Insurtech is picking up steam in a big way, but startup Parametrix thinks there is still plenty of room left to innovate. The company, which today announced the close of a $17.5 million funding round, offers insurance policies for companies that rely on third-party cloud providers, e-commerce services, payment gateways and CRM systems. In essence, downtime from one of these services can cost a company millions in revenue, but it’s completely out of their control. A fact of life, one might say, until Parametrix.
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About Parametrix
Parametrix, the leading provider of digital business interruption solutions, specializes in parametric insurance that protects against the financial cost of technology and digital infrastructure downtime. Leveraging a proprietary network of monitoring systems, we collect and analyze real-time, granular data on the performance and availability of critical infrastructure— including data centers, SaaS providers, and cloud services— to accurately assess risk and deliver fast, transparent claims payments. Our solutions enable businesses, data center stakeholders, and (re)insurers to quantify, manage, and transfer the financial risks of downtime with unmatched precision. Parametrix is a Managing General Agent and Lloyd’s Coverholder, with policies backed by major A-rated global insurers, and is headquartered in New York.
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