distriBind, the digital delegated authority data exchange that was a member of Lloyd’s Lab Cohort 6, has been selected by Otonomi, the parametric cargo platform that was a member of Lloyd’s Lab Cohort 8, to process data from its parametric smart contracts platform and send to its insurer partners.
The deal will see distriBind receive data in real-time via API straight from Otonomi’s cargo parametric platform with distriBind transforming the data into the Lloyd’s reporting format. Dave Connors, CEO of distriBind and Yann Barbarroux, CEO of Otonomi met when Otonomi participated in the Lloyd’s Lab in 2022 and were immediately struck by the potential for collaboration.
distriBind CEO Dave Connors said “I’m delighted to be working with Otonomi on this essential use case for the market. Facilitating automated exchange of data across formats is one of distriBind’s key aims, and to do this with a fellow Lloyd’s Lab alumni is particularly exciting. This partnership shows the value distriBind can bring to the market, and particularly to other US insurtechs for whom Lloyd’s addiction to the spreadsheet introduces inefficiencies. Yann’s vision for Otonomi is very clear, and I’m delighted to work with him to achieve it.”
distriBind will enable Otonomi to report to their syndicate partner, Greenlight Re, with no re-keying or manual manipulation of data, a key efficiency.
Yann Barbarroux, CEO of Otonomi said “At Otonomi, we are firming up our footprints in unchartered territories when it comes to providing a complete overhaul of the autonomous provision of insurance, in addressing the problems of the cargo industry screaming for innovation. It’s an amazing opportunity for our team to partner with distriBind and leverage their unique digital delegated authority API solutions which tremendously speed up our integration within the insurance syndicate’s ecosystem.”
Rosie Denée, Lloyd’s Lab said “The Lloyd’s Lab is all about bringing people together to innovate. It is fantastic to see this partnership between distriBind and Otonomi flourish; it clearly demonstrates the on-going value the Lloyd’s Lab provides it’s alumnus through not only the commercial networks but the ability to open doors too”.
About distriBind
distriBind was formed in 2018 by Dave Connors with the mission to eliminate bordereaux from Delegated Authority and cure the insurance industry of its spreadsheet addiction. Dave had worked in the Insurance Industry for many years and had first-hand experience of delegated authority reporting issues before moving into functional design and innovation roles for software vendors. In 2019 distriBind was awarded a grant from Innovate UK for its Machine Learning Premium Prediction algorithms, and was in the Lloyd’s Lab in 2021 under the Claims Stream.
For more information, contact Julie Mesi [email protected]
About Otonomi
Created in 2021, Otonomi was founded by Yann (CEO) and Jeremy (CTO) who have been relentless driving technology and risk management innovation to transform the insurance sector. 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.
For more information, contact us [email protected]
