This strategic partnership aims to address a significant US$50 billion protection gap in the time-critical freight sector, catering to the urgent insurance needs of shippers dealing with pharmaceuticals, perishables, aerospace engines, aircraft parts, and various other expedited asset shipments.
Powered by cutting-edge technologies such as data-activated triggers, AI-assisted underwriting, and seamless integrated API, this synergistic alliance brings unprecedented value to cargo owners. Key advantages include seamlessly embedded insurance solutions, instant premium rate pricing, rapid policy binding, and parametrically activated claims resolution, providing exceptional transparency and speed, outpacing industry standards by 22 times.
Logistics companies and shipping clients have long grappled with the tedious process of obtaining insurance coverage and filing claims. The joint solution from Redkik and Otonomi aims to streamline and modernize this critical aspect of the industry, enhancing efficiency and profitability for all stakeholders involved.
Key Benefits of the Otonomi-Redkik Partnership:
- First-to-Market Air Cargo Delay Insurance: Otonomi introduces air freight delay protection policies, offering logistics companies and cargo owners swift, cost-effective, and transparent operations, mitigating financial risks associated with cargo shipment delays.
- Instant Transactional Insurance Quotations: The integration of Redkik’s technology and Otonomi’s algorithmic underwriting engine enables clients to receive instant insurance quotes, simplifying decision-making and expediting coverage acquisition.
- Remarkable Reduction in Claim Resolution Times: The platform, leveraging data-activated triggers and smart contracts, significantly reduces claim resolution times, ensuring minimal disruptions to logistics operations and faster claims payouts.
- Significant Administrative Cost Savings: The integrated digital wallet and automated processes from Redkik and Otonomi substantially reduce administrative costs, enabling companies to allocate resources more efficiently and improve their bottom line.
- Enhanced Coverage and Risk Management: AI-assisted portfolio risk models and advanced stressed scenario capabilities enhance coverage, opening up new markets and creating greater opportunities for profitability in the freight insurance landscape.
Speaking about the new partnership, Yann Barbarroux, CEO & Co-Founder of Otonomi, said: ”Team Otonomi is thrilled to announce a groundbreaking partnership with Redkik that redefines the insurtech landscape. Together, we are embarking on a journey to revolutionise supply chain risk management by directly embedding insurance solutions into logistics companies and shippers’ ecosystems. Bringing cargo delay quotes in seconds, resolving claims 22 times faster than industry standard, all wrapped up seamlessly thanks to modern API integrations, Otonomi and Redkik empower clients to mitigate freight disruption risks efficiently.”
Chris Kalinski, CEO & Founder of Redkik, also commented, saying: ”We are proud to join forces with the innovative team at Otonomi. Although often mistaken to be competitors, we actually complement each other extremely well. Adding an air cargo delay insurance to our existing offerings is yet another powerful value add to all of our existing and future clients and partners.”
He added: “Working with the team at Otonomi has been a lot of fun and we are looking forward to continue to work closely together in the future.”
Author: Joanna England
