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Gartner Places Generative AI on the Peak of Inflated Expectations on the 2023 Hype Cycle for Emerging Technologies 0

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Gartner Places Generative AI on the Peak of Inflated Expectations on the 2023 Hype Cycle for Emerging Technologies

Emergent AI Will Have a Profound Impact on Business and Society Stamford, CT (Aug. 5, 2023) – Generative artificial intelligence (AI) is positioned on the Peak of Inflated Expectations on the Gartner, Inc. Hype Cycle for Emerging Technologies, 2023, projected to reach transformational benefit within two to five years. Generative AI is encompassed within the broader theme of emergent AI, a key trend on this Hype Cycle that is creating new opportunities for innovation. “The popularity of many new AI techniques will have a profound impact on business and society,” said Arun Chandrasekaran, Distinguished VP Analyst at Gartner. “The massive pretraining and scale of AI foundation models, viral adoption of conversational agents and the proliferation of generative AI applications are heralding a new wave of workforce productivity and machine creativity.” The Hype Cycle for Emerging Technologies is unique among Gartner Hype Cycles because it distills key insights from more than 2,000 technologies and applied frameworks that Gartner profiles each year into a succinct set of “must-know” emerging technologies. These technologies have potential to deliver transformational benefits over the next two to 10 years (see Figure 1). Figure 1: Hype Cycle for Emerging Technologies, 2023 Source: Gartner (August 2023) “While all...

Accenture Invests in Writer to Accelerate Enterprise Use of Generative AI 0

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Accenture Invests in Writer to Accelerate Enterprise Use of Generative AI

New York, NY (Sept. 18, 2023) – Accenture is pleased to announce it has made a strategic investment, through Accenture Ventures, in Writer, a platform using generative AI to help enterprises create and shape content in the ways people already work. Writer is designed to help organizations deploy AI-driven applications that can increase productivity and drive significant business impact across enterprise functions including support, operations, product, sales, HR, marketing, and more. Enterprises can integrate generative AI into their content creation and other workflows, as well as generate insights from their internal data, safely and securely. “Our continued investments in generative AI platforms will empower clients across all industries to transform how they create, personalize and distribute content at pace, but also safely, securely and with brand integrity,” said Baiju Shah, chief strategy officer of Accenture Song. “We’ve entered a new era of tech-powered creativity and believe Writer’s enterprise-ready platform is a strong addition to Accenture’s comprehensive set of generative AI capabilities, tools and expertise, helping our clients capitalize on a wide range of uses across marketing and sales.” At Accenture, marketing and communications professionals use Writer to generate written content, synthesize various content and align writing to voice and brand...

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FEMA Sets Up Free Legal Help for Florida Idalia Victims

Article 0 Comments The Federal Emergency Management Agency announced that free legal assistance is now available to help Hurricane Idalia victims in Florida with insurance claims, government benefits and other matters. For people in 16 Florida counties hit by the Aug. 30 storm who are unable to afford an attorney, a hotline has been set up to connect them with free legal services, FEMA said in in a bulletin last week. The counties include Citrus, Columbia, Dixie, Gilchrist, Hamilton, Hernando, Jefferson, Lafayette, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee and Taylor. It’s known as the Disaster Legal Services program and it works with local attorneys. It is a partnership between the American Bar Association Young Lawyers Division, FEMA and The Florida Bar Young Lawyers Division. More legal actions may be the last thing the Florida insurance industry wants to see, after years of being battered by what carriers have called excessive claims litigation. But claims lawsuits from Idalia are expected to be fewer than some previous storms, because the affected area is sparsely populated and legislative reforms enacted late last year have disincentivized some litigation. The Florida Office of Insurance Regulation reported that as of Sept. 28, some 22,087 property...

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Dimensional Adds 2 ETFs, More Expansion Planned

Dimensional Fund Advisors is expanding its exchange-traded fund offerings with seven new ETFs, including this week’s listings of its Ultrashort Fixed Income ETF (NYSE Arca: DUSB) and World Equity ETF (NYSE Arca: DFAW). The new funds join the recently launched US Core Equity 1 ETF and upcoming launches of three global fixed income ETFs and a U.S. Large Cap Vector ETF. Dimensional expects its ETF suite to total 38 funds covering global equities, fixed income and real estate by year end. The firm manages about $100 billion in ETF assets and said it has seen meaningful adoption of its ETF lineup. The company, which also offers mutual funds and separately managed accounts, oversaw $634 billion for investors worldwide as of June 30. “We continue to evolve our investment offering to meet demand from financial professionals and add value,” Co-CEO and Chief Investment Officer Gerard O’Reilly said in a release. “These ETFs are another set of tools in Dimensional’s growing lineup, which we expect will meet diverse investor needs across asset classes and geographies.”

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Don’t Serve Your UHNW Clients Like It’s 1985

When searching for a new solution, advisors hear a common pitch from software providers: “Our technology frees you to focus on what you do best, managing relationships and growing your business.” Many players in the fintech ecosystem tout the ease, simplicity and scalability of their technologies, allowing advisors to spend less time wrangling data and more time serving existing clients and looking for new ones. But for advisors serving ultra-high-net-worth families, the promise of an easy button to manage the complex needs of multi-generational, taxable investors rings hollow. Despite the incredible growth of sophisticated fintech software-as-a-service solutions, advisors are still commonly doing complex and custom work for UHNW families in Microsoft Excel, which was released in 1985.  When we launched Callan Family Office, which serves more than 40 multi-generational families with an average portfolio of $100 million, we recognized that we had an opportunity to bridge  the ultra-high-net-worth technology gap.  From a tech perspective, ultra-high-net-worth families are different from affluent or high-net-worth investors in two important ways. First, they have ownership structures that span multiple generations, multiple investment managers and multiple custodians. Second, they require individualized advice and implementation to ensure that investment and financial plans are coordinated to maximize...

