German provider brings fastener failure insurance – VersicherungsJournal Österreich

20.12.2021

the Parametrix GmbH Headquartered in Düsseldorf expands to Austria with cloud failure insurance. With the product, companies can protect themselves from the consequences of cloud service provider failures.

In addition to data storage, more and more services are being offered as cloud solutions. Thus, relying on cloud-based services can lead to significant financial damage in the event of failure, warns the company, which Registered insurance agent with permission in accordance with Article 34d Paragraph 1 of the German Trade Act he.

In the event of a cloud failure, for example, there can be loss of revenue, additional internal expenses, non-compliance with obligations to customers, loss of reputation or even customer disruption.

The product is border insurance. Damage is organized based on previously measured variables. Parametrix explains: “Insurance pays a pre-agreed amount if a specific event occurs, for example a cloud service failure within a certain period of time, regardless of how much damage has already been incurred.”