Parametrix Insurance and IMA Financial Group (IMA) have entered a partnership for distribution of insurance to help companies protect themselves and their customers against losses from cloud downtime.

IMA is an insurance brokerage firm specialising in risk management, insurance, wholesale brokerage and wealth management, while Parametrix is a provider of parametric cloud downtime insurance.

Following this partnership, IMA will make Parametrix downtime coverage available throughout its complete footprint and subsidiaries.

For seamless provisioning, Parametrix will be integrated into IMA platforms and systems.

The two entities also will collaborate on marketing activities, besides providing consultative enterprise evaluations of downtime risks and exposure.

Parametric co-founder and CEO Yonatan Hatzor 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.”

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IMA Financial Group director of innovation and strategy Garrett Droege 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.”

Given that enterprise dependency on the cloud is increasing, it also means that firms are increasingly exposed to financial risk from public cloud outages.

Parametrix’s downtime insurance policies manage the risk.

The company claimed that all the terms, including those on coverage and the damages, are agreed in advance.

Furthermore, the waiting period for downtime insurance can be fixed to as little as an hour of downtime, stated the company.