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SEC Proposes Tightening RILA Registration

RILAs have grown in popularity in recent years, with sales more than tripling in the past five years, reaching about $41 billion in 2022, the SEC said. “Investors’ returns in RILAs are connected, in part, to the performance of a market index, such as the S&P 500,” Gensler said. “RILAs, though, are complex products. … Investor returns often are subject to caps and floors set by the insurance company. Further, features such as these caps and floors may change over time, and investors can experience losses if they withdraw money early.” Given these products’ complexity and growing popularity, “it is important that investors receive the information they need — in plain English — to make informed investment decisions,” Gensler added. The proposal would require that RILAs be registered with the SEC “using an amended version of Form N-4, which is the form currently used for most variable annuity products,” Jason Berkowitz, chief legal and regulatory affairs officer at the Insured Retirement Institute, said in a statement. The amendments, Berkowitz said, “are intended to specifically address the features and risks associated with RILAs. Notably, we are encouraged that under the proposal, RILA issuers would appear to be eligible for a limited...

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AXIS and Stone Point Credit Launch Monarch Point Re, Raising Over $400M of Capital

Article 0 Comments AXIS Capital Holdings Ltd., together with its direct and indirect subsidiaries and branches, announced that it has partnered with Stone Point Credit Adviser LLC to launch Monarch Point Re, a newly created collateralized reinsurer. The launch was accompanied by a capital raise of over $400 million of equity, including a $75 million equity investment from a subsidiary of AXIS Capital and a $75 million equity investment from Stone Point Credit. Monarch Point Re, which will operate in Bermuda, will underwrite a diversified portfolio of casualty reinsurance business retroceded by subsidiaries of AXIS Capital. Stone Point Credit will serve as Monarch Point Re’s exclusive investment manager and expects to invest in a diversified portfolio of corporate credit. The multi-year reinsurance agreement is effective Jan. 1, 2023. Subsidiaries of AXIS Capital anticipate retroceding approximately $400 million of reinsurance written premium for the first year of the reinsurance agreement. AXIS said the launch of Monarch Point Re reflects the company’s continued commitment to better serve its customers and distribution partners by expanding its capacity through third-party capital. Christopher Harris has been appointed chief executive officer of Monarch Point Re. A recognized leader in the re/insurance industry, Harris previously served as...

Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums 0

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Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums

Article 0 Comments When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state’s $321.3 billion budget earlier this year, Texas Comptroller Glenn Hegar said last week. The rise in state revenue, driven largely by increasing insurance premiums, means there will be new funding opportunities to invest more money in public education, Hegar said, adding that he hoped the Legislature would focus some of the new money on teacher pay raises. “We have to reserve part of this because of the unknown,” Hegar said in an interview at the Texas Tribune Festival. “But with that being said, “We need to take advantage [and] invest in public education,” Hegar said in an interview at the Texas Tribune Festival. “We need to invest in our teachers. We need to invest in those that are front line, that are educating the future workforce.” Hegar declined to specify how much more in dollars he would add to the state’s bottom line when he releases the new projections in his October update. “The revenue this year has continued to outpace our expectations,” he said....

Keystone Adds Oklahoma’s Ascent to Growing Agency Network 0

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Keystone Adds Oklahoma’s Ascent to Growing Agency Network

Article 0 Comments Keystone, the participant-owned insurance agency network, has added Ascent Insurance Group (formerly LBV Insurance) based in Edmond, Oklahoma to its growing network of agencies. Ascent is a boutique style commercial lines insurance brokerage specializing in workers’ compensation and commercial insurance. The company was established in 2006 by entrepreneur Craig Linsenmeyer. Today, Ascent has a team of 29 professionals. Topics Oklahoma 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. Interested in Agency Growth? Get automatic alerts for this topic.

CCC and Google Collaborate to Make It Easier for Consumers to Schedule Online Appointments with Collision Repairers 0

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CCC and Google Collaborate to Make It Easier for Consumers to Schedule Online Appointments with Collision Repairers

“Book Online” button enables appointment scheduling through Google Search and Maps Chicago, IL (Sept. 28, 2023) – CCC Intelligent Solutions Inc. (CCC), a leading cloud platform powering the P&C insurance economy, is pleased to announce that it has teamed up with Google to streamline the online appointment booking process for repair shops that use CCC® Engage. The collaboration introduces a user-friendly “Book Online” button added to Google Business Profiles, Search and Maps, helping participating repair shops stand out in search results and making it easier for consumers to schedule repair appointments. The new “Book Online” button is now live on the Google Business Profiles of repair shops with subscriptions to CCC Engage, a CCC ONE® solution that drives digital traffic to repair shops. The button seamlessly directs consumers to schedule appointments through Carwise, CCC’s online platform that helps consumers find local collision repairers. Carwise integrates with CCC Engage to provide real-time access to repairers’ calendars. “Today’s customers expect convenience and simplicity when booking appointments online, and Google often plays a key role in facilitating that journey,“ said Mark Fincher, vice president, product management, automotive services at CCC Intelligent Solutions. “Through our collaboration, we’re helping to raise the profile of our...