The product is designed to cover financial losses due to downtime from third-party IT and cloud infrastructure providers.
Parametrix has developed this unique assurance solution based on its proprietary monitoring technology that analyzes the overall performance and availability of cloud service providers down to the millisecond. The highly advanced parametric system guarantees a precise and precise overview of the accumulation and concentration of risks in different IT departments and regions.
In addition, the monitoring system detects insured events in real time and triggers compensation with waiting times of just one hour. This new technology-related cyber insurance insurance solution is an innovative response for businesses to financial losses due to cloud outages.
ELEMENT acts as a risk carrier and is responsible for settling all claims. The product is reinsured by a leading reinsurer with a Standard & Poor’s “AA-” rating which is present on all continents.
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Currently, downtime insurance is available for companies with a registered office in Germany and can be purchased directly from the Parametrix website or through major insurance brokers.
“After a successful launch in the United States, the partnership with ELEMENT opens up the possibility for us to become active in Europe, one of the largest insurance markets in the world. A product like ours does not exist in the European market, but with the changes due to digital transformation, most businesses will need insurance coverage for downtime in the event of a cloud outage ” , said Sharon Haran, Vice President Europe of Parametrix. “We are confident that the product will have a successful launch and attract the attention of many companies. “
Eric Schuh, Deputy Managing Director and COO of ELEMENT, said: “The parametric downtime insurance solution is not only a first of its kind, but it will also set new standards in the market. Together, we will bring this solution to several European countries and expand ELEMENT’s business operations to new levels.
The new downtime insurance shows that parametric solutions will play a key role in the future of the insurance industry, ELEMENT said.
Policyholders will benefit from the parametric nature of the product, including minimal waiting times, prompt payments, full transparency of insurance terms and the ability to insure previously uninsurable or nearly uninsurable risk, the company continued. .
The product information is as follows:
- The product covers all financial losses (e.g. revenue, service level agreement (SLA) obligations, etc.) caused by the cloud services outage event
- All monitoring services are provided by Parametrix
- The total and hourly insured sum is adapted to the specific financial risk associated with a breakdown
Source: UK Times News
