Parametrix Insurance, a provider of parametric cloud downtime insurance, has appointed Rick Wong of Hiscox as Chief Insurance Officer, where he will lead a team focused on broker relations and business development. broker channel.
Wong brings 18 years of industry experience to the company, having held positions in underwriting, broker relations and leadership roles at Hiscox USA for the past 13 years.
He has a proven track record in leading sales teams, conducting commercial business with brokers, and expanding technology-enabled insurance coverage.
Yonatan Hatzor, Co-Founder and CEO of Parametrix, said, “Parametrix is delighted to welcome Rick Wong as Head of Insurance where he will lead broker channel development and manage our broker relationships, which include today more than half of the top 20 brokers in the world.
“Rick brings deep knowledge and experience in broker channel development that will help him establish Parametrix as the de facto downtime insurance provider for brokers across all enterprise technologies.”
Commenting on his new role, Wong said, “I joined Parametrix because it is uniquely positioned to help companies mitigate the risk of third-party technology downtime. In doing so, we are creating a whole new class of insurance and protecting our policyholders from the financial impact of cloud outages.
Citing data and analysis from Gartner, a US-based technology research and consulting firm, Parametrix notes that businesses’ reliance on the cloud is on the rise.
Gartner data reveals that end-user spending on public cloud services will grow nearly 22% to $482 billion in 2022.
“A greater reliance on cloud services means businesses are increasingly exposed to the financial risk of cloud outages. While cloud downtime can be detrimental to a business, the impact can be mitigated,” says Parametrix.