The recent Africa internet outage that left millions offline was a wake-up call for many businesses and institutions that rely heavily on internet connectivity. The outage was caused by damage to undersea cables connecting West Africa to Europe, affecting several countries in the region. As an insurance executive, there are several lessons you can learn from this incident to better prepare for future disruptions.

Lesson 1: Have a Contingency Plan in Place The outage caused significant disruptions to businesses and institutions, leading to economic losses that are yet to be fully quantified. As an insurance executive, it’s essential to have a contingency plan in place to mitigate the impact of such disruptions. This plan should include measures to ensure business continuity, such as alternative means of internet connectivity and backup systems.

Lesson 2: Understand the Risks The Africa internet outage was caused by damage to undersea cables, highlighting the risks associated with relying heavily on a single mode of connectivity. As an insurance executive, it’s crucial to understand the risks associated with your clients' operations and provide coverage that addresses these risks adequately.

Lesson 3: Embrace Technology The outage also highlighted the importance of technology in today’s business environment. As an insurance executive, it’s essential to embrace technology and leverage it to provide innovative solutions to your clients. For instance, parametric insurance can use real-time data to provide coverage for specific risks, such as business interruption caused by internet outages.

Lesson 4: Collaborate with Stakeholders The Africa internet outage affected several countries in the region, highlighting the need for collaboration among stakeholders. As an insurance executive, it’s crucial to collaborate with other stakeholders, such as telecom operators and regulators, to develop solutions that address the risks associated with internet connectivity.

Lesson 5: Be Proactive Finally, the Africa internet outage was a reminder that disruptions can happen at any time, and it’s essential to be proactive in addressing these risks. As an insurance executive, it’s crucial to work with your clients to identify potential risks and develop solutions that address these risks before they occur.

In conclusion, the recent Africa internet outage provides several lessons for insurance executives. By having a contingency plan in place, understanding the risks, embracing technology, collaborating with stakeholders, and being proactive, insurance executives can better prepare for future disruptions and provide innovative solutions to their clients. To learn more about how Riskwolf can help you develop parametric insurance solutions, visit our website at Riskwolf.