The insurance industry often conjures images of traditional risk assessment and underwriting, but Westfield Insurance’s 1848 Ventures is challenging that narrative through the innovative use of artificial intelligence (AI) and machine learning. Launched in January 2018, 1848 Ventures operates beyond the conventional insurance sector, aiming to provide AI-powered B2B SaaS solutions tailored for small and medium-sized businesses (SMBs). Under the
A proposal by Betsey Stevenson, a professor at the University of Michigan, seeks to amend the Fair Labor Standards Act (FLSA) to ensure U.S. workers receive paid time off (PTO). This proposed amendment, published in a white paper by The Brookings Institution’s Hamilton Project, intends to create a fairer and more consistent PTO policy across the nation. Proposal Mechanics Stevenson’s
A recent incident involving Ernst & Young (EY) in the United States has brought to light the complex dynamics between corporate policy enforcement and employee behavior. Dozens of EY employees were terminated for attending multiple online training sessions simultaneously, deemed a violation of EY’s Global Code of Conduct and US Learning Policy. EY emphasized that integrity and ethics are integral
The Department of Labor (DOL) has released new guidelines aimed at steering the deployment of artificial intelligence (AI) technologies in workplaces across the United States. Reflecting the Biden administration’s commitment to balanced AI integration, the guidelines emphasize employee rights and job quality. Issued on October 16, 2024, these principles respond to the 2023 executive order on AI and highlight the
Navigating the complexities of the Fair Labor Standards Act (FLSA) is critical for employers, particularly when determining which employees are exempt from overtime. Many may be familiar with the “white-collar” exemptions covering executive, administrative, and professional roles, but misclassifications remain a significant risk. The recent Mayfield v. U.S. Department of Labor ruling from the 5th U.S. Circuit Court of Appeals
Fintech companies are at the forefront of technological innovation within the financial services industry. By leveraging cutting-edge technology, these firms provide faster, more efficient services compared to traditional financial institutions. However, this same technological edge exposes fintech companies to unique cybersecurity threats that must be carefully mitigated. This article examines how fintech companies address these distinctive cybersecurity challenges, informed by
In a significant stride toward modernizing the insurance sector, Diesta, a London-based B2B SaaS company, has successfully secured €3.5 million in a seed funding round. The substantial investment was led by FinTech Collective, a New York-based venture capital firm, with additional backing from Commerce Ventures, Restive Ventures, and SixThirty. This latest investment follows a successful €1.8 million pre-seed round from
Global businesses, especially small to medium-sized enterprises (SMEs), often face significant challenges in managing risk and maintaining cash flow. These problems are particularly acute when it comes to offering trade credit and handling invoicing procedures. Recent developments have shown that partnerships between financial service providers can offer innovative solutions to these age-old issues. One such collaboration is between Allianz Trade
TTEC Services Corp., a global customer service company, is facing a class-action lawsuit filed in the Colorado District Court. The legal challenge, brought forward by a remote employee, alleges that TTEC violated federal and state labor laws by requiring remote customer service representatives to purchase their own work equipment without providing adequate reimbursement. This practice is claimed to have adversely
In a landmark decision, the 9th U.S. Circuit Court of Appeals ruled in favor of Credit One Bank in a case involving the termination of a Human Resources (HR) generalist who was on an extended medical leave. This decision has significant implications for employees and employers alike in understanding the intricacies of the Americans with Disabilities Act (ADA) concerning job
The debate surrounding return-to-office (RTO) policies has heated up as PricewaterhouseCoopers (PwC) recently announced a new and controversial policy. PwC’s move to leverage employee location data to enforce compliance with its RTO mandate, set to take effect January 1, 2025, has sparked significant conversation. The underlying tension between employers believing remote workers are less productive and employees resisting stringent RTO
The insurance industry, known for its complex processes and significant reliance on trust, is on the brink of a transformative revolution. Blockchain technology, with its inherent attributes of decentralization, transparency, and immutability, presents a unique opportunity to enhance efficiency and elevate trust across insurance operations. Providing an in-depth analysis, this article explores how blockchain can remodel the insurance sector, from
