Parametrix, the leading provider of cloud outage insurance solutions, has introduced a new type of parametric cyber insurance, “Parametrix Enterprise Solutions,” which cover the cost of digital interruption. The coverage is designed specifically to address digital interruptions, and meet the unique needs of enterprises. Internal and external IT systems are insured under a single policy to create a holistic safety net. This solution enhances system performance protection, supports commercial objectives, and effectively addresses key risk requirements.
Parametrix’s enterprise coverage, underwritten by syndicates at Lloyd’s of London, features clear and flexible parametric triggers with guaranteed reimbursement. Each policy is tailored to meet the client’s specific needs, covering both first-party systems and dependent systems like cloud services, payment gateways, customer relationship management (CRM) systems, and others.
Parametrix leverages its proprietary technology and models to underwrite customized policies that cover downtime for the specific risk profile of each insured. For example, coverage may be tailored to provide an alternative to performance or SLA guarantees. A private cloud infrastructure provider could use the coverage to back its performance promises, enabling them to release collateral funds and reduce loan and funding costs by up to 60%. A SaaS company could offer their clients SLAs that are backed by the parametric policy, which not only guarantee service reliability, but also strengthen the company’s competitive advantage in the market.
Key Features:
- Limits from $10 million to $50 million
- Coverage for any loss caused by internal or external system interruptions
- Fast payment with clear triggers
- Flexible coverage customized for each client
- Can act as a standalone policy or an add-on to any existing cyber policy
“Listening to the needs of our enterprise clients and broker partners has always been at the core of our innovation and growth," says Jonathan Hatzor, CEO of Parametrix. “As the global leader in cloud outage insurance, we understand the critical impact digital system interruptions have on businesses. That's why we’ve developed cutting-edge, parametric insurance solutions tailored to meet the specific demands of enterprises. Our solutions not only empower companies to enhance their customer service, but also provide financial advantages, such as collateral relief and funding cost reductions, resulting in a stronger market position and improved performance.”
This new line of parametric enterprise solutions is a true win-win for brokers and their clients. Enterprise clients benefit from customized coverage that addresses their unique risk profile, while brokers gain a unique solution that differentiates them in the market, to grow their business and improve client retention.
About Parametrix
Parametrix, the leading provider of digital business interruption risk solutions, is a Managing General Agent and Lloyd’s Coverholder based in New York that underwrites parametric insurance against digital supply chain interruption. Parametrix uses proprietary technology to continuously monitor the performance of a variety of third-party IT services across the globe, and to collect granular data on service interruptions. It uses that data to assess risk, provide instant insurance quotations, and to streamline claims payments, which are delivered within days. Parametrix policies are backed by major A-rated global insurers.
.svg)
