Parametrix is a Managing General Agent and Lloyd’s Coverholder that underwrites parametric insurance against cloud outages for the top three largest cloud providers: Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP).
They created an innovative business interruption policy that covers companies when business-critical, cloud-based services go down. Such events often lead to a loss of access to third-party services such as cloud computing and cloud storage, SaaS accounting, payment gateways, stock or client databases, or e-commerce platforms.
Parametrix continuously monitors a variety of third-party IT services across the globe to collect granular data on service interruptions which is used to assess risk and streamline claims payments. When an outage event is detected, they pay out directly to the client without the need to make a claim. The policy pays out an agreed amount based on the client’s own pre-agreed assessment of the amount of money lost per hour during an outage of a particular service.
Their expertise lies in its sophisticated blend of data science, risk management, and actuarial expertise. By leveraging cutting-edge monitoring systems and precise risk aggregation, they have established a new category in the insurance market by creating downtime insurance policies that are perfectly tailored to modern business requirements. Parametrix is backed by major A-rated global insurers, and operates from offices in New York and Tel Aviv.