About Parametrix Insurance

  • What is Parametrix Insurance all about?+-

    Today businesses depend on third-party technologies such as cloud computing, web applications, and other platforms to function. These critical services also represent the fastest-growing risk for companies, and mitigating external service risk is crucial. Our policies protect businesses from the next generation of catastrophic events with simple, transparent insurance. We create innovative parametric claim-less insurance for SaaS, PaaS and IaaS downtime.
    Technology-dependent businesses live and breathe for uptime and must deliver high availability products in today's demanding environment. No third-party service provider guarantees 100% uptime. Even with 99.9% guaranteed uptime, downtime still happens, damaging your business in many ways. Our goal is to hedge the downtime risks that are out of your control with a simple insurance policy that enables you to secure your revenue stream and bounce back quickly fast after a downtime event.

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  • How is your product different?+-

    Most existing insurance policies don't cover external service downtime. If they do, the policies come with high deductibles and restrictive exclusions. We've created a complete insurance product to hedge your external downtime risk for your mission-critical services. Our policies are based on extensive analysis using the most granular data available in the market.
    Claims and underwriting processes are incredibly costly, leaving only a small portion of the premium available to cover losses. That makes coverage unaffordable for most businesses unless they can tolerate a long waiting period of at least 8 hours. We allow you to define a waiting period and set additional parameters that make sense for your business.
    By using a parametric insurance model, automating the underwriting process, and eliminating the investigative claims process, we create affordable policies with no deductibles or restrictions.

  • Who backs you?+-

    We're proud to be backed by Lloyd's, the world's leading marketplace for insurance and reinsurance.

  • What is Parametric Insurance?+-

    Parametric insurance is an insurance model used to offer protection against losses that are hard for insurance companies to insure. Parametric products ensure that claims are paid fast without the need for a traditional claims process. This eliminates claims costs and provides a transparent, affordable, and reliable policy.

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Policy and coverages

  • How do I calculate the coverage amount my business needs?+-

    Our easy-to-use recommendation engine can help you calculate your coverage amount based on your company size, industry, and business type. You can adjust and customize that amount to better suit your business when you create your policy.

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  • What if the recommended coverage is too high/low for my business?+-

    No problem! You can easily adjust the recommended coverage to suit your business' needs.

  • What if I have an SLA agreement with my customers? +-

    Part of downtime expenses is your commitment to your customers, and our policy covers that. As part of your coverage calculation, we consider the SLA agreement you have with your customers.

  • Can I cover multiple services under the same policy?+-

    Of course! When completing the insurance questionnaire, fill in the services you would like to be covered for, and we'll send you a quote for the combined coverage.

  • How much coverage can I buy?+-

    As much as you need. Fill out a request for a quote with the amount you need, and we'll get back to you within 24 hours.

  • How do you calculate my premium?+-

    We base our catastrophic modeling analysis on the most granular data available to ensure that the premium is calculated in the best way possible.

  • Am I only covered if the reason for downtime was due to a cyber event?+-

    Absolutely not. Almost all reasons for downtime are included in our policy, from human errors to hardware malfunction. Downtime is downtime.

  • How does Parametrix Insurance affect my existing insurance?+-

    It doesn't. We fill in the gap and complement your existing insurance coverage.

  • Who underwrites my policy?+-

    Lloyd's underwriters back our policies. Lloyd's has been in business for more than a century and is the world's leading insurance and reinsurance marketplace.

  • What if I start using a new service and want to add it to my coverage?+-

    You can increase your coverage at any time. Contact us and we'll help you update your policy.

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  • Can I buy a policy for my personal use?+-

    At this time, our coverage is only available for businesses.

Downtime and claims

  • What do I do once there's a downtime event?+-

    Our policy is intended to help you recover as fast as possible. There are no restrictions on how you use the settlement payment. It can cover immediate operational costs, SLA liabilities or anything else. The fast payments allow you to maintain real business continuity by having a financial tool that hedges your external risks.

  • What can I use the payment for?+-

    Our policy is intended to help you recover as fast as possible. There are no restrictions on how to use the settlement from Parametrix Insurance. It could be used to cover immediate costs of operations, SLA liabilities or bounce back solutions that impact your business. The fast payments allow you to maintain true business continuity by having a financial tool to hedge your external risks.

  • How quickly do I get paid?+-

    We do our best to pay every claim as soon as the downtime event ends. We notify you of the event as soon as downtime occurs and usually pay within 24 hours or up to one week.

  • What if I experience downtime and don’t hear from you?+-

    If you experience downtime, it might be due to internal reasons or external factors that don't have to do with your service provider. We've got you covered for any downtime event that's due to the service provider.

Other

  • If I need help or have a question, what should I do?+-

    If you need help at any time, reach out to us. We are happy to answer your questions or provide support.

  • COVID-19+-

    We are here to help you through Covid-19. Our business hasn't been interrupted but if you have any concerns, feel free to contact us.

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