Parametrix Insurance, the provider of parametric cloud downtime insurance, and Leavitt Group, the 14th largest privately-held insurance brokerage in the United States, today announced that ComTech-Leavitt Insurance Services, a member of Leavitt Group and Parametrix have partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime.
“ComTech-Leavitt works with our clients to help them understand the perils they face across their business. A growing dependency upon cloud applications is one the fastest growing risks they need to manage, and Parametrix Insurance enables them to cover the potential cost and expense of cloud downtime,” said Joseph Weipert, Senior Vice President at ComTech-Leavitt. “Parametrix fills a real need for businesses. Today’s cyber policies have long waiting periods and multiple exclusions in their business interruption when the cloud goes down, and Parametrix fills that gap.”
The cloud is fast becoming an alternative to traditional computing infrastructure. International Data Corporation (IDC) forecasts total worldwide spending on cloud services will surpass $1.3 trillion by 2025 – sustaining a compound annual growth rate (CAGR) of 16.9%. But as businesses flock to the public cloud, their exposure to potential failures and crashes grows
“ComTech-Leavitt’s status as a trusted advisor to businesses means they are well positioned to help educate companies on the potential tangible and intangible losses that can result from cloud outages,” said Yonatan Hatzor, Co-founder and CEO of Parametrix Insurance. “Cloud downtime can inflict untold expense on companies that are unprepared. Downtime insurance offers a key way for businesses to recoup cloud downtime losses and fix the harm caused to their brand reputation by cloud outages.”
Parametrix’s pioneering cloud downtime coverage allows businesses to mitigate the risk of running their business on third-party clouds. As similar to other parametric insurance products, businesses pre-agree on the amount of coverage needed and receive rapid payment of their policy within 15 business days when cloud outages occur. There is no need to negotiate losses or file claims for damages. With Parametrix’s cloud insurance, businesses are free to use payouts to cover any type of loss when downtime happens.