Greenlight Re Innovations Announces Investment in Cargo Insurance Platform Otonomi
GRAND CAYMAN, Cayman Islands – October 24, 2022 – Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has announced an investment in Otonomi, Inc. (“Otonomi”), a New York-based parametric cargo insurance platform.
In recent years, globalization and technological advancements have led to a significant increase in global trade, increasingly exposing supply chain vulnerabilities. Otonomi is addressing this global challenge by developing parametric coverage for air, ground, and marine cargo and freight delays. With most companies experiencing supply chain disruptions, particularly since the onset of the COVID-19 pandemic, Otonomi works with aviation, freight forwarders, and logistics partners to provide a simple, point-of-sale insurance offering on a per-shipment basis to mitigate interruptions that ultimately create delays and higher prices for consumers. Additionally, Otonomi’s platform uses blockchain technology to administer the policies while enabling automated claims payments, reducing the claims adjudication processing time from an industry average of 45 days to under 45 minutes.