Parametrix Insurance, a provider of parametric cloud downtime insurance, and ComTech-Leavitt Insurance Services, a member of insurance brokerage Leavitt Group, have partnered to help businesses using the cloud reduce their exposure to cloud downtime.
International Data Corp. forecasted in a September report that total worldwide spending on cloud services will surpass $1.3 trillion by 2025, sustaining a compound annual growth rate of 16.9 percent.
According to Yonatan Hatzor, co-founder and CEO of Parametrix Insurance, cloud downtime can inflict untold expense on companies that are unprepared and downtime insurance offers a way for them to recoup cloud downtime losses and fix the harm caused to their brand reputation by cloud outages.
Parametrix Insurance 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.
Parametrix Insurance for cloud downtime is similar to other parametric insurance products in that businesses pre-agree on the amount of coverage needed. They then receive payment of their policy within 15 business days of when the cloud outage occurs. There is no need to negotiate losses or file claims for damages.
With Parametrix’s cloud insurance, businesses are free to use payouts to cover any type of loss when downtime happens.
Parametrix is backed by Hannover Re and certain underwriters at Lloyd’s of London.
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