Parametrix

Parametrix is a New York-based insurtech company founded in 2018 by Tamir Carmel, Ori Cohen, Neta Rozy, and Yonatan Hatzor that specializes in providing parametric insurance solutions for digital business interruption and cloud downtime events. Operating as Parametrix Solutions, Inc., the company is the leading provider of cloud outage analytics an... d insurance solutions, creating cutting-edge tools and models that enable companies, insurers, and reinsurers to quantify, manage, and transfer exposure to digital interruption risk. Parametrix is a Managing General Agent and registered Lloyd's Coverholder whose policies are backed by major A-rated global insurers, offering insurance policies covering third-party IT downtime events such as cloud outages, e-commerce downtime, payment failures, and other disruptions from SaaS, PaaS and IaaS platforms. The company's parametric policies are simple by design, where a pre-agreed payment amount is transferred to the customer once specific, predetermined thresholds are met, thereby eliminating the traditional claims settlement process and enabling compensation to be paid quickly after the catastrophic event, typically within days. Parametrix leverages proprietary technology to continuously monitor the performance of a variety of third-party IT services across the globe without requiring users to install anything on their systems, collecting granular data on service interruptions to assess risk accurately, provide instant insurance quotations, and streamline claims payments. The company's risk management capabilities help businesses manage cloud exposure and cyber portfolios by driving relevant scenarios and building innovative cloud risk transfer solutions, enabling businesses to hedge their external risks, secure their revenue streams, and concentrate on their core business activities. Parametrix has raised $17.5 million in funding from investors including FirstMark Capital, F2 Venture Capital, Plug and Play Tech Center, L Marks, and Lloyd's Lab. The company was awarded ...Read More