The insurance industry has always been considered one of the most complicated and time-consuming industries, especially when it comes to processing claims. This slow and inefficient process can lead to delays, errors, and high costs for both insurers and policyholders. Additionally, insurance fraud is another major issue that plagues the industry, costing billions of dollars annually for insurance companies. The
Constellation Insurance, a leading insurance company specializing in property and casualty insurance products, has recently replaced its legacy loan management software with SS&C Technologies’ Precision LM software. This decision was made to grow its mortgage portfolio and to ensure a more efficient process for loan tracking and management. Legacy software inefficiencies The legacy software used by Constellation’s investment accounting department
Insurance is an essential aspect of financial planning that helps protect your loved ones’ future. However, with so many different types of life insurance policies available today, selecting the right one can be a daunting task. Choosing between term insurance and permanent insurance is a significant decision that requires careful consideration. In this article, we will discuss the differences between
Washington State has passed legislation to prevent discrimination against job applicants who use marijuana recreationally. The bill has been passed by both chambers of the Washington State legislature and now moves to the Senate for a concurrence vote, as the House made minor amendments. The shift in policy acknowledges the growing trend towards decriminalization of marijuana and recognizes the need
The issue of religious accommodations in the workplace has been highly contested for years. It deals with an employer’s responsibility to provide a safe and inclusive environment for all employees while accommodating any religious beliefs. Two recent cases, Plummer v. University of Houston and Groff v. DeJoy, have reignited the discussion around religious accommodations, the employer’s obligations, and the impact
DoiT International, a leading provider of cloud technology and consulting services, has partnered with Tenity, a startup incubator and accelerator with a focus on fintech and insurtech startups across Europe and Asia. The partnership aims to enable accelerated growth for Tenity’s portfolio companies by providing expert knowledge on cloud cost optimization and the implementation of built-in sophisticated Big Data and
The London insurance market’s electronic trading platform, PPL Next Gen, has finally been opened for placements to the entire market. This comes after a four-week period of limited access, during which market firms completed training and preparation activities. The platform was also tested during this time to ensure that any “teething issues” were resolved before it was extended to the
For millions of American workers, working overtime has become a regular part of their workweek, but many of those workers may not be receiving the overtime pay they’re entitled to. To address this issue, House and Senate Democrats have reintroduced the Restoring Overtime Pay Act, a piece of legislation that expands overtime pay eligibility to more salaried workers. In this
Earlier this week, the Australian Federal Government introduced the Fair Work Legislation (Protecting Worker Entitlements) Bill 2023 (Cth) into the Parliament of Australia. The proposed reforms aim to protect worker entitlements, including unpaid parental leave (UPL) entitlements and superannuation entitlements, and ensure that migrant workers are protected under the Fair Work Act 2009 (FW Act), regardless of their immigration status.
Risk management has always been at the heart of the insurance industry. Insurers have been experts in measuring and mitigating risks, providing financial protection to individuals and businesses in case the worst-case scenario occurs. However, with the rapid pace of technological change, traditional risk management methods may no longer be sufficient to address new and emerging risks. As such, the
In 1993, the United States government enacted the Family and Medical Leave Act (FMLA). This federal law requires employers to provide eligible employees with up to 12 weeks of unpaid, job-protected leave per year for specific family or medical reasons. However, not all employers are subject to the FMLA’s provisions. In this article, we will explore the criteria for an
“The resilient insurance sector demonstrates its importance in the fight against climate change,” says Rory Yates from EIS. As the world faces unprecedented economic uncertainty and environmental challenges, the insurance industry is proving to be resilient and increasingly vital in the fight against climate change. EIS Group, the company behind a cloud-native, API-first digital insurance platform, is empowering insurers to
