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Parametrix - cloud outage insurance

ELEMENT Insurance AG
Germany
Product & Service Innovation

Elevator pitch

ELEMENT and Parametrix launched a first-of-its-kind parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers in Europe.

Innovation Presentation

ELEMENT and Parametrix launched a first-of-its-kind parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers in Europe.

Parametrix developed this unique insurance solution based on its proprietary monitoring technology that analyses the global performance and availability of cloud service providers’ down to the millisecond level. The highly advanced parametric system ensures an accurate and precise overview of risk accumulation and concentration across different IT-services and regions. Also, the monitoring system detects insured events in real time and triggers compensation with waiting periods as short as only one hour. This new insurance solution in the…

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