Parametrix Insurance offers parametric insurance policies that provide coverage for downtime of critical IT systems, including cloud services and third-party digital platforms. By utilizing data-driven analytics, the company quantifies digital interruption risks, enabling businesses to manage and transfer these risks with precision.
Funding
$17.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses face significant financial risks due to downtime of critical IT systems, including cloud services, SaaS providers, and other third-party digital platforms. Traditional business interruption insurance often struggles to accurately quantify and cover losses stemming from these digital outages.
Solution
Parametrix Insurance offers parametric insurance policies specifically designed to cover downtime of critical IT systems. By leveraging data-driven analytics, Parametrix quantifies digital interruption risks with precision, enabling businesses to effectively manage and transfer these risks. Their policies provide pre-agreed payouts based on objective data, ensuring swift and effortless claim settlements following a qualifying outage event. Parametrix also offers analytics tools that provide granular visibility into cloud exposure, allowing (re)insurers to assess, quantify, and insure losses with greater confidence.
Target Audience
The primary target audience includes businesses of all sizes that rely on cloud services, SaaS providers, and other digital platforms for critical operations, as well as (re)insurers seeking to better understand and manage digital risk exposure.
Features
- Parametric insurance policies triggered by objective data related to IT system downtime
- Coverage for cloud services, SaaS providers, and third-party digital platforms
- Data-driven analytics to quantify digital interruption risks
- Pre-agreed payout terms for swift and effortless claim settlements
- Parametrix Analytics platform for (re)insurers to gain visibility into cloud exposure
- Customizable policies tailored to specific IT infrastructure and business needs