What:
ELEMENT and Parametrix launched a parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers.
Why:
With ever growing volume of digital transactions, most businesses will need an insurance cover for downtime events in case of cloud infrastructure outages.
How:
- Parametrix’s parametric system ensures an accurate and precise overview of risk accumulation and concentration across different IT-services and regions. Its monitoring system detects insured events in real time and triggers compensation in an hour.
- Policyholders will benefit from the parametric nature of the product, including minimal waiting periods, fast claim payouts, complete transparency of insurance terms, and the possibility to cover a previously uninsurable risk.