Parametrix has the distinction of delivering a true first in the Lloyd’s Lab. The founders, seasoned tech startup professionals, wanted to create new class of parametric insurance – downtime business interruption cover. Following their participation in Lloyd’s Lab cohort 4, they have now launched their product in multiple markets worldwide.
Parametrix’s innovative business interruption policy covers companies when business-critical, cloud-based services go down. Such events often lead to a loss of access to third-party services such as cloud computing and cloud storage, SaaS accounting, payment gateways, stock or client databases, or e-commerce platforms. Parametrix monitors the availability and performance of all the major cloud data centre providers and pay out directly to the client when they detect an outage event, without the need to make a claim. The policy pays out an agreed amount once an outage has been going on for more than an hour, then adds to it in increments of fifteen minutes. The amount paid is based on the client’s own pre-agreed assessment of the amount of money lost per hour during an outage of a particular service.
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