InsurTech Amplified was joined by Yann Barbarroux, the CEO and co-founder of Otonomi.
Otonomi focuses on the time-critical freight sector, providing insurance solutions for industries such as life sciences, pharma, aviation, and perishables. Yann explained that there is a significant gap in the cargo insurance market when it comes to covering delays and interruptions. Traditional cargo insurance policies often exclude delays as a covered event, leaving companies vulnerable to significant financial losses. Otonomi aims to fill this gap by offering parametric insurance that provides quick payouts based on real-time data. By leveraging blockchain technology and AI-assisted chatbots, Otonomi aims to simplify the insurance process and provide transparency to customers in an otherwise complex industry.
Yann also discussed the concept of being a “third culture adult,” someone who grew up in one culture but became an adult in another. He noted that this experience has a profound impact on how one views the world and approaches innovation. The combination of different cultural perspectives allows us to see things from multiple angles and think outside the box. Yann shared his personal experience of feeling like a “hybrid alien” when visiting his family in France, highlighting the differences in mindset and approach to life. This ability to adapt and think differently is a valuable asset in the world of innovation.
Yann noted that many of the skills and principles he learned working the finance industry are applicable to the insurance world. The disciplines of operation execution, punctuality, and flexibility are crucial. Yann also highlighted the importance of forward-thinking and adapting to changing market conditions, particularly when it comes to technology, such as blockchain and AI.
Yann shares his experience participating in Lloyd’s Lab and the importance of the Lloyd’s market in the insurance industry. He also announced two new partnerships in the cargo space, one in Peru and the other in the US and Singapore.