Featured Articles Blog

Trufla and SEH Computer Systems Inc. Partner to Enhance Digital Distribution of Insurance Products 0

Uncategorized

Trufla and SEH Computer Systems Inc. Partner to Enhance Digital Distribution of Insurance Products

Calgary, AB (Jun. 12, 2024) – Trufla, one of Canada’s top broker technology providers, is proud to announce a transformative partnership with SEH Computer Systems Inc., a specialist in tailored software solutions for the property and casualty insurance sector. This alliance leverages SEH’s Titan system, and Trufla’s innovative truMarket platform. Together, they will enhance the digital distribution of insurance products, streamline operations and improve access for brokers and agents. By integrating Trufla’s truMarket platform with SEH’s system, this alliance will transform the way insurance products are accessed and delivered, enabling a faster, more streamlined digital distribution process. This integration is set to empower brokers and agents with real-time access to insurance products and rates, facilitating better service to end consumers. Sherif Gemayel, Trufla’s CEO, highlighted the importance of this partnership, stating, “Combining our truMarket product distribution technology with SEH Computer Systems, we are set to revolutionize the distribution landscape, providing brokers and agents with tools they need to succeed in today’s digital-first environment.” Mark Ross, CEO of SEH Computer Systems added “We are excited to be partnering with Trufla to address the long-standing challenges of fully integrating the experience between brokers, agents and carriers.” This partnership brings mutual carriers onto...

0

Uncategorized

SEC’s Crypto Enforcement Chief Steps Down

David Hirsch, the Securities and Exchange Commission’s head of crypto enforcement, has stepped down after nearly nine years at the agency. “During that time I had the opportunity to work on more complex, challenging investigations and issues than I ever imagined when I joined the agency as a staff attorney in the Fort Worth Regional Office,” he said early Monday morning in a LinkedIn post. ”I’m particularly proud of the historic work done by the Crypto Assets and Cyber Unit team I had the privilege to lead.” While not disclosing his next move, Hirsch said on LinkedIn that he was “very excited for the next set of challenges. I look forward to sharing more about that soon, but for now I’m excited for a break and travel with my family before my son heads to college in the fall.”

0

Uncategorized

Severe Storms Caused $722M in Catastrophe Losses in May: Progressive

Article 0 Comments Progressive on Friday said severe storms mostly in Texas and the Midwest caused about $722 million in net catastrophe losses to the insurer. In its monthly announcement of financial results on Friday, the Mayfield Village, Ohio-based insurer said the storm losses added 12.3 loss ratio points to a May combined ratio of 100.4. Year-to-date, the company’s combined ratio is 89.7 Progressive’s property business booked a May combined ratio of 282.8. The insurer said it recorded a reinsurance recoverable of $95.1 million, including losses and allocated loss adjustment expenses, under its per occurrence reinsurance contracts, which have a retention threshold of $200 million. Progressive added that it was close to reaching the annual retention thresholds under 2024 catastrophe aggregate excess of loss contracts as of May 31. Once exceeded, Progressive said it has reinsurance coverage up to $85 million for non-named storm property catastrophe losses. Progressive said May net income was $235.7 million. The company has booked about $3 billion in net income for the year as of May 31. Related: Global Insured Natural Disaster Claims Again Dominated by Severe US Storms: Gallagher Topics Catastrophe Profit Loss Windstorm Was this article valuable? Thank you! Please tell us what...

0

Uncategorized

Trump Tax Ideas Would Lead to ‘Mother of All Stagflations’: Summers

What You Need to Know Trump has floated tariff hikes as a way to pay for some income tax cuts. His anti-immigration stance could squeeze the labor supply, and repealing Biden’s renewable energy subsidies would push up power costs, the former Treasury secretary says. A Trump spokeswoman said his policies would reduce inflation. Former Treasury Secretary Lawrence Summers blasted policy ideas floated by former President Donald Trump as immensely damaging to both the U.S. and the global economy. “This is a prescription for the mother of all stagflations,” Summers said on Bloomberg Television’s Wall Street Week with David Westin Friday, with regard to replacing a major amount of income-tax revenue with tariffs. It would also create “worldwide economic warfare,” he said. Summers was speaking a day after Trump presented the idea of using tariff hikes as a way to pay for some income tax cuts in a meeting with House Republicans. Trump has also proposed a minimum 10% universal import levy and a punitive rate for China. A shift to relying on tariffs for revenue would push up not just the cost of imports, but those of goods and services that compete with those imports, Summers said. Consumers would have less to spend on...

0

Uncategorized

Ethereum ETFs’ Last-Minute Approval Reveals a Massive Shift

The Democratic Party’s disdain for crypto is well known. SEC Chairman Gary Gensler’s conduct regarding crypto has been criticized not only by many members of Congress but by virtually every prior SEC commissioner. Gensler’s opposition reflects that of most Democrats, including Sen. Elizabeth Warren, who has sponsored several bills to curtail or ban digital assets, and Biden, who not only appointed Gensler to his role at the SEC but most recently has asked Congress to approve a 30% bitcoin mining excise tax. If passed, the tax would eliminate mining in the United States, moving innovation overseas and costing tens of thousands of high-paying, green jobs in 41 states. The crypto community has grown tired of its treatment in Washington. So, the industry has formed several political action committees and funded them with nearly $250 million, making them the largest financial influencers of the 2024 elections. Their primary targets: Democrats who oppose crypto legislation and regulation. One was Rep. Katie Porter, and she lost her primary race for the Senate. In her concession speech, she said her loss was “rigged” by “billionaires spending millions” to alter the outcome. (Porter later said she regretted her comment.) The crypto community and investment management industry are...

