Parametrix Insurance, a provider of parametric cloud downtime insurance, has named Hiscox’s Rick Wong as its Head of Insurance, where he will lead a team focused on broker relations and the development of the broker channel.
Wong brings 18 years of industry experience to the firm having held roles in underwriting, broker relations, and leadership roles at Hiscox USA for the past 13 years.
He has a successful track record of leading sales teams, driving commercial business with brokers, and expanding technology-based insurance coverage.
Yonatan Hatzor, Parametrix co-founder and Chief Executive Officer (CEO), commented: “Parametrix is delighted to welcome Rick Wong as our head of insurance where he will lead broker channel development and manage our broker relationships, which today include more than half of the top 20 brokers globally.
“Rick brings extensive knowledge and experience developing broker channels which will help him establish Parametrix as the de facto downtime insurance provider for brokers across all enterprise technologies.”
Commenting on his new role, Wong said: “I joined Parametrix because it is uniquely situated to help businesses mitigate the risk of third-party technology downtime. In doing so, we’re creating an entirely new category of insurance and protecting our insured from the financial impact of cloud outages.”
Citing data and analysis from Gartner, a technological research and consulting firm based in the U.S., Parametrix notes that enterprise dependency on the cloud is on the rise.
Gartner’s data finds that end-user spending on public cloud services will increase by almost 22% to reach $482 billion in 2022.
“Greater dependency on cloud services means that enterprises are increasingly exposed to financial risk from cloud outages. While cloud downtime can be damaging to a business, the impact can be mitigated,” says Parametrix.
