AI and blockchain is enhancing risk assessment and claims management processes, while parametric insurance solutions based on predefined triggers are gaining popularity for their speed and transparency in claims processing. With a growing emphasis on sustainability and resilience, insurers are developing products to address climate-related risks and incentivize environmentally friendly practices. Strategic partnerships and collaborations with technology providers and industry associations are facilitating the development of innovative solutions and promoting industry standards. Additionally, insurers must stay informed about regulatory changes impacting trade policies, transportation regulations, and insurance requirements to ensure compliance and effectively manage risks in this dynamic landscape.
Meet the Founder
Meet Yann Barbarroux, a seasoned entrepreneur and financial risk management expert with a diverse background spanning over two decades. Currently serving as the CEO and Co-Founder of Otonomi, Yann leads the charge in revolutionizing the logistics industry by providing innovative solutions to mitigate financial risks associated with cargo delays. Prior to his role at Otonomi, Yann honed his expertise in risk management and entrepreneurship through various ventures and positions. He founded Accelerate VI, where he spearheaded Flyion as CEO and Co-Founder, focusing on analytics and product strategy. Yann's journey also led him to prestigious roles at renowned financial institutions like Citi and ING, where he served in leadership positions managing global markets risk and structured derivatives. Throughout his career, Yann has demonstrated a knack for innovation and a deep understanding of market dynamics, making him a driving force in both the finance and technology sectors. He holds a Master of Science in Computer Engineering with a focus on Information System Management from Télécom Paris and a Bachelor's degree in Applied Physics from Aix-Marseille University.
Hillside Ventures Investment
Hillside Ventures’ investment thesis is to seek to invest in pre-seed to Series A stage companies in the InsurTech, Sustainability, SportsTech, and EdTech spaces, as well as any companies in those stages led by a UConn alumnus, with a $25,000 investment with the opportunity for follow-on funding. Otonomi’s insurance solutions for time-critical freight and their innovative parametric mechanism makes the company a natural fit for Hillside’s InsurTech vertical. Hillside Ventures invested in Otonomi in Q4 of 2021, making Otonomi the first InsurTech deal in the fund’s history. Hillside supports Otonomi through the many connections that UConn has, including a strong relationship with local insurance companies and a vast knowledge base. Hillside continues to maintain a strong relationship with the management team, and InsurTech analysts from Hillside met with the founder, Yann Barbarroux, in Fall 2023 at the InsurTech NY demo day.
Recent Updates
Otonomi has been growing before and since Hillside contributed their investment. The company currently is raising a Seed plus round. Additionally, there have been many updates within the company itself. Otonomi has partnered with or become customers of many other solutions to improve their offerings; these partners include Greenlight Re Innovations, Redkik, and Zuru Latam. The partnership with Greenlight Re Innovations, which also invested in Otonomi, allows for Otonomi to power the operating platform of an innovative Parametric Cargo Insurance Program. The partnership with Redkik allows for numerous benefits, including the creation of an air cargo delay insurance product, a cut in administrative costs, and improvements in quote times, claim resolution times, coverage, and risk management. The partnership with Zuru Latam provides access to offshore delay policies underwritten by international underwriters.