On August 16, 2021, the Federal Aviation Administration (FAA) experienced a system outage that caused flight delays across multiple airports in the United States. The incident left thousands of passengers stranded and frustrated, highlighting the importance of having a reliable insurance plan in place for such unexpected events.

According to a report by Oakland News Now, the FAA system outage caused flight delays at various airports across the country. Passengers were left stranded for hours, with no clear indication of when their flights would take off. The incident caused chaos and frustration, with many people taking to social media to express their anger and disappointment.

As an insurance executive, this incident should serve as a wake-up call. It’s a reminder that unexpected events can happen at any time, and it’s crucial to have a reliable insurance plan in place to mitigate the risks. The FAA system outage is just one example of how unforeseen events can disrupt operations and cause financial losses.

In situations like this, parametric insurance can be a game-changer. Unlike traditional insurance policies, parametric insurance pays out based on predefined triggers, such as weather conditions or system outages. This type of insurance can provide quick and reliable payouts, helping businesses to recover from unexpected events faster.

Imagine if the airlines affected by the FAA system outage had parametric insurance in place. They could have received payouts immediately, allowing them to cover the costs of delayed flights and compensate affected passengers. This would have not only helped the airlines to recover faster but also improved their reputation and customer loyalty.

At Riskwolf, we specialize in helping businesses build and operate parametric insurance at scale. Our unique real-time data and dynamic risk modeling enable insurers to turn real-time data into insurance quickly and reliably. With Riskwolf, you can have peace of mind knowing that your business is protected from unexpected events like the FAA system outage.

In conclusion, the FAA system outage serves as a reminder of the importance of having a reliable insurance plan in place. As an insurance executive, it’s crucial to stay ahead of the curve and explore innovative insurance solutions like parametric insurance. With Riskwolf, you can turn real-time data into insurance quickly and reliably. Don’t wait for the next unexpected event to happen – get in touch with us today to learn more about how we can help you protect your business.

Source: Oakland News Now