In an effort to protect Kenyan coffee farmers from the financial devastation caused by increasingly frequent droughts, a pioneering parametric insurance product has been launched. This initiative is a collaborative effort between Liberty Mutual Reinsurance (LM Re), Insurtech firm Sprout, Inc., and Britam, a local financial services company. Developed through the Lloyd’s Lab Launchpad Pitch, the product leverages cutting-edge technology
Adidas America Inc., a globally renowned athletic apparel and footwear company, finds itself in hot water due to repeated non-compliance with federal workplace safety standards. The enforcement action initiated by the Occupational Safety and Health Administration (OSHA) has resulted in substantial penalties for the company. This article delves into the critical aspects of this enforcement action, shedding light on the
The burgeoning partnership between Cytora, a prominent AI-based risk processing platform, and Arch Insurance Group, a global insurance giant, is set to revolutionize the U.S. underwriting landscape. This collaboration, which builds on a successful UK initiative, aims at digitizing risk intake and optimizing underwriting workflows by leveraging advancements in Artificial Intelligence (AI) and Large Language Models (LLMs). By harnessing these
Jetty, a company renowned for its innovative solutions in the rental market, has recently announced a pivotal partnership with two major insurance entities – Fortegra and Allianz. By joining forces with these industry giants, Jetty aims to bolster its insurance offerings through a stronger financial foundation provided by reinsurance. This strategic alliance seeks to enhance Jetty’s service offerings for property
The increasing significance of compliance with governmental sanctions within the InsurTech sector cannot be overstated. These sanctions serve as crucial mechanisms in the broader landscape of international finance and security. Insurance companies are facing heightened scrutiny from regulatory bodies like the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), emphasizing the need for robust compliance frameworks. Managing
RSA Insurance, a leading UK insurer, has taken a significant leap in modernizing its service by launching a new broker and customer claims portal powered by Guidewire Cloud. This initiative signifies a pivotal moment in the insurance industry, as RSA becomes the first UK insurer to implement this advanced cloud solution, thereby enhancing claims management processes and user experience. The
PhonePe, a prominent FinTech player in India, has rolled out a pioneering ‘pre-approved term life insurance’ feature on its app. By eliminating the need for income proof, PhonePe aims to make term life insurance more accessible to millions of Indians, specifically targeting groups that traditionally face hurdles in acquiring insurance due to the lack of formal income documentation. This initiative
The ongoing lawsuit involving an Environmental Protection Agency (EPA) economist who claims the agency failed to accommodate his severe allergies to a co-worker’s heavy perfume underscores the complexities of workplace accommodations under the Rehabilitation Act of 1973 and its private-sector equivalent, the Americans with Disabilities Act. This case sheds light on the intricate and often contentious nature of negotiating reasonable
The process of updating internal policies is crucial for every organization. It ensures that the company complies with current laws, ethical standards, and best practices, thus providing a safe and efficient work environment. While policy updates are necessary, the HR team carries the significant burden of managing the transition. This article explores the necessity of policy updates, HR’s pivotal role,
The integration of Artificial Intelligence (AI) into various sectors has been a game-changer, and the insurance industry is no exception. Hiscox, a leading global specialist insurer, in collaboration with Google Cloud, has recently implemented a generative AI-enhanced lead underwriting model that promises to revolutionize the process of providing insurance quotes. This innovation marks a significant milestone, but what does the
Aventum, an international (re)insurance group, is set to revolutionize the underwriting landscape with the development of an AI underwriting assistant. This innovative leap follows the company’s inaugural Bear Cave Innovation Challenge, a competition designed to harness the creative potential of its workforce. This initiative marks a significant stride in Aventum’s mission to foster a culture of perpetual innovation and employee
Robert Nelson, a dedicated employee of Dependable Auto Sales, found his life changing dramatically after a back injury in March 2018. While attempting to lift a garage door, Nelson experienced acute pain, leading him down a complicated path of workers’ compensation claims and subsequent legal battles. This article explores the judicial journey, weighing evidence and personal credibility in determining the
