The U.S. Supreme Court is currently deliberating a case that could significantly alter the evidentiary standards employers must meet to claim overtime exemptions under the Fair Labor Standards Act (FLSA). In E.M.D. Sales, Inc. v. Carrera, the key issue is whether employers should be required to provide "clear and convincing evidence" or if a lower "preponderance of the evidence" standard
Honeycomb Insurance, a pioneering managing general agent (MGA), has recently extended its innovative services to Washington state and Maryland, marking a significant milestone in its growth trajectory. This expansion brings the company’s footprint to 18 active states, a coverage that now encompasses over 60% of the U.S. population. The inclusion of these new states means that Honeycomb now insures assets
Imagine a scenario where taking your dog to the veterinarian for a necessary procedure forces you to choose between an unpaid day off or leaving your pet’s health unattended. This dilemma may soon be alleviated for New Yorkers if a new proposal to amend the city’s existing Earned Safe and Sick Time Act passes. Introduced by Democratic Councilman Shaun Abreu
In a significant stride towards modernizing the insurance industry’s pricing strategies, Akur8, a leading insurance pricing and reserving platform utilizing Transparent Machine Learning (ML), has announced its partnership with Windward Risk Managers. Windward Risk Managers, which oversees Florida Peninsula Insurance, Edison Insurance, and the innovative Ovation Home Insurance Exchange, is set to leverage Akur8’s Core Platform to enhance its predictive
In a landscape dominated by innovative technological advancements, the latest report by Gallagher Re on InsurTech reveals a significant pivot towards artificial intelligence. AI-focused companies spearheaded a remarkable surge in funding during the third quarter of 2024, securing an impressive $897.4 million across 29 deals. This substantial investment showcases a pronounced interest in artificial intelligence, with eight of the top
In an era where convenience and efficiency drive consumer choices, mortgage applicants often face the challenge of navigating complicated and disjointed processes. Imagine a world where obtaining a mortgage seamlessly integrates home insurance options, eliminating the need for separate, time-consuming searches and decisions. This is now becoming a reality thanks to the recent partnership between Blend, a digital banking platform,
As the insurance industry continues to seek ways to integrate advanced technologies into its risk assessment and underwriting processes, the partnership between Cytora and Gamma Risk has emerged as a pivotal development. The collaboration combines Cytora’s robust digital risk processing platform with Gamma Risk’s Perilfinder™, a sophisticated address-level risk assessment tool. Through this integration, insurers are expected to benefit from
The latest legal conflict concerning Union Pacific Railroad Co. revolves around a conductor’s accusation of retaliation and an unsafe work environment following an alleged shooting incident. The U.S. District Court, addressing the case, denied Union Pacific’s request for summary judgment. This denial underscored that sufficient factual basis exists to justify further examination of the claims. The conductor reported hearing gunshots
As the new Trump administration approaches, many are closely watching the fate of significant labor regulations. Two major rules under scrutiny involve the Federal Trade Commission’s (FTC) ban on noncompete agreements and the U.S. Department of Labor’s (DOL) overtime rule. Cozen O’Connor attorneys recently analyzed the potential outcomes for these pivotal rules during an insightful webinar. Their insights provide a
Insurtech Insights Asia 2024 is set to become a pivotal moment for the insurance technology industry as it convenes at the Kerry Hotel on December 4th and 5th. With over 5,000 delegates expected to attend, the event is anticipated to be Asia’s largest insurance industry gathering, offering a vibrant platform for discussion, networking, and collaboration. This year, the conference will
The insurance industry is currently experiencing a significant transformation driven by the need to integrate disparate systems and streamline operations. The introduction of integration accelerators, specialized tools designed to connect various core systems within insurance organizations, is at the forefront of this change. These tools play a crucial role in optimizing workflows and promoting seamless collaboration across departments. The impact
The new EU AI Act introduces comprehensive regulations impacting the deployment of artificial intelligence tools across various sectors, with human resources in global mobility being significantly affected. Addressing compliance considerations, the act categorizes AI applications into four distinct risk levels: unacceptable, high, limited, and minimal. This categorization aims to balance the innovations AI brings with the necessary safeguards to protect
