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.
