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What is Parametric Insurance?
Parametric insurance is a modern type of coverage designed for situations where traditional insurance may fall short. Instead of going through a long claims process, it pays out automatically when a specific event meets pre-agreed conditions. There's no need to prove the loss or wait for investigations, which means faster, more reliable payouts and less hassle for your business
Traditional, indemnity based insurance
1
Event happens
2
You assess damages
3
You submit a claim
4
Insurer assesses claim
5
Payout terms debated
6
Payout issued
Parametric insurance
1
Trigger event happens
2
Real-time data verification
3
Automatic payout issued
How does it work ?
We define the conditions upfront, verify them with real-time data, and pay out automatically when they're met. This eliminates the subjectivity and delays of traditional claims processes.
Cloud VS Cyber
What's the difference between parametric cloud outage insurance vs traditional cyber insurance products?
Coverage Focus
Mantas Cloud Outage Insurance
Cloud downtime and infrastructure outages
Traditional Cyber Insurance Products
Data breaches, cyber-attacks, and privacy issues
Target Market
Mantas Cloud Outage Insurance
Cloud-dependent businesses
Traditional Cyber Insurance Products
Businesses across various industries
Risk Prevention
Mantas Cloud Outage Insurance
Includes Risk Guard Service with cloud optimization
Traditional Cyber Insurance Products
Limited to advice and post-incident services
Incident Response
Mantas Cloud Outage Insurance
Rapid response with DevOps engineers, advisory for business continuity management system and best practices
Traditional Cyber Insurance Products
IT support and breach containment through 3rd party companies
Policy Tailoring
Mantas Cloud Outage Insurance
Parametric trigger-based; customer does not need to prove any loss but must sign a sworn proof of loss to be indemnified. The policy indemnifies only customers that experienced a financial loss.
Traditional Cyber Insurance Products
Risk assessments based on past incidents and current system security assessment
Claim Trigger
Mantas Cloud Outage Insurance
Public Cloud Service Provider Outage
Traditional Cyber Insurance Products
Cyber incident like hacking or data breach