TEL AVIV, ISRAEL and CHARLOTTE, NC – TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with Parametrix Insurance. TechAssure members will gain access to Parametrix’s insurance products that protect tech-reliant businesses from third-party IT downtime.
“Parametrix has created an innovative suite of products for tech-enabled businesses – the exact companies that TechAssure brokers serve,” said TechAssure Executive Director, Garrett Droege. “Downtime has become a major exposure for companies as they move more and more of their mission-critical activities to the cloud. While the cyber insurance marketplace can address this exposure, it often comes with long waiting periods, lengthy claims adjustment processes, restrictions on the use of funds, and high deductibles. Parametrix, however, is designed exclusively for business downtime resulting from cloud outages – which is a better solution for most businesses.”
Founded by experienced entrepreneurs and data scientists, Parametrix’s highly innovative policies are based on the huge amounts of data collected by their proprietary monitoring system which tracks the availability and performance of a wide range of cloud services down to the millisecond. Their products address a critical unmet insurance need and are relevant to any company that is looking to cover the risks of downtime incidents caused by providers of cloud-based services such as cloud, ecommerce, payments, CRM, CDN and more.
VP Business Development, Tsafrir Oranski, added, “TechAssure is an ideal partner for Parametrix. Their brokers are innovative and understanding of the complex risks surrounding cloud infrastructure. We are happy to partner with TechAssure to bring our suite of products to their technology-reliant clients.”
Parametrix, the leading provider of cloud monitoring, modeling, and insurance services, is a Managing General Agent and Lloyd’s Coverholder based out of New York that underwrites parametric insurance against digital supply chain interruption. Parametrix uses proprietary technology to continuously monitor the performance of a variety of third-party IT services across the globe, and to collect granular data on service interruptions. It uses that data to assess risk, provide instant insurance quotations, and to streamline claims payments, which are delivered within days. Parametrix policies are backed by major A-rated global insurers.
Established in 2000, TechAssure is a unique consortium of risk management experts serving innovative industries, such as technology, telecommunications, life sciences, clean tech, as well as the venture capital and private equity firms that fund them. Comprised of over 30 specialist firms located in technology hubs across the world, TechAssure members collectively serve over 5,000 clients and represent over $8 Billion in premium volume. The association also produces a proprietary annual benchmarking report for the industries it serves.