Socius to enable brokers to work with clients on reducing the risk posed by operating mission-critical applications in the cloud
November 17, 2021 – New York NY and San Francisco, CA – Parametrix Insurance, the provider of parametric cloud downtime insurance, and Socius Insurances Services, an independently-owned management liability and property/casualty insurance wholesaler, today announced that Socius Insurance Services has launched a cloud downtime offering in the wholesale market in partnership with Parametrix.
Today, more and more businesses rely on the cloud to manage their mission-critical applications. When the cloud goes down, it takes down these same applications and the losses can be catastrophic. Worse, typical business interruption policies, if they cover it at all, do not cover online downtime until at least 12 or 24 hours have elapsed, leaving businesses at risk.
Parametrix’s cloud downtime insurance helps protect businesses from financial losses due to third-party cloud downtime events starting at the first hour. Moreover, as a parametric policy, limits and coverage are pre-agreed, a broad range of losses are covered and payments due to loss occur swiftly in 15 business days or less.
“We are excited to introduce Parametrix’s cloud downtime insurance to the insurance market and make it available to a range of brokers for the first time,” said Cynthia Zimmerman and Kevin Kershisnik, Co-cyber practice leaders at Socius Insurance Services . “Parametrix’s offering is truly filling a need in the market — most businesses today leverage the cloud for key aspects of the business but are not covered for losses when the cloud has downtime.”
“This unique product provides uncontested business interruption coverage in the event of a cloud provider outage,” Cynthia and Kevin added. “Parametrix is yet another layer of protection for businesses in an ever-evolving marketplace where reliance on cloud services has been increasing at an exponential pace.”
“Partnering with an innovative broker like Socius helps Parametrix extend cloud downtime insurance to brokers that rely on wholesalers,” said Yonatan Hatzor, Co-founder and CEO of Parametrix Insurance. “Socius understands the complexities of today’s business technology environments and that makes them a partner of choice for Parametrix as we seek to provide technology risk mitigation to businesses.”
About Parametrix Insurance
Parametrix Insurance is the provider of parametric cloud downtime insurance. Our policies cover financial losses for businesses when outages of the cloud or e-commerce platforms occur. The Parametrix platform automates risk assessment, provides instant quotes, and delivers payments within days. We are backed by one of the top three global reinsurers and by certain underwriters at Lloyd’s of London. For more information, please visit www.parametrixinsurance.com
About Socius Insurance Services, Inc.
Socius Insurance Services, Inc. is a property/casualty and management liability wholesale broker based in San Francisco, with regional offices in Los Angeles; Elgin, IL; Birmingham, AL; Austin, TX; Tampa and Miami, FL; Philadelphia; and Summit, NJ. Socius specializes in D&O, E&O, EPL, Cyber, Property & Casualty and Umbrella coverages. Founded in 1997, the company currently has approximately 90 employees, and is privately held. For more information, please visit Socius online at www.sociusinsurance.com.