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What Caused Closure of Toyota’s 14 Assembly Plants in Japan?

Article 0 Comments Toyota Motor was ramping back production at its Japan-based factories on Wednesday after a computer system processing orders for vehicle parts broke down on Tuesday, forcing the closure of 14 assembly plants. The disruption shut down a system that is at the core of Toyota’s lean manufacturing, a way of reducing inventory and maximizing production efficiency that the Japanese automaker pioneered and its rivals have widely adopted. WHAT HAPPENED TO SHUT DOWN TOYOTA’S PRODUCTION IN JAPAN? It’s not clear what caused the system outage, and Toyota has not provided details on what went wrong. The company said the cause was not a cyberattack. In February last year, Toyota also had to shut down the same 14 factories in Japan when one of its suppliers, Kojima Industries, which supplies plastic parts and electronic components to Toyota, said one of its file servers had been infected with a virus that carried an undisclosed threatening message. That attack raised questions about the cybersecurity of Japan’s supply chain. WHAT’S THE IMPACT OF THE ONE-DAY LOSS OF PRODUCTION? Toyota’s production has been recovering this year, so the outage could be potentially more costly than the 2022 shutdown. Toyota’s domestic output was up...

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What You’ll Really Have to Know About Generative AI

What You Need to Know The new AI systems transform prompts into answers. One cause of bad AI answers is lack of data. Another cause is overly broad or confusing prompts. The rate of innovation brought on by artificial intelligence in the last 12 months is enough to make your head spin. ChatGPT has successfully passed industry exams such as bar exams, medical licensing exams, college admissions assessments, and many others. Now more than ever, news organizations report that AI is automating many routine tasks and achieving significant efficiencies. As a financial professional, you may wonder where AI leaves you and your career. During my nearly 23-year career on the technology side of life insurance, I have seen many technological trends come and go. Each brings apprehension about how the new technology will disrupt the way we do business. However, looking back on these years, I have not yet observed a technological trend that replaced a significant number of jobs, at least not industrywide, and not for the long term. Generally, these trends tend to change job roles rather than replace them. AI Vocabulary To adapt to AI, you’ll need to understand AI vocabulary, whether you apply the technology yourself...

WICC Aims to Raise $25 Million for the Canadian Cancer Society by 2025 0

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WICC Aims to Raise $25 Million for the Canadian Cancer Society by 2025

Toronto, ON (Aug. 29, 2023) – WICC, a collaborative initiative led by members of Canada’s insurance industry and their supporters, has raised a remarkable $19.2 million since its inception in 1996. As the program continues its path of steady growth, the organization is well on its way to reaching its fundraising goal of $25 million by 2025, to support the Canadian Cancer Society’s ongoing investment into life-saving research and compassionate support programs to ensure people with cancer live longer, fuller lives. The $25M by 2025 campaign launched in 2021 – the year WICC celebrated its 25th anniversary. With 2 in 5 Canadians expected to be diagnosed with cancer in their lifetime, it is a devastating disease that impacts us all. WICC’s dedicated board and volunteers recognized the opportunity to make a meaningful difference in the lives of people with cancer, their families and caregivers and set to work to make it happen. “WICC’s pledge to raise $25 million by 2025 is an invitation for the Canadian insurance industry and its employees, supporters and friends to join us in our quest to fund cancer research, support and education and improve the lives of those affected by cancer. By doing so, you’ll...

