We are developers, data scientists, actuarial experts, tech enthusiasts, and, above all, optimists. Each of us had experienced an array of downtime events and witnessed the financial impact on companies. We knew there had to be a better way to protect businesses, one that didn’t require months of red tape filled with uncertainty.
We set out on a mission to develop the next generation of insurance products – policies that would protect tech-dependent companies when their third-party services experienced downtime and ones that would enable them to rebound quickly. Parametrix Insurance was founded from this idea, and today we are proud to pave the way, creating innovative policies that truly meet the needs of fast-moving, always-on modern businesses.
Our mission is to protect companies from the financial fallout of business interruption caused by IT downtime events by providing quick paying coverage.
We believe that insurance should work as fast as our clients operate. To create insurance that is transparent, simple, fast, and that a business can rely on at the moment of truth, we developed proprietary technologies that help us to accurately underwrite policies, trigger compensations in real-time, and manage insurance exposure.
Our monitoring systems monitor the availability and performance of our customers’ services, and detect failures and downtime to the millisecond on an external platform, without the need to install any software on clients’ systems. Leverage actuarial and data science expertise with precise aggregation management calculations enables us to protect businesses in the best way possible.
This data is constantly used to analyze and assess downtime risks for each service provider and each component in every location worldwide, and to score and differentiate between them.
We create innovative quick-settlement business interruption insurance policies that cover third-party IT infrastructure downtime for cloud-computing, web hosting, applications, SaaS, ISP, and more.
Our policies are parametric by design which means a pre-agreed payment amount is transferred to you once specific, predetermined thresholds are met. This minimizes the claims settlement process and enables compensation to be paid quickly after the catastrophic event. Compared to traditional insurance, our policies cut down claims costs by eliminating the need for loss adjustment processes, forensic and legal investigations, and other costly and time-consuming measures. Additionally, setting a pre-agreed payout in advance provides risk certainty which further lowers premium costs.
We monitor the business’ systems externally, and once a service goes down, our policies provide compensation needed for business continuity. This allows companies to hedge their external risks, secure their revenue streams, release SLA reserves, and concentrate on their core business activities.
Here is how it works:
You choose the coverage amount by calculating the expected cost of downtime for your business and agreeing to terms (such as waiting period, limits) during onboarding. If the insured downtime event happens, the payout is automatically triggered. Unlike traditional insurance policies, the payout does not depend on the insurer’s assessment of loss.
We monitor your service providers 24/7 and provide you with real-time updates about the status of your services. When an insured downtime event occurs, we notify you immediately and track the entire event.
Our policy provides quick payouts following the downtime event and there are no restrictions on how you use the funds. The pre-agreed terms and payout eliminate the hassles associated with traditional claims processes, creating a quick and far more transparent process.