Cloud Downtime Insurance
As the world goes more and more digital, the nature of the risks faced is changing. And generally speaking the insurance is struggling to keep pace with the emerging risks associated with “digital” and how they might be insured.Parametrix Insurance is a super interesting new proposition that is leaning into the challenge. It offers insurance policies for companies that rely on third-party cloud providers, e-commerce services, payment gateways and CRM systems.Parametrix approaches this problem in three key ways.
It has developed a system that continuously monitors third-party IT services, providing a direct view into service interruptions.
Its pricing model, which uses millions of data points to help customers estimate the financial risk involved with downtime and lets them customize the payout per hour of downtime. The model spits out a premium based on that payout rate.
If an insured downtime event happens, the customer gets compensation immediately, with no claim process and no proof of loss.
Parametrix recently closed US$17.5 million funding round. Source: Tech Crunch
