In a groundbreaking legal development that underscores the growing intersection of artificial intelligence with employment law, a collective-action lawsuit has been allowed to proceed against Workday Inc. in California. The lawsuit, filed under the Age Discrimination in Employment Act (ADEA), centers on allegations that Workday’s AI-based applicant recommendation system discriminates against individuals aged 40 and over. According to the plaintiffs,
In a world where financial uncertainties and digital vulnerabilities seem ever-present, Markel Insurance has unveiled a transformative insurance product, InsurtechRisk+, that aims to redefine the landscape of insurance solutions for the tech-savvy insurtech sector. Catering specifically to businesses in the UK, Europe, Asia, Australia, and Canada, this innovative package offers a comprehensive range of coverages, including insurance services and technology
The international workforce landscape has been undergoing rapid transformation, with businesses increasingly relying on expatriate employees to meet global demands. Feather, a Berlin-based insurance startup, has launched its Business Insurance platform in response to these evolving needs, aiming to provide effective support for companies with expat staff across Europe. The platform’s debut marks a significant pivot from Feather’s initial focus
Traditional insurance systems are undergoing a significant transformation, driven by a need to improve efficiency and enhance customer satisfaction. As companies seek new ways to streamline operations while delivering superior service, InsurTech has emerged as a potent solution. By incorporating advanced technologies, InsurTech platforms offer the tools needed to modernize outdated systems and deliver innovative services to insured parties. One
The insurance industry has long grappled with the complicated task of managing claims efficiently and cost-effectively, but recent advancements in artificial intelligence have begun to transform this process dramatically. At the heart of these changes is the urgent need to address rising claim costs driven by factors such as social inflation and bad faith litigation, which can severely impact insurers’
In a significant development that underscores ongoing challenges in workplace dynamics, a Minnesota Culver’s franchise has been mandated to pay $261,000 to settle harassment and discrimination lawsuits. These legal actions, led by the U.S. Equal Employment Opportunity Commission (EEOC), emerged from allegations of a hostile work environment encompassing race, sexual orientation, and gender-based harassment. Additionally, claims were made regarding financial
In the rapidly changing landscape of insurance, the pressure to enhance efficiency and reduce costs has never been more intense. As the industry faces challenges such as skyrocketing claim costs and the implications of social inflation, implementing advanced technology becomes crucial. Artificial intelligence emerges as a pivotal tool in this context, revolutionizing insurance claims handling through automated and intelligent solutions.
In the rapidly evolving landscape of insurance, companies are constantly seeking ways to enhance underwriting precision and optimize risk assessment processes. Roof claims have emerged as a significant factor in driving insurance losses, with self-reported data and costly inspections often undermining accuracy. Recent studies highlight that 15% of roofs are inaccurately reported, illustrating the urgent need for more reliable solutions.
In a significant move in the InsurTech industry, bolttech successfully closed a Series C funding round, raising an impressive $147 million and catapulting the company’s valuation to $2.1 billion. This funding infusion, led by strategic investments from Sumitomo Corporation of Japan and Portugal’s Iberis Capital, marks a pivotal moment for bolttech as it seeks to expand its influence and deliver
Blink Parametric, a prominent player in the B2B SaaS domain under the umbrella of CPPGroup Plc, stands at the forefront of innovation in travel and cyber parametric insurance solutions. With the recent appointment of Brian Barter as the chief executive officer, Blink is poised to accelerate its growth trajectory and solidify its market position. Barter, who holds extensive experience in
The recent actions of the U.S. Department of Labor have taken center stage as the department decides to abandon a previously enacted rule that allowed pension plan fiduciaries to take Environmental, Social, and Governance (ESG) factors into account during investment decision-making processes. This rule, which originally went into effect in January 2023, was a deliberate step by the Biden administration
In recent years, the intersection of mental health and the life insurance industry has become increasingly significant, exemplified by findings in the 2024 Protection Platform Pulse Report from UnderwriteMe. This report underscores a fundamental shift in underwriting practices, particularly how these practices address mental health disclosures in life cover applications. Such a shift represents a marked departure from traditional, often
