Good ideas know no boundaries! The international partnership between ELEMENT and the InsurTech Parametrix impressively demonstrates this with an innovative new product that protects against financial losses caused by cloud downtime.
Parametrix has developed an entirely new monitoring system that can constantly monitor the global performance of cloud and third-party IT services down to the millisecond. The monitoring system detects insured events in real time and automatically triggers claims payout with waiting times as short as one hour.
This new insurance solution in the field of IT and tech insurance is an innovative answer for companies to financial losses due to cloud outages.
"A product like ours does not exist in the European market, but with the changes brought by digital transformation, most companies will eventually need insurance cover for cloud-based incidents. Together with ELEMENT, we are establishing a new trendsetting market standard."
Parametrix Insurance, a licensed MGA in the US and Germany, is active in Germany, Austria, Italy and has sister companies in Israel, the USA and Japan. Parametrix is the leading provider of cloud downtime insurance solutions, ensuring that companies with mission critical services in the cloud can quickly recover financially from downtime events.
Based on the data generated by its innovative monitoring technology, Parametrix provides parametric policies with fast payouts, short waiting periods, no usage restrictions, and hassle-free processes.
The partnership between Parametrix and ELEMENT emphasizes how quickly new ideas can be introduced to the market. ELEMENT's insurance license offers innovative companies with highly technologized insurance solutions the opportunity to gain access to the European market - without having to apply for their own license.
The pioneering cloud outage insurance also shows that parametric solutions will play a key role in the future of the insurance industry. Policyholders in particular will benefit from this development of the market, including minimal waiting times, fast payouts, full transparency of insurance terms, and the possibility to insure a risk that was previously uninsurable or hardly insurable at all.
The overall result of the new cooperation is future-oriented for the insurance market and was awarded the "Digitalen Leuchtturm Versicherung 2021" by one of the biggest German newspapers in the category thought leaders.
Unique parametric insurance product in the European market
Proprietary monitoring system with superior analysis performance down to the millisecond
Automatic payout in case of insurance claim within a few hours
Real-time insurance claim detection