The emergence of Parametrix Enterprise Solutions signifies a pivotal moment in the landscape of cyber insurance, devising an innovative approach to safeguarding businesses against the financial ramifications of digital disruptions. Unlike traditional insurance methods, which often prove inadequate due to their inflexibility and slow payout processes, Parametrix offers a novel parametric model that promises rapid reimbursement based on predefined payout
The increasing frequency and severity of extreme weather events have put immense pressure on the insurance industry, compelling insurers to rethink their traditional risk assessment models. Artificial Intelligence (AI), often seen as a transformative technology, is now being considered crucial for managing climate-related losses. According to a recent survey conducted by ZestyAI, a significant 73% of insurers regard AI as
The unexpected re-election of Donald Trump as the 47th U.S. president in 2024 has sent shockwaves through various sectors, including the global InsurTech industry. Trump’s return to the Oval Office, marked by dramatic events and a further entrenchment of ‘Trumpism,’ signifies a significant shift in the American political landscape. This article explores the potential implications of Trump’s presidency for the
Everest Reinsurance has made a significant appointment by naming Emily Davis as the head of its global specialties business, a division that encompasses aviation, marine, cyber, engineering, and parametric solutions. With business centered on emerging and complex risks, the organization has elected Davis to steer this critical segment forward. Before taking on this pivotal role, Davis served as VP and
In a strategic move to address the pressing issue of inadequate homeowners’ insurance options in regions prone to natural disasters, SageSure has announced a collaboration with Auros Reciprocal Insurance Exchange. This partnership particularly targets Louisiana and Mississippi, areas that frequently grapple with high insurance demand but limited availability due to the natural disaster risks they face. The union aims to
Akur8, a leading firm in the InsurTech industry, has recently revealed a strategic partnership with Windward Risk Managers, a key player in Florida’s property insurance market. This alliance seeks to revolutionize Windward’s predictive modeling capabilities, which is expected to vastly improve pricing accuracy and operational efficiency in their personal lines of business. The collaboration leverages Akur8’s Transparent Machine Learning (ML)
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,
