The advancement of artificial intelligence (AI) and machine learning (ML) is poised to revolutionize the Property & Casualty (P&C) Insurance industry, as discussed in the Capgemini Research Institute’s World Property and Casualty Insurance Report 2024. The introduction of these cutting-edge technologies signifies a substantial shift from longstanding insurance practices, setting a new course for the sector. Not only are customer
The insurtech sector is undergoing fast-paced changes as firms embrace technology to innovate within the insurance realm. Standing at the vanguard of this shift is McKenzie Intelligence Services (MIS), a UK-based leader in geospatial intelligence. This company has taken a major step by expanding into the U.S. through its recent collaboration with the UK|CT Insurtech Corridor. This move signifies more
For far too long, businesses have struggled with the limitations of traditional insurance offerings when faced with flood-related losses. The National Flood Insurance Program (NFIP) and private insurers have often failed to extend adequate coverage to meet all the needs arising from flood incidents. This has left companies vulnerable and exposed to the full financial brunt of natural disasters. Sensing
A high-ranking official at Drexel University has taken legal action against the school, alleging violations of the Americans with Disabilities Act (ADA). This executive, who plays a pivotal role in managing regulatory compliance and safeguarding privacy, claims that Drexel University failed to make the required adjustments to accommodate her mental health condition. The lawsuit spotlights potential deficiencies in Drexel’s commitment
HDI Global is charting a new course in its business strategy, extending its reach to cater to mid-size businesses, those with annual turnovers between €20m and €500m. This pivot enhances the company’s historical expertise in serving large industrial clients, leveraging over 100 years of experience in the realm of risk management. By targeting this crucial economic sector, HDI aims to
Allianz Partners Australia has initiated a new customer service enhancement for HCF travel insurance policyholders by launching a virtual chat feature. Addressing the modern-day need for quick and accessible assistance, this move leverages the sophisticated chat technology developed by Cognigy. The service streamlines interaction between clients and support staff, giving rise to prompt and effective communication. Looking ahead, the chat
Pula, an innovative Kenyan InsurTech company, recently secured a major Series B funding round, raising an impressive $20 million. The investment, led by BlueOrchard through its InsuResilience fund, propels Pula’s mission to bolster climate resilience for farmers in vulnerable regions worldwide. With this influx of capital, Pula aims to enhance its insurance products, focusing on critical livestock coverage. The firm
The U.S. Equal Employment Opportunity Commission (EEOC) has leveled serious accusations against staffing firm BaronHR. According to the EEOC’s official complaint, the company has allegedly adopted discriminatory hiring tactics. These practices purportedly give preferential treatment to Hispanic applicants over those who are non-Hispanic. Moreover, it is claimed that BaronHR has been perpetuating gender stereotypes and appears to have been obstructing
The insurance sector is on the cusp of a major shift driven by the digital revolution. Digital transformation is crucial for insurers to stay ahead in a dynamic market. The concept of platform thinking is central to this shift, merging cutting-edge business strategies with tech infrastructures that focus on scalability, innovation, and customer satisfaction. This approach is pivotal for insurance
Safety in the workplace is paramount. When an employee breaches a vital safety rule, it not only puts their own life at risk but also endangers their colleagues and the integrity of the company. A last-chance agreement is often a final warning, with dismissal as the consequence of any subsequent transgressions. Case Study: Upholding Termination for Safety Breach A recent
The Indian healthtech startup, ClaimBuddy, has recently hit a milestone by securing $5 million in its Series A funding round. This significant financial boost highlights the burgeoning interest in technology-driven solutions tailor-made for the healthcare industry, especially in the realm of health insurance. With a focus on digitizing and demystifying the often complex process of health insurance claims, ClaimBuddy stands
In the dynamic world of finance, the integration of pioneering tech like Artificial Intelligence, Big Data, and machine learning has been a game-changer, especially within insurance. These advancements are reshaping services, adding efficiency and precision to the industry. Pet insurance, traditionally a smaller segment, is undergoing a significant transformation due to these tech innovations. For pet owners, this means access
