The article “AI and oversight: Navigating risks in insurance tech” explores the increasingly prominent role of artificial intelligence (AI) within the insurance sector, primarily focusing on property and casualty (P&C) insurance. Over recent years, the adoption of AI in various facets of insurance has surged, facilitating innovations like smart home security systems and advanced risk assessments for severe weather events.
Navigating the landscape of insurance can feel labyrinthine, with numerous choices and perplexing terminology. The complexities are compounded by the diverse range of insurance needs, including auto, health, home, and life insurance. Making a well-informed decision is crucial but often arduous. To alleviate this burden, digital brokers and marketplaces have emerged as revolutionary tools that offer a simplified and transparent
When presented with a new employment contract, understanding its details is crucial for protecting your rights and ensuring you get fair treatment. Employment agreements can be complex, but taking the time to thoroughly review them is essential in preventing potential legal and financial complications. This guide provides practical insights into navigating the intricacies of employment contracts, helping you make informed
WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions firm, has recently unveiled groundbreaking AI capabilities that promise to revolutionize their financial modeling and reporting software, RiskAgility Financial Modeller (RiskAgility FM). Used extensively by life and health insurers, the integration of Artificial Intelligence and large language models (LLMs), driven by Generative AI technology, marks a significant leap forward in
The recent webinar on global compensation, employment, pensions, and governance brought together a panel of employment and compensation lawyers from various jurisdictions who discussed future shifts in employment law following the recent U.S., U.K., and EU elections. Moderated by Inge Vanderreken, the discussion featured insightful contributions from John Cannon, Arnold Keizer, and Gordon Bartlett. The main focus of the event
MAPFRE RE has successfully structured its first catastrophe bond issuance, a significant step in enhancing its retrocession protection against natural disasters. Issued by Recoletos Re DAC, an Irish special-purpose vehicle, this Series 2024-1 bond provides multi-year coverage from January 2025 to December 2027. Designed to offer protection against losses caused by tropical storms and hurricanes in the United States, the
The Occupational Safety and Health Administration (OSHA) has introduced several significant regulatory changes for the fiscal year 2024 to enhance workplace safety and health standards across various sectors. Employers must stay informed and adapt to these changes to ensure compliance and maintain a safe working environment. This article provides an overview of the key OSHA rule changes and offers guidance
When employees receive speeding tickets while driving company vehicles for work purposes, employers might wonder whether they can deduct the cost from the employees’ wages. The answer is complex and requires careful consideration of both federal and state laws. Employers should exercise caution when contemplating payroll deductions that are not explicitly permitted by federal law or state regulations. These deductions
McKenzie Intelligence Services (MIS) has reached a significant milestone with its groundbreaking Global Events Observer (GEO) platform, which has emerged as a transformative tool in both geospatial intelligence and insurance technology. Since its inception in 2021, GEO has issued over 200 comprehensive reports on global catastrophic events, meticulously covering a wide array of perils including hurricanes, wildfires, floods, tornadoes, earthquakes,
In a strategic move to modernize its insurance payment processes and enhance overall policyholder satisfaction, GoAuto Insurance has implemented One Inc’s ClaimsPay® and PremiumPay® products. This partnership will introduce a fully integrated and digitized payment experience for its policyholders. GoAuto Insurance, which operates in Louisiana, Nevada, Ohio, Texas, and Alabama, is taking significant strides to expand its customer service capabilities
Macy’s recently uncovered a significant fraudulent accounting scheme in which an accounting employee concealed $151 million in delivery expenses over nearly three years. Tasked with managing small package delivery expense accounting, the employee made erroneous accounting accrual entries to hide these costs from the company’s financial records. This scheme lasted from the fourth quarter of 2021 through the third quarter
The strategic partnership between GFT, a global digital transformation firm, and Databricks, a data and AI company, marks a significant step towards revolutionizing AI integration within the finance and insurance sectors in North America. A stunning revelation highlighted that approximately 69% of financial institutions, despite a strong interest, have yet to see impactful results from AI implementations, mainly due to
