Parametrix Insurance, the provider of cloud downtime insurance, today announced it appointed Hiscox veteran Rick Wong as head of insurance. Wong will lead the Parametrix team focusing on broker relations and the development of the broker channel, a critical channel accounting for more than 70% of commercial insurance sold in the United States.
An insurance industry executive of 18 years, Wong has held underwriting, broker relations, and leadership roles at Hiscox USA for the last 13 years. Wong has a track record of successfully leading sales teams, driving commercial business with brokers, and growing technology-based insurance coverage.
“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, Parametrix co-founder and CEO. “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. In doing so, we’re creating an entirely new category of insurance and protecting our insured from the financial impact of cloud outages.” said Wong.
Enterprise dependency on the cloud is increasing every day. According to Gartner, end-user spending on public cloud services will grow 21.7% to reach $482 billion in 2022. Additionally, by 2026, Gartner predicts public cloud spending will exceed 45% of all enterprise IT spending, up from less than 17% in 2021.
Greater dependency on cloud services means that enterprises are increasingly exposed to financial risk from cloud outages. While cloud downtime can be damaging to a business, the impact can be mitigated. With Parametrix’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 an hour of downtime, and there is no monetary deductible. Moreover, unlike other insurance policies, there are no restrictions on the use of funds by the insured, and because the conditions and terms of the policy are agreed upon in advance, there is no lengthy claims process to investigate the event or debate over the size of losses.
