Otonomi Partners with Greenlight Re Innovations to Launch an Innovative Platform for Parametric Cargo Insurance

OTONOMI
3 min readMar 16, 2023

Otonomi Announces Strategic Partnership with Greenlight Innovation Syndicate 3456 to act as platform provider for an Innovative Parametric Cargo Insurance Program.

Otonomi is thrilled to announce the strategic partnership with Greenlight Innovation Syndicate 3456 to act as a platform provider for a Parametric Cargo Insurance Program. Otonomi powers the operating platform of the Parametric Cargo Insurance Program to help mitigate the $10 billion gap left by global supply chain delays across industries.

The partnership of traditional cargo delay insurance and an advanced platform technology unleashes unprecedented product innovations such as scalable event trigger mechanisms via oracles, programmatic policies and claims operations using web3 smart contracts, and state-of-the-art algorithmic underwriting modeling that unlocks dynamic quoting and advanced risk management.

Please feel free to reach out to us (contact@otonomi.ai) if you’d like to see a demo of the platform.

About Otonomi: Otonomi is a parametric cargo insurance platform that assists and supercharges cargo delay insurance by providing three proprietary technologies: decentralized oracle API triggers, claim automation via smart contracts using Chainlink oracles, and algorithmic underwriting risk analytics.

About Greenlight Capital Re, Ltd. Greenlight Re Innovations (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s Syndicate, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Forward-Looking Statements: “This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. Greenlight Capital Re, Ltd. intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on Greenlight Capital Re, Ltd.’s behalf. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in Greenlight Capital Re, Ltd.’s annual report on Form 10-K filed with the Securities and Exchange Commission. Greenlight Capital Re, Ltd. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.”

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OTONOMI

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