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14/04/2022 Insurance Innovation

About

Cloud Downtime Insurance - enabling businesses to mitigate the financial risk of deploying 3rd party technology. When AWS, Google Cloud or Microsoft Azure go down, we offer our clients financial compensation to cover their losses.

Innovation presentation

As a group of entrepreneurs, Parametrix's founders knew the impact that downtime could have on a business from their prior work experience. At the same time, they recognized that more and more companies were becoming dependent on the public cloud and that exposed them to the risk of cloud outages.

Parametrix created a global technology monitoring platform that collects more than 675 million data points every week on whether technologies like the public cloud are up and running.

Using this data we created actuarial models and partnered with leading insurers and reinsurers to offer companies technology downtime insurance.

So, for instance, if the public cloud goes down, a company can receive financial compensation to mitigate their losses. Because our insurance is parametric, once a loss is certified by the insured, coverage is paid out within 15 business days.

This enables companies to mitigate the risk of revenues losses, damaged business reputation, missed SLAs with customers and more.

Today we operate in the US, Germany, Italy, Austria, Japan and Israel.

Uniqueness of the project

We are first to market with this offering, but we expect to see competition as more and more companies rely on 3rd party technology to run their mission critical systems.

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