Game-Changing Partnership in Logistics Insurance

10th November 2023

Logistics BusinessGame-Changing Partnership in Logistics Insurance

Otonomi, specialist in innovative supply chain risk technology and the freight insurance industry, has joined forces with Redkik, a leading innovator in the embedded cargo insurance space, to revolutionize the way logistics companies and shippers mitigate their financial risks. This ground-breaking partnership is aimed to bridge a $50 billion protection gap in the time-critical freight sector, where shippers of pharmaceuticals, perishables, aerospace engines, aircraft parts, and many other expedited assets shipments are in dramatic need of proper insurance coverage.

Powered by proprietary technologies in data-activated triggers, AI-assisted underwriting, and seamless integrated API, this synergetic partnership introduces unparalleled values to cargo owners to gain transparency and mitigate their risks. The unique set of benefits includes: 1) seamlessly embedded insurance solutions, 2) premium rates pricing in seconds, 3) policy binding in minutes, and 4) parametrically activated claims resolution which provides outstanding transparency and speed (22x faster than industry standard).

Logistics companies and shipping clients have long grappled with the cumbersome and time-consuming process of obtaining insurance coverage and filing claims. Redkik and Otonomi’s joint innovative solution aims to streamline and modernize this critical aspect of the industry, ultimately improving efficiency and profitability for all stakeholders involved.
Key Benefits of the Partnership

This collaboration brings unparalleled benefits to an industry always in motion:

● First-to-Market Air Cargo Delay Insurance: Otonomi introduces air freight delay protection policies that are unprecedented in the industry. Otonomi’s Cargo+ policy coverage offers logistics companies and cargo owners fast, cost-effective, and transparent operations, reducing financial risks associated with delays in cargo shipments.
● Instant Transactional Insurance Quotations: Through the integration of Redkik’s cutting-edge technology along with Otonomi’s algorithmic underwriting engine, clients can now receive instant insurance quotes, simplifying the decision-making process and allowing for quicker coverage acquisition.
● Remarkable Reduction in Claim Resolution Times: The platform, with its data-activated triggers and smart contracts, dramatically reduces claim resolution times, by orders of magnitude. This swift resolution process minimizes disruptions to logistics operations and ensures faster claims payouts.
● Significant Administrative Cost Savings: Redkik and Otonomi’s integrated digital wallet and automated processes substantially cut administrative costs, allowing companies to allocate resources more efficiently and improve their bottom line.
● Enhanced Coverage and Risk Management: The coverage is further enhanced by AI-assisted portfolio risk models and advanced stressed scenario capabilities. This not only opens up new markets but also creates greater opportunities for profitability.

Quote from Otonomi: ”Team Otonomi is thrilled to announce a ground-breaking partnership with Redkik that redefines the insurtech landscape. Together, we are embarking on a journey to revolutionize 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.”

Quote from Redkik: ”We are proud to join forces with the innovative team at Otonomi. Although often mistaken to be competitors, we actually compliment 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. 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.”