Parametrix, a leader in cyber insurance solutions, has launched an innovative insurance product designed to protect enterprise clients from the costs associated with digital disruptions.
The launch of Parametrix Enterprise Solutions addresses the increasing need for businesses to safeguard their operations in the face of growing digital dependency and potential disruptions, according to InsurTech Insights.
As businesses expand their reliance on cloud services, payment gateways, and other external systems, traditional insurance solutions may not be flexible or prompt enough to cover these risks. The new offering fills this gap, helping companies manage the financial risks that come with digital interruptions.
Parametrix’s innovative insurance offerings are underwritten by syndicates at Lloyd’s of London, positioning the company as a prominent provider of comprehensive cyber insurance solutions.
Their parametric insurance model relies on predefined triggers for payout, allowing faster reimbursement than many traditional insurance models.
This approach has gained traction for its transparency and reliability, especially valuable for companies heavily reliant on digital platforms.
The new policy targets large enterprises with coverage needs extending beyond standard cyber insurance.
It provides protection against both internal system failures and dependencies on third-party systems such as cloud infrastructure, payment processors, and customer relationship management (CRM) platforms.
With this level of flexibility, brokers can customise policies to closely align with their clients’ unique risk profiles.
Key features of the new product include coverage limits ranging from $10m to $50m, rapid payouts triggered by predetermined criteria, and flexible coverage options that can either stand alone or complement existing cyber insurance policies.
This makes Parametrix Enterprise Solutions an attractive option for businesses seeking robust protection against the operational and financial impact of digital interruptions.
The release of this new product marks a strategic move for Parametrix to cater to the complex needs of enterprise clients in an increasingly digital business landscape.
“This new line of parametric enterprise solutions is a true win-win for brokers and their clients,” a representative from Parametrix stated. “Enterprise clients benefit from customised coverage that addresses their specific needs, while brokers gain a distinctive offering to grow their business and strengthen client relationships.”
Parametrix CEO Jonathan Hatzor highlighted that client and broker feedback were instrumental in developing “Parametrix Enterprise Solutions.” He said, “Listening to our enterprise clients and broker partners has been central to our innovation. As the global leader in cloud outage insurance, we understand the critical impact of digital system interruptions on business operations.”
“Our parametric insurance solutions empower companies not only to enhance customer service but also to benefit financially, with advantages such as collateral relief and reduced funding costs, ultimately strengthening their market position,” Hatzor added.
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