By Jessica Dolezal, Sr., Data Scientist, Prevedere Despite the promise of big data to provide insurance companies with revolutionary insights that will drive business forward, the benefits of such data have proven elusive. In fact, less than 20% of insurers had leveraged or were planning to leverage big data as of 2015. But there is […]
Strong sellers’ market continues in United States and Canada CHICAGO—Jan. 30, 2017—Mergers and acquisitions of insurance agencies last year were the second-highest ever in 2016, according to OPTIS Partners’ annual report. The OPTIS database recorded 449 deals in the United States and Canada in 2016, a slight dip from the all-time record of 456 in […]
Governor Andrew M. Cuomo has advanced a new proposal to further protect consumers from egregious and deceptive behavior in the financial services industry by pushing to empower the state Superintendent of Financial Services to ban certain “bad actors” from the banking and insurance industries for misconduct like that seen in the Wells Fargo scandal. “New […]
The New York State Department of Financial Services (DFS) has updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the growing threat of cyber-attacks. The proposed regulation, presented by Superintendent Maria T. Vullo will be effective as of March 1, 2017, and will require banks, insurance companies, and other financial services institutions […]
Written by Pauline Brown, VP of Marketing at Dataiku, edited by the Insurance Advocate The facts and the sequence in which they fall are quite simple: Today, traditional companies in the banking and insurance sectors are seriously challenged by internet-era giants like GAFA (Google, Amazon, Facebook, Apple) and disruptive startups in Fintech and IoT. To […]
275 Gather at New York’s Historic Union League Club to Honor MetLife Leader and NYC’s Fire Commissioner More than 250 insurance leaders joined in the Insurance Federation of New York’s (IFNY) 102nd Annual Award Luncheon honoring Steven A. Kandarian, Chairman, President and CEO, MetLife, Inc., as he received the Federation’s 2016 Free Enterprise Award. New […]
Independent principals and producers in the property and casualty (P&C) insurance space remain optimistic about the state of the industry and continue to expect growth in the coming years. Agencies are predicting growth in technology budgets in the next 12 months, though smaller agencies are more likely to focus these investments on maintenance of current […]
NYiDAY Program Delivers, Lives On If you weren’t in attendance at NYiDAY 2016 in Manhattan a few weeks ago, you missed out. But have no fear, we’re bringing you some of the highlights and sharing news on how to take advantage of the event’s content. View from 50,000 Feet Set in dynamic Times Square, IIABNY […]
Implications Are Far Reaching Can D&O Insurance Protect Officers and Directors Against an Increasingly Aggressive Department of Justice? BY DAVID WOOD and JOSHUA B. ROSENBERG On September 9, 2015, the U.S. Department of Justice published a memorandum entitled “Individual Accountability for Corporate Wrongdoing,” authored by Assistant Attorney General Sally Quillian Yates, the product of a […]
Survey of Data Breach Notification Statutes By James Westerlind, Arent Fox LLP INTRODUCTION Connecticut, the District of Columbia, Florida, New Jersey, New York, and Pennsylvania have enacted data breach notification statutes which apply to any business (including any insurance company or insurance producer) that acquires, owns or licenses computerized data that includes personal information of […]
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