Parametrix Insurance, a provider of parametric cloud downtime insurance, has partnered with IMA Financial Group (IMA), a North American insurance brokerage firm specialising in risk management, insurance, wholesale brokerage and wealth management.
The two companies aim 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. The companies also will collaborate on marketing activities, and offer high-value consultative enterprise assessments and analysis of downtime risks and exposure.
Parametrix said a greater reliance on cloud services means that enterprises are increasingly exposed to financial risk from public cloud outages. While cloud downtime can damage a business, Parametrix said its 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.
Yonatan Hatzor, co-founder and CEO of Parametrix, said, “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.”
Garrett Droege, IMA Financial Group director of innovation and strategy, said, “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.”
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