Companies facing unprecedented ‘polycrisis’ of risk: Clyde & Co 0

Uncategorized

Companies facing unprecedented ‘polycrisis’ of risk: Clyde & Co

67% of leaders surveyed say that the risk landscape is now ‘many times more complex’ than it was just three years ago at the height of the covid crisis. Complicated and often contradictory global regulatory risk cited as a major obstacle to corporate growth. ‘Fear of missing out’ on Artificial Intelligence (AI) is prompting a ‘gold rush’ mentality around the disruptive technology. Attracting and retaining talent, particularly from overseas, has become increasingly difficult and more costly. London, UK (Jun. 14, 2024) – A perfect storm of increased economic volatility, geopolitical upheaval and the disruptive force of AI has driven the corporate threat level to its highest in 12 years, according to Clyde & Co’s annual Corporate Risk Radar. The survey of C-Suite decisionmakers, in-house legal teams and General Counsel, conducted in partnership with research consultancy, Winmark Global, found that escalating threats on multiple fronts are creating a ‘polycrisis’ of risk. This is having a dramatic impact on corporate decision-making. Risk caution is estimated to be costing as much as 5% of corporate revenues, with more than a quarter of respondents saying that risk perception was stymying ‘bold decision making’. Top risk rankings Economic risk – inflation, interest rates and currency...

IBHS research shows two critical ways to reduce risk of storm damage ahead of potentially active hurricane season 0

Uncategorized

IBHS research shows two critical ways to reduce risk of storm damage ahead of potentially active hurricane season

Non-profit provides free science-backed Hurricane Ready guide to help homeowners prepare Richburg, SC (June 11, 2024) – With an active hurricane season forecast for 2024, the Insurance Institute for Business & Home Safety (IBHS) encourages homeowners to act now to reinforce their properties against severe weather. IBHS researchers have identified the roof and garage doors as the areas of homes particularly vulnerable and most important to strengthen to withstand storms. These two home improvements top the nonprofit’s Hurricane Ready guidance, which also includes DIY maintenance projects and tips to complete now and last-minute storm prep. “The number one goal is to stop cascading damage,” said IBHS Chief Engineer Dr. Anne Cope. “When rain, wind and storm pressure enter a home, damage that starts out as relatively minor escalates quickly and often forces families out of their homes for extensive home repairs. That’s especially disheartening because we now know this is largely preventable.” IBHS testing shows asphalt shingles, particularly as they age, can dislodge in winds as low as 60 mph. Once the roof cover is lost, rain can pour into a house through the gaps in the wood roof decking. “Our research estimates the equivalent of nine bathtubs of water can enter a home...

0

Uncategorized

People Moves: Krause Group Names Westervelt Vice President of Sales

Article 0 Comments Holly Westervelt Krause Group, headquartered in Des Moines, Iowa, named Holly Westervelt to the newly created role of vice president of sales, a part of the leadership team for Krause Group’s expanding agency division, The Krause Agency. Westervelt joins Krause Group with over 30 years of experience in the insurance industry. She most recently served as enterprise and exclusive agency project leader at American Family Insurance. Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

0

Uncategorized

SEC Hits RIA With $100K Marketing Rule Fine

“Twenty Acre provided these materials directly to prospective investors as attachments to email communications and routinely uploaded the materials to third-party databases that prospective investors were able to access,” according to the order. “When advertising the Fund’s performance in these materials, Twenty Acre presented performance returns that were experienced by a single limited partner that had invested in the Fund at inception and was eligible for all Fund investments,” the SEC said. This investor’s performance was presented to prospective investors as the fund’s performance. According to the order, “the investor’s performance, at times, differed substantially from, and was significantly higher than, the Fund’s performance, because certain successful IPO investments the Fund had made were credited to the investor’s capital account in greater proportion than other investors’ capital accounts.” These other investors in the fund, due to investment restrictions under FINRA Rules 5130 and 5131, were unable to participate fully in the IPO investments. Beginning in January 2022, Twenty Acre presented as the fund’s returns “the positive 44.8% net performance that the single investor achieved in 2021, whereas the undisclosed net performance of the Fund was negative 5.7% in 2021,” the SEC said. Further, “on the first substantive page of the...

Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP) 0

Uncategorized

Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP)

By SortSpoke — Data extraction technology has evolved greatly over the years. For a long time, Optical Character Recognition (OCR) technology was the only reliable option beyond manual data entry. OCR systems identify characters in images or photos of text and convert them into a machine-readable format so that other software packages can save, edit, and search the data. This technology laid the groundwork for more advanced Intelligent Document Processing (IDP). IDP systems go beyond simple character recognition by using machine learning (ML) to provide high-quality data extraction in addition to contextual understanding and workflow automation support. Advanced IDP systems can process structured and unstructured data, an important capability for driving digital transformation within insurance providers, streamlining operations, and enhancing efficiency. In short, OCR turns pictures of words into text; IDP turns text into actionable data. This guide explores the evolution of data extraction from its OCR roots to modern AI-powered IDP systems. It gives you the context to decide which technology is best for your agency’s data extraction needs. What is OCR? Optical Character Recognition is a technology that converts text from scanned documents, images, or photos into machine-readable text. This enables the digitization of printed materials like books...