People say nothing is ever new, it’s always a case of re-inventing the wheel. Actually, that isn’t always the case, take the WonderCover parametric insurance policy for example.
Unlike normal insurance policies, parametric insurances are designed to simply pay out the agreed sum, in full, once the trigger has happened, no arguments & no messing about.
In the case of the WonderCover policy, if there is a data breach which you have to report to the ICO, then it pays out the lump sum, which you can spend on whatever you want. A system upgrade? Nice. Payment of a fine? No worries. A holiday? Perfect!
It also pays out a daily payment for up to 25 days if any one of (up to) 4 online electronic services you use goes down e.g. SAGE, Zero, Google.
And the third string to the WonderCover policy is that if a terrorist incident occurs in your postcode sector e.g. B79 sector 7, then again, it pays out a lump sum immediately with no quibble, which can compensate you for all of the associated inconvenience of something happening in your part of town, even if it doesn’t affect you directly!
This type of policy isn’t really designed to cover you if you have a big complicated claim. It’s designed to help (especially SME & Micro) businesses get back on their feet quickly & with minimum aggravation in the event of the sh*t hitting the fan, and a normal insurance policy failing to respond.
If you’d like more details about WonderCover (or any other type of Cyber or Parametric Insurance), please get in touch!