Artificial intelligence (AI) is revolutionizing various sectors across the globe, but its impact on the life insurance industry, specifically in underwriting processes, marks a drastic transformation that few anticipated. By integrating AI, life insurers can achieve higher levels of speed, accuracy, and personalization in risk assessment, ultimately transforming policy customization and customer experience. This new era is reshaping how life
The recent arrest of a former Nomura Holdings employee accused of robbery, arson, and attempted murder has sent shockwaves through the financial institution, prompting immediate and substantial actions from the company’s highest echelons. In light of these serious allegations, Nomura Holdings’ CEO Kentaro Okuda, along with other top executives, has decided to take a voluntary pay cut to acknowledge the
The issue of privacy in the workplace has resurfaced as a contentious topic, especially in light of recent allegations against tech giant Apple. Employee Amar Bhakta has filed a lawsuit claiming that Apple engages in invasive surveillance practices that infringe on both personal and company-managed devices, raising serious questions about privacy rights. Bhakta contends that Apple collects data such as
In an impressive move to support travelers across Southeast Asia, Cover Genius has partnered with Airpaz to offer comprehensive travel insurance in countries like Malaysia, Vietnam, Indonesia, Thailand, and the Philippines. This collaboration is designed to ensure that travelers can enjoy a sense of security and peace of mind even during the busiest travel periods. Whether it’s dealing with unexpected
Insly has introduced a groundbreaking AI-powered product named FormFlow to revolutionize the data submission process between Managing General Agents (MGAs), insurers, and their broker partners. As a leading low-code software provider within the insurance sector, Insly developed FormFlow in response to the industry’s demand for a more streamlined, efficient, and reliable data submission process. The current system often involves brokers
In a bold move that positions Zurich Insurance Group as a global leader in travel insurance, the company has acquired AIG’s global personal travel insurance and assistance business for USD 600 million. This landmark deal also includes a potential earn-out payment and emphasizes Zurich’s strategic intent to expand its travel insurance capabilities. Acquiring AIG’s well-established Travel Guard brand alongside its
In a significant turn of events, Ohio State University has made the decision to roll back salary increases for 306 of its employees. This action comes in the wake of a Texas federal judge overturning the U.S. Department of Labor’s expanded overtime rule. Initially, this rule had raised the overtime eligibility threshold to $43,888 as of July 1, 2024, and
The U.S. Department of Labor (DOL) has proposed a rule aimed at phasing out the issuance of subminimum wage certificates for workers with disabilities over a three-year period, which would put an end to Section 14(c) subminimum wage practices. Under the current Fair Labor Standards Act, employers can pay wages below the minimum rate to workers whose disabilities affect their
Urban Jungle, an innovative insurtech company, has launched a new branding strategy dubbed ‘Fair to you, your wallet, and the planet’. This rebranding underscores the company’s unwavering commitment to providing straightforward and affordable insurance while adhering to rigorous ethical standards. Leveraging cutting-edge technology like AI and machine learning, Urban Jungle is revolutionizing the insurance landscape by making it both accessible
The insurance industry is experiencing a radical transformation fueled by technological advances and evolving customer expectations. At the epicenter of this change is the concept of Insurance-as-a-Platform (IaaP), an innovative model that redefines how insurance products are designed and delivered. Unlike traditional methods that emphasize standardization, IaaP offers unparalleled levels of personalization and flexibility, making it a game-changer in the
In a strategic move set to significantly enhance its embedded insurance services, HUB International recently announced that it would acquire Insuritas, an embedded insurance platform that primarily targets banks and credit unions. The acquisition will bolster HUB’s existing digital platform, VIU by HUB, which was launched in June 2022. Initially focused on personal insurance, VIU has since expanded its offerings
The insurtech company Jove has recently made headlines by securing £3.6 million in a seed funding round, aiming to revolutionize contractor insurance with advanced solutions tailored for contractors and small businesses. The seed round was spearheaded by Explorer Investments and included support from various prominent venture capital firms like Seed X, Love Ventures, Portfolio Ventures, New Alpha Asset Management, Exceptional
