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We Are (AM) Best!

By Linda Barrett

June 3, 2025

An AM Best representative at left interviews Hernan Burgos and Alexander Porte about their AM Best Student Challenge entry.
John Weber from AM Best TV interviews Hernán Burgos and Alexander Porte after winning the 2025 AM Best Student Challenge.

Every two years, students in the Risk Management and Insurance MBA program break into teams and enter the AM Best Student Challenge. An insurance solution-based competition, the Challenge promotes thought leadership and innovation in the field of insurance and risk management. Each year they enter, at least one of the Wisconsin teams advances to the final round, which consists of three teams from around the globe. This year was no different.

We are proud to announce that recent RMI MBA graduate Hernán Burgos and rising second-year student Alexander Porte have won this year’s AM Best Student Challenge. Their entry, Tropical Storm Parametric Microinsurance Solution in Latin America and the Caribbean (LAC), provides an affordable tropical storm parametric insurance product to low-income individuals and micro enterprises within the coastal regions of Latin America and the Caribbean based on real-time meteorological data.

LAC faces significant risks from hurricanes and floods, yet insurance penetration remains low due to affordability challenges. This creative solution uses predefined triggers—such as wind speed or rainfall levels—to activate payouts. The idea was created from deep ties to the region and a strong desire to support people living there.  

Hernán and Alexander refined their ideas again and again, sought input from mentors and colleagues, and submitted an entry video to the competition. Their submission was selected as a finalist. Then, global insurance professionals were allowed to vote once for the most innovative insurance solution.

Read the following paragraphs in their words:

Hernán Burgos:

“Working alongside Alexander on the parametric microinsurance project was a deeply rewarding and collaborative experience. We combined our strengths, challenged each other’s ideas, and worked side by side to craft a solution designed to serve vulnerable communities in Latin America and the Caribbean. Together, we explored how to blend parametric triggers with microinsurance in a way that leverages technology while staying affordable and accessible to those who need it most.

“Throughout the process, we stayed focused on the human side, how a fast, reliable payout after a disaster can help a small farmer, a street vendor, or a family recover and rebuild. This experience strengthened our commitment to creating insurance solutions that close the protection gap and bring meaningful resilience to underserved communities, proving that innovation in this space can truly drive social impact.”

Alexander Porte:

“The AM Best 2025 Student Challenge was a great opportunity to apply Hernán’s and my classroom knowledge to a real-world issue. Our idea for a tropical storm parametric microinsurance solution was born out of our mutual interest in Latin America and the Caribbean as two individuals with familial ties and heritage to the region. While this region contributes less in total greenhouse gas emissions relative to other regions, the region experiences some of the greatest perils associated with climate change. This is particularly felt by low-income individuals and those residing alongside the coasts, many of whom do not have property insurance.

“A microinsurance policy may not make someone completely whole after a loss, however, it provides a means for that individual to get back on their feet following a natural disaster by covering the costs of temporary lodging, making repairs to their property, or supplementing lost income. Insurance alone will not address the multifaceted climate change challenges, but we believe that policies like what we propose are part of the solution to building climate resiliency. I am thankful for the opportunity that the Student Challenge provided to begin thinking about how to further this important work in an area of the world I care so deeply about.”  

Congratulations, Hernán and Alexander! Your idea and motivation are recognized and valued.

Watch their submission video here

Watch their interview here


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