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Family of Chicago Man Killed in Police Shooting Files Wrongful Death Lawsuit

Article 0 Comments CHICAGO (AP) — The family of a Chicago man killed when plainclothes police officers fired their guns nearly 100 times during a traffic stop filed a wrongful death lawsuit last week, accusing the department of “brutally violent” policing tactics. The 81-page federal complaint alleges the officers violated multiple laws and police department policies during the “predatory, violent, unlawful traffic stop” on March 21 that left 26-year-old Dexter Reed dead. A police oversight agency released videos and documents this month, and has said Reed fired at the officers first. The footage raised questions about the officers’ use of force and tactical squads that use unmarked police cars. Community activists have called for the officers to be fired immediately in the killing of another young Black man. The Cook County state’s attorney’s office is also investigating. The five officers involved were placed on 30 days of administrative leave. The lawsuit claims the officers didn’t properly identify themselves as police during the West Side traffic stop; lacked reasonable suspicion to stop Reed; escalated the situation by immediately drawing guns, blocking his vehicle and shouting profanity-laced commands; and failed to provide timely medical care as Reed lay in the street. “Chicago...

Raise Your Visibility in a Community Group 0

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Raise Your Visibility in a Community Group

Start Slideshow “If you want to get your name out there, get involved in the community.” You’ve heard this advice in countless training sessions and articles. How do you do it? Here is the good news: It’s not hand to hand combat. When I wrote my book “Captivating the Wealthy Investor” I surveyed agents and advisors. The first question I asked was: “Have you ever gotten business through your involvement in a community organization?” Over 70% said yes. Next, I asked, “Did you approach them, or did they approach you?” About 66% of respondents said they were sought out. Some explained it worked both ways. Here’s what not to do. Don’t consider everyone a prospect. Don’t lead the conversation with business. Don’t assume “What do you do?” is a buying signal. Put another way, don’t be pushy. If you see people at the country club wearing logoed blazers with the name of their real estate firm on the pocket, don’t be like them. For five tips for what you should do, see the gallery above. Before long, you’ll be recognized when you enter the room and start to feel like an insider. As an added benefit, because you were not...

Kayna Embedded Insurance Infrastructure Platform Explores Options with AEGIS London 0

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Kayna Embedded Insurance Infrastructure Platform Explores Options with AEGIS London

AEGIS London and Kayna have agreed to explore data-led US Property Insurance on US-based Lending platforms to be distributed by surplus lines brokers. The aim is to utilise InsurTech and a data orchestration layer in order to optimise the strength of OPAL, AEGIS London’s online quote and bind platform, enabling surplus lines brokers to offer real-time property cover options to meet the mandatory insurance requirements of commercial loan applicants. Cork, Ireland (Apr. 29, 2024) – Kayna, the award-winning InsurTech that facilitates insurance solutions through vertical SaaS platforms, and AEGIS London have agreed to work together to optimise AEGIS London’s online quote and bind platform, Opal Underwriting, by making data-led insurance coverages available to borrowers through surplus lines brokers, during commercial lending transactions. AEGIS London is a managing agent of a top quartile performing Lloyd’s of London syndicate and part of AEGIS (Associated Electric & Gas Insurance Services Limited), a mutual insurance company that serves the needs of the North American energy industry. The Kayna infrastructure is set to explore developing property insurance options for US borrowers. AEGIS London currently writes in excess of $120m of premium through its OPAL Underwriting platform per year, much of this for certain types of...

Building A Data Strategy For Generative AI 0

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Building A Data Strategy For Generative AI

By Manav Gupta, CTO & VP, IBM Canada — Artificial Intelligence is making headlines daily. It’s dominating business conversations and shooting to the top of the agenda for many corporates, if not already there. According to IBM’s Institute for Business Value, 60 per cent of C-suites will be piloting Gen AI solutions in their organizations by next year. Earlier this month I sat down with Bell’s Director of IT Delivery, Neel Mehta, to discuss the integral connection between solid data foundations and an effective AI strategy. Neel gave a great analogy of this relationship – “We see data as the new oil, and AI as the refinery.” Bell’s heritage is about connecting people to one another and to their devices. Today, they’re using a combination of generative and predictive AI to serve their customers even further. For example, predicting extreme weather and environmental events which may cause outages, and getting their workforce ready for them. Neel shared an observation I’m sure many other enterprises will relate to. That AI is galloping ahead at an accelerated rate, outpacing the rate that clean data can be fed in. That’s where data strategy comes in, and a shift in focus from capturing data,...

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RBNZ Says Insurance May Become Unaffordable for High-Risk Homes

Article 0 Comments New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank. Rising premiums or the inability to insure are a signal to homeowners that they need to reduce exposure to risks, which could include moving away from the area, the RBNZ said in a report Monday in Wellington. The central bank said so-called insurance retreat is also a long-term challenge for the financial system. “Owners of properties where natural hazard risks have already manifested through claims are unlikely to be able to obtain comparable cover in the future, unless there has been a substantial mitigation of the now known risks,” the central bank said. “Even if the complete withdrawal of insurance availability in certain areas is some time away, owners of high-risk properties may find insurance increasingly unaffordable.” New Zealand insurers have moved to risk-based pricing, pushing up costs in earthquake-prone areas such as capital city Wellington. More frequent climate change-related weather events — including the flooding and landslides caused by Cyclone Gabrielle in early 2023 — are also impacting prices and posing the question of...

