Germany-based insurer Element has partnered with Parametrix Insurance to launch a parametric cloud outage insurance product, designed to cover financial losses resulting from downtime of third-party IT and cloud infrastructure providers.
Parametrix developed the new solution using proprietary monitoring technology that analyses the global performance and availability of cloud service providers’ down to the millisecond. A parametric system then provides an overview of risk accumulation and concentration across different IT-services and regions
“After a successful launch in the US, for us the partnership with Element opens the possibility to become active in Europe – one of the biggest insurance markets in the world. A prod-uct like ours does not exist in the European market, but with the changes due to the digital transformation most businesses will need an insurance cover for downtime events in case of cloud-based outages”, says Sharon Haran, vice-president, Europe at Parametrix.
“In Parametrix, we have found a highly innovative and fast-moving partner who shares our vision for the insurance industry and the broader insurance market – completely digital in-surance solutions that serve major client needs. 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,” added Eric Schuh, deputy CEO and COO at Element.
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