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Drugmaker Mallinckrodt Files for Second Bankruptcy in the US

Article 0 Comments Drugmaker Mallinckrodt on Monday filed for its second bankruptcy in three years in the United States, with a restructuring plan that would cut $1 billion from what it owes to victims of the opioid crisis. The Ireland-based company initiated Chapter 11 proceedings in Delaware after reaching a deal that would hand ownership to its lenders in exchange for a $1.9 billion reduction in debt. The proposed restructuring would wipe out existing equity shares. The New York Stock Exchange said it has suspended trading in Mallinckrodt’s ordinary shares with immediate effect and has commenced proceedings to delist them from the exchange. Mallinckrodt, which makes both branded and generic drugs, had first filed for bankruptcy in 2020 to address its high debt load, litigation over its marketing of highly addictive generic opioids and disputes over its drug pricing. As part of its plan to emerge from bankruptcy in June 2022, the company, which denied wrongdoing, agreed to pay $1.7 billion to settle about 3,000 lawsuits alleging it used deceptive marketing tactics to boost opioid sales. Mallinckrodt said in court filings on Monday it believed it had addressed its liquidity problems after the earlier reorganization plan cut $1.5 billion from...

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5 Ways Young Adults Can Become Millionaires: Levine, Johnson

Consider and utilize Roth accounts. Buckingham’s Levine noted the importance of maximizing tax-wise investing. While one investing choice doesn’t necessarily apply to everyone and every situation, young adults in general would do well to put their earnings into Roth IRAs or 401(k) accounts, which offer tax and other advantages, according to Levine, Buckingham’s chief planning officer. With traditional IRAs and 401(k)s, employees save on taxes when they put money in but must pay years later when they withdraw from their retirement accounts, he noted. In contrast, Roth IRAs and 401(k)s provide no up-front tax savings but allow individuals to withdraw funds tax-free. Young people as a general rule probably have the easiest decision on this choice, as their income is lower now and a tax deduction wouldn’t be worth as much to them, Levine explained. Assuming their income rises, their tax rate will likely rise, giving them a higher tax rate later when they need the money, he said. A Roth retirement account, therefore, is generally a superior option, as it allows taxation at the current rate, not a higher future one, he said, noting that it essentially is a pre-payment on a future tax liability. Roth IRAs offer another...

Accelerated by COVID-19, Insurer Innovation Continues Post-Pandemic 0

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Accelerated by COVID-19, Insurer Innovation Continues Post-Pandemic

Residual economic and societal impacts from the pandemic are spurring insurers’ innovation initiatives: Best’s Special Report Oldwick, NJ (Aug. 25, 2023) – As the pace of innovation accelerates within the insurance industry, the top performers in more complex lines of business may be those that overcome the innate challenges of their segment to develop new products, processes, services, and business models, according to a new AM Best special report. A new Best’s Special Report, titled “Insurer Innovation Accelerated by COVID-19 Continues Post-Pandemic,” takes a closer look at the insurance industry’s innovation efforts, with this installment evaluating innovation efforts by business segment. It also marks the third year since AM Best released its Scoring and Assessing Innovation criteria. While COVID-19 propelled changes in the way live and work since 2020, subsequent technological changes have continued to alter consumer behavior and transformed the insurance landscape. These trends have created challenges and opportunities for insurers, accelerating the need for innovation and rewarding the most innovative insurers. The report notes that certain lines lend themselves more readily to innovative strategies than others. “In response to the evolving risk environment, insurers accelerated their shift to digital technology and intensified their focus on product innovation,” said...

Ridge Canada Cyber Solutions Inc. Expands Cyber Stamp Capacity 0

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Ridge Canada Cyber Solutions Inc. Expands Cyber Stamp Capacity

Toronto, ON (Aug. 25, 2023) – Ridge Canada Cyber Solutions Inc. is thrilled to announce significant milestones in its growth and strategic partnerships. With a strong commitment to innovation and customer satisfaction, Ridge Canada continues to strengthen its position in the market, providing comprehensive and tailored specialty insurance solutions. Ridge Canada has officially increased its stamp capacity with our exclusive partners at Corvus London Markets, a leading AI-powered Cyber underwriter, and are excited to have brought on a global leader in cyber insurance in the Munich Re Syndicate. By leveraging these collaborations, Ridge Canada is well-positioned to grow and to support its existing clients. Ridge Canada also proudly announces the growth of its talented team. Ridge has grown its underwriting team in Toronto and expanded its presence out west. At Ridge Canada, technology and underwriting expertise are fundamental in the risk selection process. By harnessing cutting-edge technology and combining it with industry-leading underwriting capabilities, Ridge Canada maintains its commitment to effective risk assessment and mitigation. Ridge Canada is excited about the achievements it has made thus far and the growth it is experiencing. The company remains dedicated to building a robust and future-proof MGA. By continually evolving and adapting to...

