Mercer, a subsidiary of Marsh McLennan, has successfully finalized a significant longevity hedge, marking a milestone in risk reduction for the MMC UK Pension Fund. This groundbreaking hedge, valued at approximately £2bn, extends longevity risk transfer to encompass over 14,500 pensioner, deferred, and active defined benefit (DB) members. Details of the Longevity Hedge The longevity hedge implemented by Mercer covers
In a groundbreaking partnership that aims to transform the insurance industry, One Inc, a leading digital payments network exclusively focused on the insurance sector, has joined forces with J.P. Morgan Payments, a global leader in payment processing. With a shared mission to revolutionize Property and Casualty (P&C) insurance claims payments, the collaboration leverages J.P. Morgan’s extensive liquidity and payment capabilities
The Providing Urgent Maternal Protections for Nursing Mothers Act, or PUMP Act, has brought about significant changes in federal law, expanding protections for nursing employees. In a recent webinar, Susana Sanchez, a wage-and-hour investigator for the U.S. Department of Labor, shed light on the Act’s impact. Previously, only nonexempt workers were entitled to time and space to pump, but the
In today’s highly competitive business world, protecting sensitive information has become a top priority for organizations. One legal instrument that plays a crucial role in safeguarding your organization’s interests is a confidentiality statement. This article aims to provide a comprehensive understanding of what a confidentiality statement entails, its importance, and how to draft an effective one. Definition of a Confidentiality
In a recent employment case, an employee who used cannabis for back pain was unfairly dismissed. This article explores the conflicting drug test results that played a crucial role in the case, the subsequent impact on the employee’s mental health, an assessment of the claimant’s conduct, the violation of company policy and contract, the justification for dismissal by the employer,
Hyperexponential, a leading provider of pricing decision intelligence (PDI) solutions, and Akur8, a specialist in Transparent Artificial Intelligence technology, have announced their strategic partnership. The collaboration aims to integrate their complementary capabilities to offer insurers an automated, data-driven system for accurately pricing commercial and specialty insurance products. This article delves into the details of this groundbreaking partnership and the benefits
Pro MGA Global Solutions (Pro MGA) has been appointed by technology-led underwriter Arbol Inc to support its UK launch and international MGA expansion strategy. This partnership aims to bolster Arbol’s presence in the UK and offer innovative climate risk solutions to international insurance markets outside the U.S. Arbol’s UK Expansion Arbol is expanding into the UK by launching a London-based
Anzen, the AI platform for underwriting and reducing corporate risk, has recently announced the launch of its Anzen Specialty Marketplace. This marketplace serves as a one-stop solution for all things Executive Risk, delivering on the company’s promise to provide comprehensive and efficient risk management services. Background of Anzen Originally established as a Management Liability MGU and risk management platform, Anzen
In a transformative move, industry leaders LexisNexis Risk Solutions and Agenium have joined forces to integrate data and analytics into the life insurance application process. This alliance aims to enhance the application journey by leveraging advanced technology to detect fraud, collect accurate consumer data, and create a seamless experience for both consumers and producers. Importance of Integration The integration of
In a significant move towards ensuring workplace safety, California Governor Gavin Newsom signed Senate Bill 553 on September 30, 2023. This bill creates new workplace violence prevention standards in the state. Under Labor Code Section 6401.9, California employers are now obligated to implement workplace violence prevention plans tailored to their specific workplaces. With the law set to go into effect,
Discrimination in hiring practices is not only unjust but also detrimental to workforce diversity and the talent pool. Kforce, a national staffing agency, recently found itself in hot water when it was charged with violating the Immigration and Nationality Act (INA) by engaging in hiring discrimination based on citizenship status. The Department of Justice (DOJ) has since reached a settlement
In an effort to simplify the integration process for its B2B2C partner companies, Chubb has unveiled its latest innovation, Chubb Studio. This cutting-edge developer portal aims to enhance accessibility and streamline the testing of Chubb’s diverse digital insurance products and capabilities. With this launch, Chubb is taking a significant stride towards transforming the insurance landscape, empowering its partners to deliver
