Today, insurer Zurich announces Parametrix, as the UK finalist of its World Innovation Championship. The selection process whittled down 6 UK finalists at a Superday where startups presented their ideas with the potential to help Zurich explore new frontiers of innovation.

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UK finalist Parametrix creates parametric (index-based) insurance policies, aimed at SMEs and others, offering compensation if their businesses are victim to downtime from their IT provider (Cloud, Payment Systems, ISP, E-shops, GPS and more) which can ultimately impact sales and profit.

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About Parametrix

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Parametrix, the leading provider of cloud monitoring, modeling, and insurance services, is a Managing General Agent and Lloyd’s Coverholder based out of 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.

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Read the full article here.