During the 2022 Chainlink SmartCon event, September 28-29 in New York City, Nasdaq TradeTalks’ Jill Malandrino hosted a two-day interview lineup at the MarketSite Studio in Times Square with some of the conference’s 100+ expert speakers from the Chainlink ecosystem.
After speaking with Truflation CEO Stefan Rust about modernizing the CPI with on-chain inflation data, Malandrino talked to Yann Barbarroux, the CEO of OTONOMI, a blockchain-enabled platform that uses Chainlink Data Feeds to execute parametric marine and air cargo insurance smart contracts.
Barbarroux explained how OTONOMI’s independently-triggered, self-executing policies are engineered to solve major inefficiencies in the traditional insurance market.
“We leverage web3 and blockchain smart contracts in order to automatically adjudicate in 45 minutes instead of 45 days, and, by the same token, we compress admin costs by 90%,” he said.
On a global scale, he believes parametric insurance could better protect industries like ocean cargo from delays and disruptions like the 2021 Suez Canal blockage that cost businesses billions of dollars each year.
Because traditional cargo insurance policies often have exclusions for delays, Barbarroux said OTONOMI’s parametric cargo shipment delay coverage is in especially high demand amid the ongoing supply chain crisis.
Using “the best of blockchain technology” including Chainlink’s industry-standard oracle network, he said OTONOMI’s policies are automatically triggered to pay out preset compensation, bringing speed and transparency to the insurance claims process.
“You don’t have to wait until an insurance claim adjuster subjectively decides how much you should be compensated,” he explained.
For Barbarroux, the highlight of this year’s SmartCon was showcasing how Chainlink oracles can improve people’s everyday lives.
“People are very excited about real-life use cases that you can bring within web3, within blockchain, within crypto,” he said. “We’re one of them. We’re all about solving real problems in the market.”
Watch Jill Malandrino’s full interview with Yann Barbarroux on Nasdaq TradeTalks.