The Federation of Americans for Consumer Choice (FACC) alongside several insurers has taken legal action against the Department of Labor’s (DOL) newly implemented fiduciary rule. This rule, scheduled to commence on April 12, 2021, has been the subject of scrutiny and controversy, with the plaintiffs contesting its legality under the Employee Retirement Income Security Act (ERISA). The lawsuit claims that
The National Labor Relations Board (NLRB) has taken a firm step in contesting a decision that nullified its latest joint employer rule, reflecting its commitment to redefine the qualifications for joint employment. This appeal, directed to the 5th U.S. Circuit Court of Appeals, follows U.S. District Judge Gregg J. Costa’s ruling which invalidated the rule for being “contrary to law”
As Akur8 secures its Silver Sponsorship for the 2024 Insurtech Insights USA conference, the company reinforces its commitment to innovating insurance pricing with its state-of-the-art transparent machine learning solution. Akur8’s proprietary technology stands to revolutionize the way Property & Casualty insurers approach pricing models. The use of machine learning enables these insurers to rapidly build models that are both accurate
Amwins, a leading global distributor of specialty insurance products and services, has initiated a significant enhancement in its transportation insurance offerings with the launch of Amwins National Transportation Underwriters (ANTU). This strategic move aims to combine the extensive industry experience and strengths of two of its foundational transportation underwriting entities: Amwins Transportation Underwriters (ATU) and National Truck Underwriting Managers (NTUM).
With Neptune Flood’s recent acquisition of Charles River Data, a new horizon has emerged in the flood insurance milieu. This strategic maneuver is far more than a mere expansion of Neptune’s corporate presence; it’s a clear signal that the industry is poised for a technological revolution. By incorporating Charles River Data’s advanced AI, machine learning, and analytics into Neptune Flood’s
Arch Insurance International has announced the promotion of Barbara Rizzi to the role of Chief Claims Officer, positioning the company to amplify its customer-centric claims services. With a wealth of experience in the realm of claims management backed by legal prowess, Rizzi’s advancement signals a continued commitment to providing exceptional claims experiences to customers globally. Rizzi’s Profound Impact on Claims
As cyber threats continue to evolve, businesses are increasingly recognizing the need for robust digital defenses. Coalition, a trailblazer in the cybersecurity insurance market, has responded to the call by extending its comprehensive coverage to protect large enterprises in Canada. By doing so, Coalition aims to deliver a uniquely proactive model of insurance that blends risk management with active threat
In the bustling landscape of fintech innovation, Eleos has emerged as a significant disruptor with a clear mission, to transform the way individuals access and understand insurance. With a $4 million seed investment in their pocket, Eleos is at the cutting edge of insurtech, focusing on bridging the communication gap that has long alienated consumers from comprehensively understanding the benefits
The concept of microinsurance is not just an innovative financial tool; it’s a beacon of hope for the billions around the world who teeter on the edge of poverty. The premise is simple: extend affordable, accessible insurance services to low-income families to protect them against the vagaries of life, from health emergencies to natural disasters. Yet, the stark reality is
In a decisive move to protect labor rights, President Joe Biden exercised his veto power to reject a congressional resolution aimed at dismantling a rule put forth by the National Labor Relations Board (NLRB). The contentious rule, introduced in October 2023, was devised to clearly define the responsibilities of so-called joint employers—typically those businesses that share control over the terms
The United Nations Environment Programme (UNEP) has taken a major step forward in the fight against climate change within the insurance industry by creating the Forum for Insurance Transition to Net Zero (FIT). This new initiative is a response to the setbacks encountered by the Net-Zero Insurance Alliance (NZIA) and represents an evolution towards a more dynamic and legally sound
As dawn breaks on the horizon of the InsurTech landscape in 2024, the financial contours of the industry are being redrawn by the surging interest in Artificial Intelligence (AI). The interplay between capital investment and technological innovation reaches a critical juncture, presenting a telling snapshot of an industry at a crossroads. As funding patterns oscillate, a marked shift toward AI-centric
