In today’s rapidly evolving digital landscape, the insurance industry is increasingly turning to artificial intelligence (AI) to revolutionize its operations. With insurance-facing AI capabilities predicted to reach a global market value of almost $80 billion by 2030, there is significant potential for insurers to discover new value-add use cases and revenue streams. This article explores the transformative power of AI
LinkedIn, the popular professional networking platform, has reached a settlement in a class-action lawsuit accusing the company of fiduciary duty violations in the management of its participant-directed 401(k) plan. The settlement, amounting to $6.75 million, follows allegations that LinkedIn selected riskier funds with higher fees, breaching the guidelines of the Employee Retirement Income Security Act (ERISA). This article explores the
In a groundbreaking collaboration, Hiscox, the leader in the London Market insurance industry, has partnered with Google Cloud to develop the first-ever AI-enhanced lead underwriting model. This game-changing partnership integrates Hiscox London Market’s technology platform with Google Cloud’s generative AI technology, paving the way for significant automation and transformation in the underwriting process. Collaboration Overview Hiscox and Google Cloud’s collaborative
In an effort to address the ever-evolving cyber threat landscape, WTW has launched a groundbreaking cyber insurance product called CyProtect Bermuda. This comprehensive solution is specifically designed for large enterprises operating within the Bermuda market. With its wide range of features and coverage, CyProtect Bermuda aims to serve as a robust shield against the cyber risks that the financial, professional,
In an exciting announcement, KPMG in the UK has revealed the appointment of Huw Evans as the incoming Head of Insurance. Huw will be taking over from Trevor Jones, who is set to retire from the firm in April 2024. This transition in leadership brings with it a wealth of experience and expertise that will further enhance KPMG’s insurance practice.
Miller, a leading independent specialty insurance broker, is making waves in the financial services industry as one of the first organizations in the UK to combine Salesforce Einstein and Financial Services Cloud. By capitalizing on the advanced capabilities of AI-driven tools, Miller is empowering its teams to provide more personalized and impactful client service experiences. Additionally, these tools are enhancing
Backed by the European Space Agency, insurtech start-up BirdsEyeView has announced a successful funding round, raising an undisclosed seven-figure sum. This funding will be instrumental in the company’s expansion plans in both the UK and US markets, as well as further developing their revolutionary RAPTOR™ technology. Designed to leverage artificial intelligence (AI) and petabytes of climate data, BirdsEyeView is revolutionizing
Qover, a company specializing in embedded insurance orchestration, has announced its partnership with ZEEKR, a luxury electric vehicle (EV) brand. This collaboration aims to provide a tailored insurance program for ZEEKR customers, and it will initially be launched in the Netherlands. The Embedded Insurance Solution In a remarkable feat, Qover has developed and launched an embedded insurance solution for ZEEKR
MIS, a leading geospatial intelligence provider, is delighted to announce the extension of its successful partnership with the Lloyd’s market. As a pioneer in providing advanced data and imagery solutions for the global insurance industry, MIS has equipped the Lloyd’s market with its innovative Global Events Observer (GEO) platform. Accessible to all qualifying Lloyd’s Managing Agents, GEO expedites claims decisions,
In a recent investment round led by Eos Venture Partners, Mulberri, a rising player in the insurance industry, has successfully raised a substantial sum of $6.75 million. This fresh injection of capital serves as a pivotal moment for the company, expressing the unwavering confidence investors have in its innovative business model and future growth prospects. Significance of Investment The significant
The National Labor Relations Board (NLRB) has recently taken a series of actions that favor employees, raising concerns among employers about the potential consequences. These moves include invalidating confidentiality and nondisparagement provisions in employment agreements, asserting the position that most noncompete agreements are illegal, and imposing stricter scrutiny on workplace rules. In this article, we will delve into each of
In response to the escalating global threat of cyber-attacks and the increasing importance of the cyber insurance market, KYND Limited and Consilium have formed a strategic partnership. This collaboration aims to equip insurance brokers with cutting-edge cyber risk assessments from KYND, enabling them to gain in-depth insights into prospective and existing clients’ exposure to cyber risks. With an anticipated market
