In a significant development, pharmaceutical giant Pfizer has reached a conciliation agreement with the U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) to resolve pay discrimination allegations. Under the agreement, Pfizer will pay $2 million, including back pay and interest, as part of the settlement. This settlement comes after OFCCP’s compliance review of Pfizer’s practices during the
In the world of business, disputes are an inevitable occurrence. Resolving these disputes efficiently and cost-effectively is of utmost importance. An increasingly popular alternative to traditional court litigation is arbitration, a private proceeding enabled by contractual provisions. This article aims to delve into the benefits and considerations of arbitration as a means of resolving business disputes. Overview of contractual provisions
In a groundbreaking collaboration, Newgen Software and Duck Creek Technologies have joined forces to offer insurers a platform that seamlessly connects their front office, middle office, and back office operations. This partnership aims to revolutionize insurers’ conventional processes and empower them to embrace a more customer-focused, digitally-driven approach. Integration of NewgenONE OmniDocs and Duck Creek Policy At the heart of
The insurtech sector has witnessed an unprecedented surge in investment, with a staggering $7.9 billion (€7,000 million at the exchange rate) pouring into this innovative domain in 2022 alone. Despite a slight decrease compared to the previous year, these figures represent the second-best data ever recorded, underscoring the remarkable growth and potential of this industry. Comparison to previous years Amidst
Markel Group Inc. (NYSE: MKL), the insurance operation within Markel, has announced a significant strategic investment of 49% in Certa, the leading tax managing general agent (MGA) in the market. This move aims to accelerate Certa’s product development and geographical expansion plans while providing Markel with increased access to the long-term growth potential in the maturing niche sector. The partnership
As an employer, compliance with the Fair Labor Standards Act (FLSA) is crucial to avoid hefty fines, legal consequences, and reputational damage. Failing to adhere to FLSA regulations can result in significant penalties, back wage payments, and even criminal prosecution. In this article, we will delve into the importance of FLSA compliance, the potential penalties for non-compliance, the role of
Chemical manufacturer BASF Corp. recently found itself entangled in a legal battle over COVID-19 preventative measures and the Americans with Disabilities Act (ADA). In the case of Chancey v. BASF, an engineer challenged the company’s requirements, leading to allegations of retaliation and ADA violations. However, the 5th U.S. Circuit Court of Appeals ultimately ruled in favor of BASF on October
In a significant legal development, Hotel Bel-Air has been ordered to pay tens of millions of dollars in back wages, bringing an end to a long-standing labor lawsuit. The dispute dates back to 2009 when the luxury hotel furloughed its staffers as part of a temporary closure. However, upon its reopening in 2011, the vast majority of the former employees
Singapore-based insurance technology company, Bolttech, has recently formed a strategic partnership with Three Sweden, a renowned telecommunications service provider. The collaboration has been established with the aim of offering non-binding device protection insurance and a range of related services to Three Sweden customers. This partnership brings together two industry leaders committed to safeguarding customers’ devices and enhancing their digital lives.
The insurance industry is undergoing a transformative shift as tech-driven firms leverage digital platforms and mobile-first strategies to offer direct-to-consumer (DTC) insurance options. These insurtechs are challenging traditional models by embracing DTC, aiming to provide a more personalized, efficient, and digitally-driven insurance experience for customers. In this article, we will explore the advantages and challenges of DTC insurance models, the
White Mountains Insurance Group, a Bermuda-based financial services holding company, has made a strategic move to acquire a majority stake in Bamboo Ide8 Insurance Services. With an investment of approximately $285 million, White Mountains aims to support Bamboo’s rapid growth in the competitive California insurance market and expand its operations beyond the state’s borders. This article delves into the details
The Capgemini Research Institute’s World Life Insurance Report 2023 sheds light on the challenges faced by life insurers as they contend with a significant outflow of assets under management (AUM) during the largest inter-generational wealth transfer in history. This transition heralds an unprecedented shift that necessitates innovative strategies to meet the evolving needs of policyholders. Current ownership of assets under
