Latest news with #2025StudentChallenge
Yahoo
02-06-2025
- Business
- Yahoo
Winners of AM Best's 2025 Student Challenge Announced
OLDWICK, N.J., June 02, 2025--(BUSINESS WIRE)--AM Best has announced Hernán Burgos and Alexander Porte of UW-Madison – Wisconsin School of Business as the winners of AM Best's 2025 Student Challenge for their tropical storm parametric insurance solution for Latin America and the Caribbean (LAC). The 2025 Student Challenge tasked risk management and insurance students with creating innovative solutions for insurance risks. The proposed insurance solution from Burgos and Porte would provide coverage to low-income individuals and micro enterprises in LAC coastal regions using real-time meteorological data. "In LAC, where insurance penetration is extremely low and the poverty rate is significantly high, access to insurance products is basically impossible for low-income communities," said Burgos in an AM Best TV interview about the proposal. "In the region, access to insurance is considered to be a luxury. Millions are left financially vulnerable and unprotected in the face of increasingly frequent and severe natural catastrophes." Porte explained that the winning Student Challenge entry proposes leveraging the high level of banking products in LAC to create insurance markets and deliver products: "When you're trying to create an insurance marketplace—you're trying to create appetites for these products—you need to use other distribution channels." In addition to Burgos and Porte, students from University of Akron and Florida State University were finalists in the national competition, which was open to undergraduate and graduate students. "The innovative ideas and thoughtful proposals put forward by these students point to a bright future for the insurance industry," said Lee McDonald, AM Best's senior vice president, publication & news services. To view video interviews and Best's Review magazine interviews with the winning team and other finalists, please visit the 2025 Student Challenge landing page. AM Best's 2025 Student Challenge is a company initiative to support the development of new talent in the insurance industry. The company also provides an analytical development program. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Lee McDonald Senior Vice President, Publication & News Services +1 908 882 2102 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
02-06-2025
- Business
- Business Wire
Winners of AM Best's 2025 Student Challenge Announced
BUSINESS WIRE)-- AM Best has announced Hernán Burgos and Alexander Porte of UW-Madison – Wisconsin School of Business as the winners of AM Best's 2025 Student Challenge for their tropical storm parametric insurance solution for Latin America and the Caribbean (LAC). The 2025 Student Challenge tasked risk management and insurance students with creating innovative solutions for insurance risks. The proposed insurance solution from Burgos and Porte would provide coverage to low-income individuals and micro enterprises in LAC coastal regions using real-time meteorological data. 'In LAC, where insurance penetration is extremely low and the poverty rate is significantly high, access to insurance products is basically impossible for low-income communities,' said Burgos in an AM Best TV interview about the proposal. 'In the region, access to insurance is considered to be a luxury. Millions are left financially vulnerable and unprotected in the face of increasingly frequent and severe natural catastrophes.' Porte explained that the winning Student Challenge entry proposes leveraging the high level of banking products in LAC to create insurance markets and deliver products: 'When you're trying to create an insurance marketplace—you're trying to create appetites for these products—you need to use other distribution channels.' In addition to Burgos and Porte, students from University of Akron and Florida State University were finalists in the national competition, which was open to undergraduate and graduate students. 'The innovative ideas and thoughtful proposals put forward by these students point to a bright future for the insurance industry,' said Lee McDonald, AM Best's senior vice president, publication & news services. To view video interviews and Best's Review magazine interviews with the winning team and other finalists, please visit the 2025 Student Challenge landing page. AM Best's 2025 Student Challenge is a company initiative to support the development of new talent in the insurance industry. The company also provides an analytical development program.
Yahoo
18-03-2025
- Business
- Yahoo
AM Best Opens Public Voting for 2025 Student Challenge Competition
OLDWICK, N.J., March 18, 2025--(BUSINESS WIRE)--Public voting is now open for AM Best's 2025 Student Challenge, which gives undergraduate and graduate students the opportunity to develop innovative solutions for risk management and insurance. Members of the public are invited to vote for their favorite idea from among three finalists: A dynamic inventory management app for homeowners from Tausif Utchhash and Connor Donahue of the University of Akron. The proposed app would offer real-time assessments of personal property values and replacement costs to help homeowners maintain accurate inventories and coverage limits, while also providing claim submission. An insurance education tool for new and small businesses from Tom Budz of Florida State University. This idea would help small business owners understand their insurability before operations have begun. A tropical storm parametric microinsurance solution for Latin America and the Caribbean (LAC) from Hernán Burgos and Alexander Porte of UW-Madison – Wisconsin School of Business. This idea would provide coverage to low-income individuals and micro enterprises in LAC coastal regions using real-time meteorological data. View the students' presentations and vote on them from March 18 to April 4, 2025. The winner will be announced in Best's Review on June 1, 2025. "The students who participated in AM Best's 2025 Student Challenge impressed us with their thoughtful risk management and insurance solutions that, if implemented, could have a positive impact," said Lee McDonald, AM Best's senior vice president, publication & news services. "We appreciate their insight and innovation, which gives us optimism about the future of the insurance industry." AM Best's 2025 Student Challenge is a company initiative to support the development of new talent in the insurance industry. AM Best also provides an analytical development program. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Lee McDonald Senior Vice President, Publication & News Services +1 908 882 2102
