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what is Parametrix Insurance
Parametrix Insurance produces innovative, quick-settlement business interruption insurance policies that cover third-party IT infrastructure downtime for cloud-computing.
These policies are parametric by design which means a pre-agreed payment amount is transferred to you once specific, predetermined thresholds are met. This eliminates lengthy claims settlement processes and enables compensation to be paid quickly after you suffer a catastrophic event. Compared to traditional insurance, these policies cut down claims costs by eliminating the need for loss adjustment processes, forensic and legal investigations, and other costly and time-consuming measures. Additionally, setting a pre-agreed payout in advance provides risk certainty which further lowers premium costs.
We monitor the business’ systems externally, and once a covered service goes down, your policy provides compensation needed for business continuity. This allows you to hedge your external risks, secure your revenue stream, release SLA reserves, and concentrate on your core business activities.
How Does Parametrix Insurance Work?
You choose the coverage amount by calculating the expected cost of downtime for your business and agreeing to terms (such as waiting period, limits) during onboarding. If the insured downtime event happens, the payout is automatically triggered. Unlike traditional insurance policies, the payout does not depend on the insurer’s assessment of loss.
Downtime Event Occurs
We monitor your service providers 24/7 and provide you with real-time updates about the status of your services. When an insured downtime event occurs, we notify you immediately and track the entire event.
You Are Compensated
Your policy provides quick payouts following the downtime event and there are no restrictions on how you use the funds. The pre-agreed terms and payout eliminate the hassles associated with traditional claims processes, creating a quick and far more transparent process, helping you to recover lost revenue from your downtime event.