Connect with us

Hi, what are you looking for?

Loan And Finance

Parametrix taps Hiscox veteran as head of insurance

0311 637812998021749585

“Parametrix is delighted to welcome Rick Wong as our head of insurance, where he will lead broker channel development and manage our broker relationships, which today include more than half of the top 20 brokers globally,” said Yonatan Hatzor, co-founder and CEO of Parametrix. “Rick brings extensive knowledge and experience developing broker channels, which will help him establish Parametrix as the de facto downtime insurance provider for brokers across all enterprise technologies.”

“I joined Parametrix because it is uniquely situated to help businesses mitigate the risk of third-party technology downtime,” Wong said. “In doing so, we’re creating an entirely new category of insurance and protecting our insured from the financial impact of cloud outages.”

Read next: Hiscox announces new US cyber head

According to research and consulting firm Gartner, end-user spending on public cloud services will grow 21.7% in 2022, hitting $482 billion. Gartner predicts that public cloud spending will exceed 45% of all enterprise IT spending by 2026, up from less than 17% last year.

Greater dependency on cloud services means that businesses are increasingly exposed to financial risk from cloud outages, Parametrix said. With the company’s downtime insurance policies, 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 one hour of downtime, and there is no monetary deductible. There are also no restrictions on the use of the funds by the insured, Parametrix said. Because the terms of the policy are agreed upon in advance, there is also no lengthy claims process to investigate the downtime event or debate over the size of the losses, the company said.


Source link

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply



President Biden is currently dangling a tantalizing clean energy opportunity in front of the Gulf Coast, one that seems tailor-made for Texas to seize....


SACRAMENTO — Legislation to decriminalize certain psychedelic drugs such as “magic mushrooms,” MDMA, ketamine and LSD was gutted by the California Legislature on Thursday, though the...


Updated August 12, 2022 at 7:20 p.m. EDT|Published August 11, 2022 at 6:00 a.m. EDT Cash effective tax rates of most-profitable companies since 2019...


Norfolk Southern sent a statement to The Times: “Norfolk Southern and its contractors worked quickly to clean-up the spilled product following last month’s derailment,...

Online Business Success

A vegetable vendor speaks on his mobile phone at a retail market area in Kolkata, India, March 22, 2022. — Reuters Annual food inflation...


GamesBeat’s Rachel Kaser considers her allegiances in the new Splatoon title, and also joins the roast of Forspoken.Read More


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...