The landscape of small business insurance has long been criticized for its complexity, cumbersome paperwork, and lack of transparency—a sentiment shared by many entrepreneurs. But Next Insurance is changing all that by introducing a modern, technology-driven approach that simplifies the process and meets the specific needs of small business owners. By leveraging digital tools and customized policies, Next Insurance is
The landscape of car insurance is evolving, moving away from traditional methods that rely on broad demographic factors such as age, gender, and driving history. This change is ushered in by the advent of telematics-based auto insurance, which utilizes data collected through technological means to offer a more personalized and accurate assessment of risk and, consequently, insurance premiums. By monitoring
The appointment of Sylvester Mathis as Chief Revenue Officer at Insurity marks a significant milestone for the company known for its cloud-based insurance software solutions. With nearly two decades of service at Insurity and more than 35 years in the insurance industry, Mathis brings a wealth of experience and a proven track record of success in various roles, including underwriting
Navigating the complexities of the Fair Labor Standards Act (FLSA) overtime exemptions can be a daunting task for HR professionals. With the recent Fifth Circuit Court of Appeals’ ruling in Mayfield v. U.S. Department of Labor, the importance of proper employee classification has been underscored. This article aims to provide a comprehensive guide to understanding and managing FLSA overtime exemption
The insurance industry has long been associated with slow processes and inefficiencies, particularly in the area of claims management. However, the advent of Robotic Process Automation (RPA) and Artificial Intelligence (AI) is revolutionizing this sector. These technologies are bringing substantial improvements in operational efficiency, cost reduction, accuracy, and customer satisfaction. With the rapid implementation of these advancements, the landscape of
In an era where technology is revolutionizing every industry, the insurance sector is embracing significant digital transformation. This digital shift is making the process of protecting valuable assets more efficient and accessible for consumers. Gone are the days when purchasing insurance meant navigating through endless paperwork or having lengthy discussions with brokers who may not fully understand individual needs. Instead,
The insurance industry is witnessing a significant transformation driven by the integration of advanced technology, commonly referred to as insurtech. This fusion of insurance and technology is not only reshaping the landscape of health insurance but also rendering it more efficient, accessible, and personalized to cater to the modern-day consumer. As expectations evolve with advancements in technology and consumer demands,
Guaranteed Asset Protection (GAP) insurance, designed to cover the financial gap between the amount an insurance company pays out when a car is written off and the amount the buyer still owes, has become a contentious issue between the Financial Conduct Authority (FCA) and the motor finance industry. This insurance aims to protect buyers, particularly those purchasing new cars, from
Micro-insurance platforms are innovative solutions designed to offer affordable coverage to underserved, low-income populations. These platforms aim to bridge the gap between economic vulnerability and financial security by providing micro-insurance policies that cover risks such as health issues, accidents, crop failures, and natural disasters at costs affordable even to economically disadvantaged individuals. The traditional view of insurance as a luxury
The Federal Trade Commission (FTC) has mandated that Guardian Service Industries, Inc., a New York building services contractor, cease enforcing no-hire agreements that barred building owners and other service contractors from employing its workers. This directive emerges from the FTC’s formal complaint, which stated that Guardian’s policy included no-hire clauses in service contracts with residential building owners in New York
In a recent development concerning employee rights and business ethics, the Illinois Department of Labor (IDOL) is currently pursuing over $3.8 million in back wages for more than 350 former employees of Outfox Hospitality. The company, which declared bankruptcy in May 2024, failed to comply with the Worker Adjustment and Retraining Notification (WARN) Act when it abruptly ceased operations in
In a significant move, Optalitix, a leading insurtech provider specializing in insurance underwriting software, has entered into a strategic collaboration with PwC, a global professional services firm, to revolutionize insurance pricing. This partnership is aimed at enhancing the implementation, support, and adoption of Optalitix Quote, a sophisticated underwriting and pricing platform tailored primarily for insurers operating within Lloyd’s and the