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Yale Settles Lawsuit Alleging Discrimination Against Students With Mental Health Issues

Article 0 Comments Yale University and a student group announced Friday that they’ve reached a settlement in a federal lawsuit that accused the Ivy League school of discriminating against students with mental health disabilities, including pressuring them to withdraw. Under the agreement, Yale will modify its policies regarding medical leaves of absence, including streamlining the reinstatement process for students who return to campus. The student group, which also represents alumni, had argued the process was onerous, discouraging students for decades from taking medical leave when they needed it most. The settlement is a “watershed moment” for the university and mental health patients, said 2019 graduate Rishi Mirchandani, a co-founder of Elis for Rachael, the group that sued. It was formed to help students with mental health issues in honor of a Yale student who took her own life. “This historic settlement affirms that students with mental health needs truly belong,” Mirchandani said. A joint statement from Elis for Rachael and Yale, released on Friday, confirmed the agreement “to resolve a lawsuit filed last November in federal district court related to policies and practices impacting students with mental health disabilities.” Under the agreement, Yale will allow students to study part-time if...

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Here’s What Could Tip Us Into the Next Financial Crisis

What You Need to Know This problem has led to 43 banking and financial crises in six nations over the past 200 years, says author Richard Vague. How to escape it? Have a regular monitoring of the pace of growth in loans outstanding, he advises. Total U.S. household debt reached $17.06 trillion on Aug. 8, according to the Federal Reserve Bank of New York. There’s no dispute that America’s gross domestic product cannot grow without government and private debt. But paying down spiraling private debt broadly brings economic contraction: a recession or depression, argues Richard Vague, co-founder of two credit card companies and secretary of banking and securities for the Commonwealth of Pennsylvania 2020-2023, in an interview with ThinkAdvisor. “The only way to remove [private-sector debt] without destroying the economy is through some type of debt amnesty,” contends Vague, who has been dubbed a contrarian economist. Total U.S. household debt reached $17.06 trillion on Aug. 8, according to the Federal Reserve Bank of New York.  Indeed, consumer credit card balances hit a record high this spring of more than $1 trillion, a $45 billion increase from March 31 to June 30. What is not widely understood is that excessive private...

Aviva Canada and OneClose Inc. partner to help new condo owners save money 0

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Aviva Canada and OneClose Inc. partner to help new condo owners save money

Toronto, ON (Aug. 21, 2023) – Aviva Canada has invested in OneClose Inc., a technology company that provides a breakthrough financial solution to help owners of newly constructed condos to save thousands of dollars in interim fees. Consumers who buy a newly built condo in Ontario face a period of time after they move into their unit when they cannot obtain a mortgage. Referred to as the Interim Occupancy Period, it requires condo purchasers to pay Interim Occupancy Fees to the builder, which includes the interest on the remaining balance of the condo unit, property taxes, and maintenance fees. Interest payments can add up quickly to thousands of wasted dollars since they do not count towards the consumer’s mortgage – it’s like paying rent for a condo you own. OneClose helps solve the problem of interim occupancy by allowing consumers to obtain mortgage financing between the occupancy date provided by the builder and the date the condominium registers, allowing buyers to save money, unlock ownership rights and immediately begin building equity. “This investment aligns with Aviva’s mission to drive value for our clients,” said Andy Armstrong, Head of Developer Surety & Home Warranty, Aviva Canada. “During these uncertain times with...