Parametrix Insurance (Parametrix), the provider of parametric cloud downtime insurance, and IMA Financial Group (IMA), a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage and wealth management, have announced they have entered into a partnership to help more companies protect themselves and their customers against losses from cloud downtime.
As a result of the partnership, IMA will make Parametrix downtime coverage available throughout its entire footprint and subsidiaries. Parametrix will integrate into IMA platforms and systems for seamless provisioning. The companies also will collaborate on marketing activities, and offer high-value consultative enterprise assessments and analysis of downtime risks and exposure.
“Parametrix is proud to partner with IMA, an innovative brokerage firm and a great match for Parametrix, due to our mutual commitment to bringing new insurance products to market and helping enterprises mitigate downtime risk. We have a shared goal of achieving a seamless experience for clients facing increasingly complex risk,” said Yonatan Hatzor, co-founder and CEO of Parametrix.
“Digital-native companies have become integral to society, and our clients must maintain uptime of their platforms to provide the best user experience. Through our partnership with Parametrix, we can add risk mitigation measures from the leader in cloud downtime insurance to protect our clients from outages,” said IMA Financial Group Director of Innovation and Strategy Garrett Droege.
Enterprise dependency on the cloud is increasing every day. According to Gartner, end-user spending on public cloud services will grow 20.4% in 2022 to reach $494.7 billion. In 2023, Gartner predicts it will reach nearly $600 billion.
Greater dependency on cloud services means enterprises are increasingly exposed to financial risk from public cloud outages. While cloud downtime can damage a business, Parametrix’s downtime insurance policies manage the risk. All terms, including the coverage and the damages, are agreed upon in advance. The waiting period for downtime insurance can be set to as little as an hour of downtime, and there is no monetary deductible. Moreover, unlike other insurance policies, there are no restrictions on the use of funds by the insured. Because the conditions and terms of the policy are agreed upon in advance, there is no lengthy claims process to investigate the event or debate over the size of losses.
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