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Marsh McLennan Develops New Generative AI Tool 0

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Marsh McLennan Develops New Generative AI Tool

New York, NY (Nov. 21, 2023) – Marsh McLennan and its business Oliver Wyman, a global leader in management consulting, are pleased to announce the launch of a new Generative AI tool for colleagues. The tool, called LenAI, was developed by Marsh McLennan’s Dublin Innovation Center in collaboration with Oliver Wyman Digital and is available to Marsh McLennan’s more than 85,000 colleagues worldwide. “We have some of the brightest minds in business working across our four businesses and a collaborative culture,” said Paul Beswick, Senior Vice President and Global Chief Information Officer, Marsh McLennan. “When it came time to introduce the tool, we were able to deploy it quickly and securely. Since its full launch recently, LenAI has been a game changer for our teams, enabling them to work smarter for the benefit of our clients.” “We know AI has the potential to help our clients increase their productivity, transform complex and expensive processes, and do other things that were out of practical reach until now,” added Vivek Sen, Partner, Head of Digital, Oliver Wyman, Americas. “We’ve always been at the forefront of helping our clients leverage the latest technologies even within highly regulated industries, and AI is no different.”...

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Ohio Settles Lawsuit With Chemical Companies For $110 Million Over PFAS Contamination

Article 0 Comments DOVER, Del. (AP) – The DuPont Co. and two spin-off firms will pay $110 million to the state of Ohio to settle a lawsuit over environmental threats from toxic chemicals used at a former DuPont facility in neighboring West Virginia, the companies said Wednesday. The settlement involving DuPont, the Chemours Co. and Corteva Inc. resolves Ohio’s claims relating to releases of manmade, fluorinated compounds known as PFAS. It also resolves claims relating to the manufacture and sale of PFAS- containing products and claims related to firefighting foam containing PFAS. The compounds, which are associated with an increased risk of certain cancers and other health problems, are often referred to as “forever chemicals” because of their longevity in the environment. They have been used in the production of nonstick coatings such as Teflon, firefighting foam, water- and stain-resistant textiles, food packaging and many other household and personal items. According to the companies, Ohio will allocate 80% of the settlement to the restoration of natural resources related to the operation of the Washington Works facility near Parkersburg, West Virginia, on the eastern shore of the Ohio River. The other 20% will be used to address PFAS claims statewide, including...

Despite Insurance Costs, Lux Condos Going Up: Miami Tower to Have $150M Penthouse 0

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Despite Insurance Costs, Lux Condos Going Up: Miami Tower to Have $150M Penthouse

Article 0 Comments (Bloomberg) — A roughly 13,000-square-foot, full-floor penthouse and roof at the Rosewood Residences, a 17-story condo tower designed by Peter Marino in Miami’s South Beach, could soon be the most expensive in Miami Beach’s history. It’s priced at “over $150 million,” according to project developer Michael Shvo. It is expected to be completed by 2026. The new condo tower will be part of a three-acre hotel, restaurant and luxury campus filled with amenities on 18th Street and Collins Avenue. It will be located in a compound whose best-known building, the art deco Raleigh Hotel, has been a Miami Beach landmark since it was built in the 1940s. The hotels and residences will be operated by the luxury Rosewood Hotels & Resorts brand. “If I told you that at 220 Central Park South they’re selling a unit at $13,000 a square foot, or at the Aman New York that we sold units at that price, nobody [would think] that was outrageous,” Shvo says in his Manhattan conference room. “We are by far the premier product building, not only in Miami Beach but in the country. And there’s no reason that people will pay less to be 100 feet...

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Marketing Rule Among 2024 Enforcement Priorities: SEC Roundup

Welcome to SEC Roundup, a bimonthly video series by former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Choice Advocates Network. In this episode, Morgan and Zaccaro talk to a nationwide panel of SEC experts regarding the SEC’s annual enforcement report, which details the hundreds of cases brought by the SEC enforcement division over the last year. On wide-ranging topics including the Marketing Rule, off-channel communications, whistleblowers, gatekeepers and disclosures, the panel offers insights into where the SEC will be going in 2024. The former SEC lawyers from five different cities highlight risk areas and advice for those looking to stay clear of the SEC.

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Oregon Regulator to Investigate Pacificorp’s Request to Limit Wildfire Liability

Article 0 Comments Oregon’s utility regulator this week said it would investigate a petition by PacifiCorp to limit its liability from future wildfire-related lawsuits, delaying a decision on the power provider’s request by as long as nine months. In October, the Berkshire Hathaway Energy BRKa.N subsidiary asked regulators in five of the six states it serves to limit damages tied to future utility-caused wildfires. That request came four months after an Oregon jury found PacifiCorp must pay at least $87 million in compensatory and punitive damages for four wildfires that damaged more than 2,400 properties over Labor Day in 2020. Putting a limitation on liability will allow it to ensure reasonable rates and finance future expenditures, PacifiCorp said in its October filing. On Tuesday, the Oregon Public Utility Commission (OPUC) approved a staff recommendation submitted on Nov. 17 to suspend PacifiCorp’s request for up to nine months for an investigation. The proposed modifications have “significant policy implications as well as legal issues” and cannot be adequately investigated by the effective date of Nov. 29, 2023, proposed by PacifiCorp, OPUC staff said in the recommendation. The Portland-based utility serves 2 million customers in Oregon, Washington, California, Utah, Idaho and Wyoming. PacifiCorp’s...

