Cohort: Cohort 8, 2022
Focus in insurance value chain/workflow: Point of Underwriting
Specific lines of business supported: Corporate
Founded: 2020
Status: Operating, still in insurance
Company type: MGA (planned)
Head office: USA
Main global offices: USA
Locations served: USA
Employee count: 11-100
Otonomi offers parametric insurance for the marine and cargo industry. Its first product, launched in 2023, is a parametric air freight insurance solution. The solution consists of air shipment delay and interruption coverage. its policies are in the form of smart contracts on a blockchain. It offer fully digitised quoting, binding and issuing of policies, with algorithmic underwriting capabilities to improve expense and loss ratios.
Primary focus product area whilst in the Accelerator: Parametric, Supply Chain/NDBI.
The Lloyd's Lab helped Otonomi secure capacity and investment from Greenlight Re to launch its parametric cargo insurance product. It believes its parametric cargo insurance product developed in the Lab can speed up claim resolution by 100x, reduce expense ratios by more than 75%, and improve loss ratios by more than 5%.
“The Lloyd’s Lab Accelerator is one of the most transformative experiences that we have had. It gave us access to a number of underwriters, brokers, syndicates and other actors in the London insurance space that, very frankly, would not be accessible otherwise.”Yann Barbarroux, Chief Executive Officer and Co-Founder
Learn about all our alumni who have take part in the Lloyd’s Lab Accelerator programme.
Otonomi website 
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