ELEMENT, the Berlin-based insurtech, announced a partnership with managing general agent, Parametrix Insurance, launching parametric cloud outage insurance for companies in Germany. The product is designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers. Parametrix developed this unique insurance solution based on its proprietary monitoring technology that analyzes the global performance and availability of cloud service providers’ down to the millisecond level. The highly advanced parametric system ensures an accurate and precise overview of risk accumulation and concentration across different IT-services and regions. Also, the monitoring system detects insured events in real time and triggers compensation with waiting periods as short as only one hour. This new insurance solution in the field of cyber and tech-related insurance is an innovative answer for companies to financial losses due to cloud outages. ELEMENT acts as risk carrier and is responsible for all claims settlement. The product is reinsured by a leading reinsurer with a Standard & Poor’s “AA-” rating which is present on all continents. Currently, the downtime insurance is available for companies that have a registered office in Germany and can be bought directly on Parametrix’s website or via leading insurance brokers.
Parametrix Insurance, a licensed MGA in the U.S. and Germany, provides cloud downtime insurance solutions, ensuring that companies with mission critical services in the cloud can quickly recover financially from downtime events. Based on the data generated by its monitoring technology, Parametrix provides parametric policies with fast payouts, short waiting periods, no usage restrictions, and hassle-free processes. The company is backed by some of the biggest insurers and reinsurers including certain underwriters at Lloyd’s of London. Parametrix offers its insurance products in the U.S., Europe, and Japan through its offices in New York, Tel Aviv, London, and Düsseldorf. ELEMENT Insurance AG is Germany’s only 100% cloud-based insurtech and holds a license from the German Federal Financial Supervisory Authority (BaFin) as a primary insurer for property/casualty insurance. ELEMENT can therefore operate as a risk carrier in all EU countries and is a completely independent insurance company – without any restrictions due to a group affiliation.