Oyster Launches Usage-based Rental Insurance 0

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Oyster Launches Usage-based Rental Insurance

New York, NY (Nov. 20, 2023) – Oyster, a modern insurance platform for commerce, is pleased to announce that it has launched a new rental insurance product. This offers the first usage-based rental insurance program in the U.S., providing rental shops and marketplaces with theft and damage coverage for their rental bikes, ebikes, kayaks, and paddleboards through Oyster’s modern platform. “The expanding rental market presents risk challenges for businesses due to the distinct nature of renting an item,” said Vic Yeh, Co-Founder and CEO at Oyster. “Leveraging Oyster’s tech-driven underwriting platform, we are now able to provide comprehensive coverage for the rapidly growing rental market.” Oyster’s rental insurance enables businesses to safeguard their rental assets for rental, lease, and subscription. Its usage-based pricing model ensures that riders or businesses only pay for insurance during the duration of the rental. The coverage encompasses protection against theft, damage, and natural disasters, spanning from a single day to over a year. Integrated seamlessly into Oyster’s platform, businesses can effortlessly offer this coverage to their customers with a user-friendly interface and a real-time digital experience. Rental businesses interested in learning about Oyster’s rental insurance product can learn more at withoyster.com/rental-insurance. About Oyster Oyster is...

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Wells Fargo Analysts See Antitrust Obstacles for Cigna-Humana Deal

Federal regulators could block any efforts by Cigna to combine with Humana, even though the companies appear to have little obvious operational overlap, according to Wells Fargo securities analysts. Humana has an 18% share of enrollment in the Medicare Advantage market, and Cigna has just a 2% share in that market, according to KFF. But Stephen Baxter and other Wells Fargo analysts note that Cigna has focused on building a large share of the market in the states where it does offer Medicare Advantage plans: It has a 25% share in Texas, a 15% share in Tennessee and a 10% share in Arizona. “Recent antitrust enforcement has been quite vigorous, and we would likely expect a relatively drawn-out process,” the analysts write. What it means: Cigna and Humana could make a big deal, but they might not. If they do, and you’re in Texas or Tennessee, it’s possible that any clients with Cigna Medicare Advantage plan coverage will end up with a new coverage provider because of divestitures Cigna would have to make to get antitrust regulator approval for the deal. The source: The Wall Street Journal on Wednesday reported news of the talks in an exclusive article. The companies could announce a stock-and-cash deal by the...

Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations 0

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Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations

Article 0 Comments After an Overhead Solutions LLC manager attended an on-site training discussion on fall hazards on May 25, 2023, federal workplace safety inspectors observed the company’s employees working about 30 feet above ground on a Menasha apartment complex roof without adequate fall protection. Thirteen days later, an inspector observed a project manager employed by Overhead Solutions LLC of Suamico hand out caffeinated energy drinks to subcontractors on a 10-foot-high roof in Appleton, a kindness undermined by the fact that workers lacked fall protection and the manager did not correct the hazard and protect them from the construction industry’s leading cause of death. In both situations, the U.S. Department of Labor’s Occupational Safety and Health Administration opened inspections. At the Menasha site, inspectors found employees wearing fall protection harnesses and anchors installed on the building’s roof with ropes attached to the anchors, but readily accessible lifelines were not attached as required. Inspectors also found employees exposed to deadly fall hazards as they unloading a pallet raised to the roof by a mechanical lift. In Appleton, OSHA inspectors found a lack of fall protection, learned the company had no documented accident prevention plan and noted the site’s project manager did...

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The Power of the Insurance Advisor Post-Mortem

What You Need to Know Financial professionals are having to record more and more of their calls. You may spend heavily to store the recordings in digital crypts. Try digging there for wisdom, and perhaps useful ideas will come forth. In the fast-paced realm of financial advising and insurance, your success hinges on the art of converting prospects into clients. Every prospect conversation is a project in itself, and as an independent advisor, you are the team. The significance of these interactions is amplified when you consider that a substantial portion of your annual income is derived from just a handful of conversations. More and more, you may find that compliance concerns require you to record your calls and pay to bury the recordings in digital vaults, there to sit in electronic silence for many years. Why ignore all of that potentially valuable information? In this article, we’ll delve into the concept of a post-mortem and explore techniques that can elevate your client conversion game, ensuring that you make the most of lead calls not just this year, but every year to come. Analyze Each Prospect Conversation Here are five steps to take before and during a conversation with a...

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Jewish Groups Sue UC Berkeley Over ‘Unchecked’ Antisemitism

Article 0 Comments The University of California, Berkeley was sued on Tuesday by Jewish groups who said it has become a hotbed of “unchecked” antisemitism, including at its elite law school. According to a complaint by the nonprofit Louis D. Brandeis Center, UC Berkeley’s leadership turns a blind eye to the long-festering problem of antisemitism on campus, even after displays of harassment and physical violence against Jews following Hamas’ Oct. 7 attack on Israel. The complaint filed in San Francisco federal court is among the first against a major university since the war between Israel and Hamas sparked protests on many college campuses. It described two protesters striking the head of a Jewish undergraduate draped in an Israeli flag with a metal water bottle, and how a faculty member allegedly cut short a class for 1,000 freshmen to go on an 18-minute anti-Israel rant. The complaint also said “no fewer” than 23 law school groups have anti-Jewish policies. It said these include requirements that invited speakers repudiate Zionism, and Jewish students wanting to provide pro bono legal services undergo “Palestine 101” training that emphasizes Israel’s supposed illegitimacy. In a statement, UC Berkeley said it has long been committed to confronting...