Parametrix, the leader of technology downtime insurance, has been named to NU PropertyCasualty360 Luminaries Class of 2022 in the category of Risk Management Innovation.
This professional recognition program spotlights innovation in the property & casualty insurance sector. Honorees are companies, people, programs and practices that are modernizing and humanizing P&C insurance. Honorees are selected by a panel of industry experts based on how well they stated and achieved goals with regards to the nomination category; how impactful their work has been; how dedicated the nominee has been to furthering modernization and humanization in the insurance business; and the nominee’s commitment to the highest ethical standards as well as dedication to service and excellence.
“Today’s top insurance organizations recognize the industry’s history and purpose while embodying contemporary processes and services,” says NU Property & Casualty Executive Editor Elana Ashanti Jefferson. “My colleagues and I are thrilled to be able to recognize pace-setting insurance organizations, programs, practices, teams and individuals as part of the annual NU PropertyCasualty360 Luminaries recognition program.”
"Innovating in risk management is an inherent part of our product approach. Accumulation management measures are important, but the Parametrix monitoring system is the heart of how we monitor, quantify and manage downtime risks in order to provide coverage for our clients. We are honored to be recognized with this award" says Yonatan Hatzor, Co-founder and CEO of Parametrix.
As more companies come to rely on cloud-based computing, including Software as a Service (SaaS) and eCommerce platforms, they become exposed to risks related to the potential failure of these third-party solutions. Parametrix’s Technology Downtime Insurance can protect them from these risks. Parametrix’s product is innovative in a number of ways. First, it’s one of the few new, broad commercial insurance products to be introduced in 20 years. The product also offers parametric payments. The threshold for payment and the amount of payment are determined up-front so that intervals as short as an hour can be compensated at a pre-determined rate. This allows for very rapid compensation. Finally, the coverage extends to all types of losses related to downtime, such as customer churn, sales loss, reputation damage and more.
The NU PropertyCasualty360 Luminaries recognition program honors companies, people, programs and practices that are modernizing and humanizing the P&C insurance business.