ELEMENT and Parametrix Insurance are partnering on parametric cloud outage insurance for companies in Germany. Mosaic Insurance and DXC Technology have launched an insurance technology platform that increases the speed at which specialty insurance is sold, underwritten and serviced. TechAssure, RiskAnalytics and ICE Cybersecurity are partnering to launch an exclusive cyber insurance option.
ELEMENT, the Berlin-based InsurTech, and Parametrix Insurance, a managing general agent, are partnering on 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 the coverage 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. The monitoring system detects insured events in real time and triggers compensation with waiting periods as short as only one hour, the companies said.
ELEMENT acts as risk carrier and is responsible for all claims settlement. The product is reinsured by a leading reinsurer with a Standard & Poor’s “AA-” rating, which is present on all continents.
Currently, the downtime insurance is available for companies that have a registered office in Germany and can be bought directly on Parametrix’s website or via leading insurance brokers.
Mosaic Insurance and DXC Technology have launched an insurance technology platform that increases the speed at which specialty insurance is sold, underwritten and serviced.
Together with DXC’s business-process expertise and technology, Mosaic, the Bermuda-based specialty insurer, aims to refine underwriting, simplify transactions, and process claims and assess risks faster. Mosaic also streamlines end-to-end processing and provides real-time access to data.
The new platform is powered by several of DXC’s technology services, including DXC Assure for Commercial and Specialty, business process outsourcing, applications, analytics and engineering, cloud, and security. The model’s launch signifies a major step forward in the global insurance industry, combining best-practices in insurance processing with state-of-the-art technology.
Mosaic said the platform differentiates it from competitors through the use of disruptive technologies, including analytics and artificial intelligence (AI). Operating on the cloud, the platform supports Mosaic’s tenet of an open architecture as well as the Lloyd’s of London’s vision to build the most advanced digital and technology led insurance marketplace. Mosaic’s structural centerpiece is Syndicate 1609 at Lloyd’s.
TechAssure, RiskAnalytics and ICE Cybersecurity are partnering to launch an exclusive cyber insurance option called The ShadowNet Program – a real-time, proactive cyber intelligence service.
Using RiskAnalytics’ proprietary cybersecurity solutions, and ICE Cybersecurity’s assessment and analytics platform, insureds can actively participate in a global network for cyber threat information-sharing and blocking of malicious IP addresses in real-time that promises to minimize ransomware exposure.
The program also utilizes cyber-risk assessment and analytics tools from ICE Cybersecurity. ICE’s tools assess an organization’s attack surface and reports on vulnerabilities an attacker could exploit to introduce ransomware. ICE’s reports are used to help insureds improve their security posture and better protect their brand and reputation and provide a basis for their insurance broker to advocate for better cyber-insurance coverage.
Sources: ELEMENT, Parametrix Insurance, Mosiac Insurance, DXC Technology, TechAssure, RiskAnalytics and ICE Cybersecurity,