This innovative parametric policy, underwritten by syndicates at Lloyd’s of London, provides protection against a wide range of digital disruptions, offering what Parametrix describes as “clear and flexible” triggers and guaranteed reimbursement.

Designed for enterprise-level clients, the new coverage is crafted to address both first-party system risks and dependencies on external systems, including cloud services, payment gateways, and customer relationship management (CRM) platforms. This flexibility allows brokers to customize each policy to align closely with the unique risk profiles of their clients.

“This new line of parametric enterprise solutions is a true win-win for brokers and their clients,” a representative from Parametrix stated. “Enterprise clients benefit from customised coverage that addresses their specific needs, while brokers gain a distinctive offering to grow their business and strengthen client relationships.”

Key features of the new product include coverage limits from $10 million to $50 million, protection against internal and external system interruptions, rapid payouts with predetermined triggers, and flexible coverage that can stand alone or complement existing cyber policies.

The launch of “Parametrix Enterprise Solutions” aims to deliver peace of mind to enterprises navigating an increasingly digital landscape, offering financial stability amid potential operational disruptions.

Parametrix CEO Jonathan Hatzor emphasised the role of client and broker feedback in shaping the product. “Listening to our enterprise clients and broker partners has been central to our innovation. As the global leader in cloud outage insurance, we understand the critical impact of digital system interruptions on business operations,” Hatzor said.

He added “Our parametric insurance solutions empower companies not only to enhance customer service but also to benefit financially, with advantages such as collateral relief and reduced funding costs, ultimately strengthening their market position.”