However, despite this wealth of information, many insurers are struggling to extract value from their data and make informed pricing decisions. The outdated pricing models and technology that still prevail in the industry hinder their ability to fully harness the potential of their data. In this article, we will explore the challenges faced by insurers in utilizing their data effectively
The global insurtech market is experiencing exponential growth, with a projected market size of USD 166.4 billion by 2030, growing at a remarkable compound annual growth rate (CAGR) of 39.1% from 2022 to 2030. This surge is attributed to the increasing adoption of innovative technologies by insurance companies to meet the evolving needs of their customers and enhance transparency in
Massive heatwaves have hit large swathes of the U.S. this summer, breaking records for high temperatures across the country. As these extreme weather events become increasingly common, it is crucial to prioritize the safety and well-being of workers who are often exposed to the scorching heat for extended periods. In this article, we will explore the extent of the risks
The Family and Medical Leave Act (FMLA) is a crucial federal law that provides eligible employees of covered employers with job-protected leave for qualifying family and medical reasons. However, a recent court ruling has underscored the potential liabilities employers face when they mistakenly approve an employee for FMLA leave. In this article, we will delve into a notable case study
Non-compete agreements are crucial tools for employers to protect their business interests and maintain a competitive edge. However, to ensure their enforceability, it is essential for employers to meticulously complete all required steps. In a recent and significant case, the Alabama Supreme Court delved into the intricacies of Alabama’s non-compete statute, providing much-needed clarity on the matter. Background on the
The UK commercial property insurance sector has faced significant challenges over the past several years. Factors such as inflation, valuations, supply chain disruptions, Brexit, and wider global unrest have all impacted risk measurement processes and premiums. In order to navigate these complexities, insurance companies are increasingly turning to advanced data solutions to improve client profiling and enhance risk insights. One
In the rapidly evolving landscape of insurance technology, NEXT Insurance stands out as a digital Insurtech platform dedicated to transforming small business insurance. With a firm commitment to streamlining processes and enhancing efficiency for agents and the small businesses they serve, NEXT Insurance is proud to announce its integration with Ivans Download for General Liability and Workers’ Compensation policies. This
European insurtech start-up, Hepster, has secured €10 million in Series B funding as it sets its sights on expanding into new markets and working towards profitability. The company offers an API-driven platform that enables businesses to integrate customized insurance solutions into their customer journeys. With a focus on accessibility and innovation, Hepster seeks to revolutionize the insurance industry by offering
In a strategic move that aims to bolster its presence in the Asia-Pacific region, CLARA Analytics, a leading provider of artificial intelligence (AI) solutions for insurers, has joined forces with OPEX Consultants, a renowned consultancy firm. This exclusive partnership marks a significant milestone for CLARA as it seeks to expand its business operations in Australia and New Zealand. With a
When employers fail to fulfill their responsibilities regarding employee benefit plans, it not only jeopardizes the financial security of workers but also runs afoul of the law. In a recent case, the U.S. Department of Labor’s investigation revealed that Bicallis LLC and its owner, Ms. Jane Hill, had failed to forward employees’ payroll deductions for 401(k) plan contributions. This breach
In a recent case, a man alleged that a title insurance company terminated him for actively competing with a similar company in anticipation of a proposed merger between the two entities. This article presents a comprehensive examination of the events leading up to the termination and the subsequent legal proceedings. Allegations and Actions of the Plaintiff The plaintiff, employed by
The insurance industry is undergoing a remarkable transformation driven by the rapid advancements in technology. Insurers are swiftly adapting to the evolving landscape, embracing a myriad of technological innovations. Recent reports suggest that the global Insurtech market is poised for remarkable growth, reaching a substantial market size of USD 166.4 billion. This article explores how the insurance industry can benefit
