Parametrix is a simplified parametric insurance product for cloud-reliant companies. The pre-agreed claims payment allows policyholders to quickly recover from the financial repercussions of an outage event. We provide downtime cover for cloud, eCommerce, payment, CRM and CDN services.
In practice, if a policyholder were to experience a downtime event with their cloud provider, the product would pay-out in full within days of the insured event. Parametrix continuously monitors the insured services and will alert the policyholder once the insurance policy has been triggered.
We were delighted to participate in the fourth cohort of Lloyd’s Lab and following the programme, we have been working with the Product Innovation Facility and in collaboration with Tokio Marine Kiln (TMK) as the lead for our product.
How is Parametrix simpler for customers?
Parametrix’s insurance is parametric in nature, meaning the policyholder is automatically indemnified once a trigger event occurs. The predetermined coverage drives simplicity with the product, as it is explicitly transparent when a policyholder will receive a pay-out and for how much. This allows the policyholder to manage their risk with certainty. Parametrix monitors for any trigger events, meaning we are aware in real time if a policy needs to pay-out.
To simplify our product, we made sure that we spoke to everyone across the insurance chain, which helped identify markets and the right people to target, making it easier for all: underwriters, brokers, and clients.
Our product is focused on simplicity, with flexibility, transparency, and reliability being central. Customers can customise their policy with pre-agreed coverage. The claims process has also been simplified, meaning customers don’t have to go through an arduous course. Ultimately, they receive funds quickly and smoothly after a downtime event triggers the policy.
Key learnings when looking to simplify your products and services
- Instead of trying to develop a product for every aspect of cyber, we chose to focus just on Business Interruption, which today is mainly a subset of cyber (downtime) to create our product
- The simplicity of our product lies in its transparency, flexibility and reliability of the offering
- We consulted the entire insurance chain to ensure that we catered for all involved
- The parametric nature of our product simplifies the pay-out trigger and claims adjustment process
You can find more out about Parametrix by visiting our webpage and watching this short video. If you want to learn more about cloud downtime, we have also published a number of articles on our blog page.