Parametrix Insurance, the provider of parametric cloud downtime insurance, and Founder Shield, a tech-enabled, digital insurance platform, today announced that Founder Shield will be marketing and selling Parametrix’s cloud downtime insurance to their clients and prospects to help protect them from the risk of cloud outages.
Driven by the convenience and affordability of the cloud, companies are rapidly adopting cloud-oriented architectures. In Q3 2021 alone, spending on cloud infrastructure services passed the $45 billion mark according to Synergy Research Group, up 37% YoY. But even as businesses move their mission critical systems like eCommerce and payments to the cloud, too few are prepared for cloud downtime.
When cloud outages happen, they are particularly painful and lead to lost sales, damaged brand reputations, customer churn and missed-SLAs. To mitigate cloud downtime risk, businesses are turning to Parametrix cloud downtime insurance to compensate them in the event of cloud outages.
“Founder Shield is extremely excited to work with Parametrix as Parametrix is solving the cloud downtime problem which, up until now, had not been addressed in the insurance world,” said Jonathan Selby, General Manager of Founder Shield. “Even a few hours of downtime can have a severely damaging impact on the tech-forward, high growth companies that we work with on a day-to-day basis. We are ecstatic to be able to deliver a parametric solution to our clientele and protect those businesses that depend on the cloud."
“Founder Shield’s deep experience working with technology-driven companies enables them to educate their customers on both the advantages and the potential risks of moving to the cloud. What’s more, with this new solution, Founder Shield is now able to help their clients mitigate the damage caused by cloud outages,” said Yonatan Hatzor, Co-founder and CEO of Parametrix Insurance.
Parametrix’s pioneering cloud downtime policies provide the coverage businesses need to manage the key risk associated with the cloud: downtime. As a parametric insurance, Parametrix policies allow clients to determine their level of coverage and payout up front. When downtime triggers a cloud outage, insured businesses are indemnified with the pre-agreed amount within 15 business days and can use the funds in any way they see fit, including paying for outage related expenses, mitigating lost sales and mending damaged customer relationships.
About Founder Shield
Headquartered in New York, Founder Shield is a tech-enabled, digital insurance platform dedicated to creating the most seamless, intuitive, and responsive experience to protect clients’ growth at every stage. Founder Shield has a passion for creating and developing innovative risk management products across multiple industries and works hand in hand with its clients and underwriters to ensure transparency, efficiency, and reliability every step of the way. By combining the best aspects of traditional brokers and its digital-first and client-centric model, Founder Shield has positioned itself as the go-to risk management provider for innovative companies. For more information, please visit www.foundershield.com
About Parametrix
Parametrix is the leading provider of cloud outage analytics and insurance solutions. We specialize in underwriting parametric insurance for system interruption, helping businesses protect against the costly impacts of downtime. Leveraging proprietary technology, we continuously monitor third-party IT services, gathering granular data on service performance and interruptions. This data enables us to assess risk accurately, provide instant insurance quotations, and streamline claims payments, ensuring our clients receive fast, reliable support when they need it most. Parametrix is a Managing General Agent and Lloyd’s Coverholder whose policies are backed by major A-rated global insurers. The company is based out of New York.
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