Parametrix has launched “Parametrix Enterprise Solutions”, a new type of parametric cyber insurance that covers the costs associated with digital interruptions.
Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, explained that its new enterprise coverage, underwritten by syndicates at Lloyd’s of London, features “clear and flexible” parametric triggers with guaranteed reimbursement.
“Each policy is tailored to meet the client’s specific needs, covering both first-party systems and dependent systems like cloud services, payment gateways, customer relationship management (CRM) systems, and others,” Parametrix said.
The firm added, “This new line of parametric enterprise solutions is a true win-win for brokers and their clients. Enterprise clients benefit from customized coverage that addresses their unique risk profile, while brokers gain a unique solution that differentiates them in the market, to grow their business and improve client retention.”
The key features of this new product include coverage limits from $10 million to $50 million, protection against losses due to both internal and external system interruptions, rapid payouts with clear triggers, flexible and customizable coverage for each client, and the option to function as either a standalone policy or an add-on to existing cyber policies.
Jonathan Hatzor, CEO of Parametrix, commented, “Listening to the needs of our enterprise clients and broker partners has always been at the core of our innovation and growth.
“As the global leader in cloud outage insurance, we understand the critical impact digital system interruptions have on businesses. That’s why we’ve developed cutting-edge, parametric insurance solutions tailored to meet the specific demands of enterprises.
“Our solutions not only empower companies to enhance their customer service but also provide financial advantages, such as collateral relief and funding cost reductions, resulting in a stronger market position and improved performance.”
