The labor market is constantly changing, especially with the rise of the gig economy altering traditional work arrangements. The U.S. Department of Labor’s recent rule on independent contractor status is crucial for businesses as it defines employment relationships under the Fair Labor Standards Act. Surviving legal scrutiny, this rule’s enforcement means that employers must be vigilant in complying to avoid
Novidea is breaking new ground in the insurtech sector by bringing Daniela Krispin on board as their Vice President for Research & Development. This marks a notable step in their dedication to driving innovation and embracing digital advancements in insurance technology. With a rich two-decade background in product innovation and a robust specialization in artificial intelligence and data solutions, Krispin
Walmart’s recent $70,000 settlement for violating the Americans with Disabilities Act (ADA) has raised eyebrows in the business and legal communities. The case, involving a South Carolina Walmart store’s revocation of an employee’s electric cart accommodation, resulted in the employee being placed on unpaid leave for three years. Eventually, the Equal Employment Opportunity Commission (EEOC) intervened, culminating in this significant
In an industry where physical and mental strain is part and parcel of the job, tradespeople often find themselves in need of robust support systems. Recognizing this challenge, Blip, the innovative insurance provider for small businesses, has forged a partnership with Band of Builders (BoB), a charity committed to aiding tradespeople facing adversity due to health issues or injury. Through
Insurwave, a leading InsurTech platform from London, has joined forces with Inigo Insurance, a prominent UK-based insurer, marking a notable stride toward transforming risk management. Amid a climate rife with geopolitical and market volatility, such synergies are crucial. The collaboration is designed to enhance risk management through features like real-time asset tracking and quick adaptation to emerging risks. Insurwave’s platform,
In the Nordic insurance sector, navigating complex global and regional forces is a significant task for providers. These geopolitical tensions have the potential to disrupt trade and affect underwriting and risk assessment strategies. As insurers adapt their policies to address the evolving landscape of threats, they must remain attuned to the indirect impacts—such as migration changes, commodity fluxes, and supply
The InsurTech landscape witnesses a compelling development as Bolttech, a leader in technology-driven insurance solutions, announces its strategic entry into the Middle Eastern market. This ambitious move is in partnership with stc Group, one of the region’s leading telecommunication giants. By joining forces, Bolttech is set to expand its innovative device protection services, complementing stc Group’s ‘DARE 2.0’ vision that
The InsurTech landscape is on the brink of a profound shift, powered by Artificial Intelligence (AI). As digital transformation accelerates, AI’s role is evolving from a novel idea into an essential element, poised to transform customer experiences, optimize operations, and enhance risk assessment. The forecasted market value increase of AI from $136.55 billion in 2022 to an impressive $1,811.8 billion
Vouch, an insurance provider for high-growth businesses, has secured a $25 million investment in a Series C-1 round led by Ribbit Capital, highlighting its robust growth and the trust investors have in its future. This achievement comes at a time when Vouch has seen a notable 66% rise in revenue and maintained commendable loss ratios despite a challenging market. The
In a substantial strategic move, Coalition, a leader in cyber insurance and security, has aligned with Aspen, the distinguished international insurer. This multi-year deal, starting April 1, 2024, sets Coalition on course to expand its market influence, particularly in the U.S. surplus lines cyber program, leveraging its momentum from triumphs in the U.K. and Canada. This collaboration exemplifies Coalition’s commitment
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
