Are you an insurance executive looking to develop solutions for the biggest risks faced by businesses and communities in the Americas region? Look no further than Lloyd’s Lab’s 12th cohort, which is focused on developing solutions for mitigating risks in America.

According to a recent article by Clare Ruel in Insurance Times, a total of 12 firms from over 33 countries will join the new cohort, which received a record number of applications. These firms will join a ten-week incubator program to develop products and solutions with the support of industry experts. Some of these solutions will be used for the biggest risks faced by businesses and communities in the Americas region, such as challenges arising from natural hazard prediction to risks associated with cybersecurity.

As an insurance executive, you may be wondering how you can mitigate risks in the American insurance market. Here are five steps to get you started:

1. Identify the biggest risks faced by businesses and communities in the Americas region. This could include natural disasters, cybersecurity threats, and other emerging risks.

2. Develop innovative platforms for underwriting progress within the Lloyd’s market. This could include using AI-driven underwriting to address the insurance gap in Latin America, as well as using data analytics to improve patient safety in the healthcare sector.

3. Foster insurance products that can address underinsurance issues and enhance resilience. This could include using parametric insurance to protect businesses transacting via blockchain networks, as well as using domain expertise in the commodity and maritime markets to develop parametric insurance solutions.

4. Transform earthquake predictions and readiness with AI-driven earthquake forecasting systems. This could include using AI to help enterprise teams leverage AI through parametric product protection plans.

5. Bridge the gap between alternative capital and insurance risk. This could include using AI solutions purpose-built for insurance underwriting, as well as increasing societal resilience to disasters via evolving risk modeling of natural disasters.

By following these five steps, you can mitigate risks in the American insurance market and develop innovative solutions for the biggest risks faced by businesses and communities in the Americas region.

At Riskwolf, we can help you turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. Contact us today to learn more about how we can help you mitigate risks in the American insurance market.

Source: Insurance Times