Insurtech Otonomi has introduced a new global three-hour Air Cargo Delay Parametric Insurance. This product addresses a critical gap in air cargo insurance, covering ultra-short but costly delays.
This insurance targets short delays in air cargo transport, offering various coverage options to meet different needs.
It enhances risk management and provides financial protection for time-sensitive shipments.
Otonomi’s data indicates that 62% of cargo flights face delays annually. The parametric solution’s launch follows their February announcement of a partnership with BlueBox Systems, a leader in intelligent air freight tracking.
Our customers across industries and regions asked for more precise risk management tools in air cargo. This 3-hour delay parametric insurance is our response
Yann Barbarroux, CEO & Co-Founder of Otonomi
Otonomi reports a demand for precise risk management tools. Customers in the US, Latin America, and Asia-Pacific emphasize the need for solutions addressing ultra-short delays.
Several factors drive the launch of Otonomi’s parametric insurance. Market demand across various regions has highlighted the need for specific risk management tools.
Industry-specific requirements are significant, particularly in the medical and life sciences sectors, where delays can cause substantial losses for medical specimens, clinical trial materials, and pharmaceuticals.
The perishables sector, including salmon, produce, and fruits, requires timely delivery to maintain quality.
Just-in-time manufacturing in the auto industry also relies on precise delivery schedules.
Global supply chain pressures and macro risks, like geopolitical and climate challenges, have increased the need for reliable air cargo transport. Technological advancements have enabled rapid, automated solutions for managing short-term delays, supporting the need for this new insurance product.
Otonomi is a pioneering Insurtech company specializing in parametric insurance solutions for the air cargo industry.
It addresses gaps in traditional insurance by offering innovative products designed to cover ultra-short, high-cost delays in air cargo transportation. Founded by industry experts, Otonomi leverages advanced technology and data analytics to provide precise, responsive risk management tools.
The company’s flagship product, the three-hour Air Cargo Delay Parametric Insurance, offers tailored coverage options for various sectors, including medical, life sciences, and perishables. This product caters to the specific needs of these industries, where even brief delays can lead to significant financial losses.
Otonomi collaborates with leading technology firms, such as BlueBox Systems, to enhance its tracking and risk management capabilities.
By combining intelligent tracking solutions with parametric insurance, Otonomi ensures comprehensive protection and financial resilience for its clients.
The company focuses on addressing market demands across diverse regions, including the United States, Latin America, and Asia-Pacific. Its solutions are designed to support industries with time-sensitive shipments, just-in-time manufacturing, and those affected by global supply chain pressures and macro risks like geopolitical and climate challenges.
