The Department of Labor’s (DOL) recent establishment of a “totality-of-the-circumstances” framework is a bold step toward clarifying what constitutes an independent contractor versus a full-time employee. This framework is constructed with the intention of safeguarding workers from the prevalent risk of misclassification, which often leads to a loss of crucial worker benefits and protections. The inclusion of factors such as
In the insurance sector, technology has served as a game-changer, especially for small and independent agencies competing against larger firms. These smaller agencies now have a fighting chance, thanks to advancements in insurtech. A prime example of this shift is the collaboration between HawkSoft and b atomic. HawkSoft, known for its client management software, combines forces with b atomic, which
In 2024, the insurance sector is experiencing substantial digital growth, spurred by the need to meet changing consumer needs and improve efficiency. Companies in this space are increasingly adopting cutting-edge technology to create data-driven products and offer more personalized services. This is indicative of a larger trend where insurers are placing greater emphasis on putting the customer at the heart
In a significant judicial decision by Judge J. Campbell Barker from Texas’ Eastern District Court, the recent National Labor Relations Board (NLRB) joint employer standard was deemed legally defective. Set to become effective that week, the rule would have broadened the criteria that define when two businesses are considered joint employers, potentially redefining the relationship between companies and their workers.
INSRD, the Berlin-based InsurTech startup, has recently reached a significant achievement by closing its pre-seed funding round, amassing a considerable €500,000 from a consortium of investors, including esteemed tech pioneers. This injection of funds is a defining moment for INSRD as it sets out to innovate the commercial insurance industry with bespoke insurance solutions crafted for modern and rapidly expanding
Sacha Acheson’s landmark legal victory in December 2023 against Avon Fire and Rescue Service marks a significant triumph in the struggle against workplace discrimination. Her case, which stemmed from a climate rife with sexism and homophobia, underscores the pervasive challenges faced by women and LGBTQ+ individuals in male-dominated fields. The incidents of sexual harassment and the systemic failure to enforce
Sapiens International Corporation is making a deliberate push into the Canadian insurance market, a move that highlights the importance of this region to their growth strategy. As a company known for its cutting-edge insurance software solutions, Sapiens is scaling up its operations to meet the increasing demand from the insurance industry in Canada. This expansion underlines Sapiens’ ambition to become
Allianz S.p.A. has taken a significant step in the Italian insurance sector by acquiring Tua Assicurazioni S.p.A. With a purchase price set at €280 million, Allianz not only broadens its financial spectrum but also incorporates an impressive network of about 500 agents. This move is expected to enhance Allianz’s market share in the Property and Casualty sector by 1%. The
RT Specialty, a branch of Ryan Specialty, is enhancing its digital strategy to cater to the growing need for cyber insurance through its RT Connector platform. This strategic extension represents a significant step in digitizing specialty insurance, combining the necessity for effective cyber insurance with the convenience customers expect. Originally a platform for expediting bindable E&S solutions, RT Connector now
Swedbank is making a significant leap forward in the Baltic banking industry by incorporating Akur8’s innovative solutions into its insurance pricing strategies. This venture harnesses the power of advanced analytics and Transparent AI from Akur8’s state-of-the-art platform to optimize Swedbank’s insurance pricing models. The goal of this alliance is to boost the bank’s operational efficiency while simultaneously improving the precision
Japan’s insurance sector is on the cusp of a dramatic transformation, as Smartpay, a dynamic fintech player, joins forces with insurance titan Chubb. Their partnership marks a pivotal move toward a digitized insurance landscape, crafted to cater to the specific demands of Japanese consumers. This collaboration aims to integrate insurance services into daily transactions, demonstrating a keen understanding of the
Concirrus has taken a giant leap in insurtech with the advanced Quest platform’s marine insurance data model, integrating vast amounts of global marine hull claims data. This breakthrough assists insurers in enhancing their underwriting accuracy. Crafted with insights from leading actuaries and top marine insurers, the model upholds industry standards and empowers insurers to compare and benchmark with superior precision.