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What If a Client Asks ChatGPT About the Elections?

What You Need to Know A veteran advisor asked ChatGPT to emulate a financial advisor. The AI program gave a pretty good answer. Part of the advice: The users should talk to someone like you. With it being an election year, many clients want to know how markets will react. I decided to give a question about the elections to ChatGPT, a popular artificial intelligence program, to see what type of advice it would provide consumers. ChatGPT was prompted to act as a financial advisor and to provide a response geared toward consumers. Here’s what happened. The Conversation The question: How do markets normally react in an election year? The answer: Market reactions during election years can vary based on a range of factors, and past performance does not guarantee future results. However, there are some general trends and considerations: #1. Market volatility: Election years can introduce uncertainty, and markets often don’t like uncertainty. This can lead to increased volatility in the short term. #2. Policy impact: Market reactions can be influenced by perceived changes in economic and fiscal policies associated with different candidates or parties. For example, proposed tax changes, regulatory policies, or economic stimulus plans can impact specific...

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Can You Beat My Score on This Retirement Literacy Test?

The first question that tripped me up asked, “Which one of the following is true about cash value life insurance?” As I now know, it is true that the cash value portion of the policy will accumulate tax deferred, but it’s not true that you typically cannot borrow from the cash value or that the policy will expire after a specified period of time. I also overestimated the ideal stock allocation for the typical retirement portfolio, and another question that gave me pause spoke to what types of services traditional Medicare will cover between routine dental care, physical exams, hearing aids and several other options. Without revealing the answer, I can say I didn’t realize just how many types of services are cut out of Medicare policies and therefore must be paid for through other policies or out-of-pocket spending. In addition to the intricacies of Medicare and Medicaid, my other weakest knowledge area is long-term care planning and nursing home expenses. For example, I had to guess on the true or false question asking about whether Medicare typically pays for the costs of a nursing home for the first year, and I guessed wrong. Finally, I missed the mark on...

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Advisors Who Use More Tech Tend to Outperform: Cerulli

Financial advisors who are considered heavy users of technology tend to outperform other practices in terms of client acquisition and assets under management growth rates, according to recent research from Cerulli Associates. Some 30% of heavy technology users are those with higher-growth practices over the most recent three-year period, compared with just 9% of light users. In 2023, the most active technology users offered 10.2 services, versus 7.2 services offered by light users. Heavy technology users average materially better performance than light users across practice productivity metrics, according to Cerulli data. These improved metrics include higher numbers of clients served per staff member across the practice — the number of clients per producing advisor, per professional staffer and per senior advisor. Sixty-five percent of advisors attribute most operational efficiency improvement to e-signature, 44% to customer relationship management and 29% to video conferencing. Cerulli noted that these three technologies also are among the most frequently used within advisor practices, ranking first, second and fourth, respectively.

Chubb to Acquire Healthy Paws, a Leading Pet Insurance Provider 0

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Chubb to Acquire Healthy Paws, a Leading Pet Insurance Provider

Transaction positions Chubb to expand in niche market with substantial growth potential New York, NY (Apr. 22, 2024) – Chubb is pleased to announce a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specializing in pet insurance, from Aon plc (NYSE: AON), a leading global professional services firm. The transaction positions Chubb to expand in a niche market with substantial growth potential. Financial terms of the deal, which is expected to close in the second quarter, were not disclosed. “We are delighted to welcome Healthy Paws to the Chubb family,” said John Lupica, Vice Chairman, Chubb Group and President, North America Insurance. “Together, we will be able to extend the reach and amplify the impact of this esteemed pet insurance brand in a vastly underpenetrated market. As part of Chubb, Healthy Paws will empower more pet owners to fund medical care and navigate the rising costs of veterinary care.” Since 2013, Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program for Aon. The long-standing Chubb and Healthy Paws relationship positions the combination for accelerated growth while supporting a seamless transition for employees, customers and other business partners. “Chubb has been an important...

Insurance leaders optimistic about AI’s impact on underwriting quality and fraud reduction but underwriter confidence lags 0

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Insurance leaders optimistic about AI’s impact on underwriting quality and fraud reduction but underwriter confidence lags

62% of insurance executives recognize artificial intelligence/machine learning technology (AI/ML) as elevating underwriting quality and reducing fraud 43% of underwriters trust and regularly accept automated recommendations from predictive analytics tools but many still have concerns around complexity and data integrity Paris (Apr. 24, 2024) – The Capgemini Research Institute’s World Property and Casualty Insurance Report 2024 reveals the underwriting capabilities of insurers are being restricted by organizational constraints. According to the report, only 8% of property and casualty (P&C) insurers are regarded as underwriting “trailblazers” who are consistently outperforming mainstream carriers by leveraging AI-driven insights and automation to make informed decisions and accurate risk assessments with efficiency. These industry frontrunners drive greater collaboration and customer transparency by keeping underwriters at the heart of all decisions. Challenges mount for P&C insurers As inflationary pressures hit policyholders’ pockets, there is increased demand for affordability, simplicity, and transparency from their carrier. According to the report, 42% of policyholders find the current underwriting process complex and lengthy. Additionally, 27% of policyholders switched providers in the last two years in search of lower premiums (60%) and better coverage (53%). While premiums have increased, underwriting practices have struggled as combined ratios breached 100% sparked by natural...