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Posted in Business

Digit Insurance is Busting Complexity in Insurance With Technology

4 min read

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Having worked in the insurance industry for 30 years, Kamesh Goyal exactly knows the challenges facing it—confusion created by jargon-heavy terms and conditions and the resulant mistrust of the industry.

“Insurance is supposed to be a trust-based system where one is assured help during difficult times,” says the Chairman, Goyal. “In a country like India where insurance penetration is low, I understood where exactly the challenge and opportunity lay.”

Digit Insurance, one of the first fully cloud-based insurance firms in India, came about in 2016 with Goyal wanting to ‘make insurance simple’ through technology. The core idea was to simplify the customer’s journey and provide them with a seamless experience, right from picking products, to policy issuance to claim processes, as per Goyal.

The full-stack insurtech startup powered by Artificial Intelligence (AI), Machine Learning

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Posted in Money

G30 on Digital Currencies: Balance Needs to be Struck Between Protection and Privacy

WASHINGTON, July 30, 2020 /PRNewswire-PRWeb/ — The Group of Thirty (G30) today published Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead, the report on its study of digital currencies. From Bitcoin and (Facebook’s) Libra to central bank digital currencies, payment systems are evolving rapidly. The G30 report makes clear that decisions by regulators on how to deal with digital currencies, now and over the next few years, could shape the global financial system for decades to come.

The report also includes a definitive description of the digital currency that will be issued by the People’s Bank of China.

“The contours of the digital currency landscape are evolving rapidly. Digital currencies have significant benefits, but if poorly executed or overseen, they may also put at risk user funds and data privacy. Policymakers need to approach these transformative technical developments with their eyes open, conscious of opportunities but also

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Posted in Personal

Is it OK to never have a credit card?

Sara Rathner, NerdWallet
Published 8:06 p.m. ET July 26, 2020

Thanks to quick online applications and, in some cases, instant approval, credit cards make it as easy to build your credit history as it is to make purchases. But they can also make it easy to fall into debt if you struggle to pay on time or tend to spend more than you have.

As a result, some people regard credit cards with skepticism: 17% of U.S. adults don’t have one, according to a 2019 Federal Reserve report.

No financial product is one-size-fits-all, and it’s OK if credit cards aren’t for you. There are other ways to establish credit — and keep your credit scores high — that don’t involve a credit card.

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Posted in Business

Bright Health Plan to Open New Contact Center in Tempe, Arizona in October 2020 | News

TEMPE, Ariz., July 30, 2020 /PRNewswire/ — Today, Bright Health Plan (BHP), with the support of the Greater Phoenix Economic Council (GPEC), Arizona Commerce Authority and City of Tempe, announced its decision to open a new contact center in Tempe, Ariz., to support Bright Health Plan’s rapidly growing membership across the country. The contact center will bring 35 jobs to the Tempe area this year and an additional 40 jobs in 2021. Initial services will include sales and sales service, and plans are in place to provide bilingual phone- and chat-based support for all Bright Health Plan members as early as next year.

“After considering several locations across the country, we chose Tempe because of the region’s cultural significance, diverse talent pool and quality of life,” said Jim Bletzer, senior vice president of Sales for Bright Health Plan. “It is the perfect community to partner with

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Posted in Finance

Ashland reports preliminary financial results for third quarter of fiscal 2020 consistent with previous update

WILMINGTON, Del., July 28, 2020 (GLOBE NEWSWIRE) — Ashland Global Holdings Inc. (NYSE: ASH) today announced preliminary1 financial results for the third quarter of fiscal 2020 which ended June 30, 2020. The global specialty materials company serves customers in a wide range of consumer and industrial markets.

As expected, the Ashland portfolio demonstrated resilience during the quarter, despite the global macroeconomic uncertainty brought on by the COVID-19 pandemic. Sales were $574 million, down 10% versus the prior-year quarter, with the previously communicated prior-year business losses representing approximately one percentage point of the decline. Unfavorable foreign currency contributed an additional one percentage point. Net income was $37 million compared to net income of $66 million in the prior-year quarter, as the prior year included earnings from the Composites and Marl businesses. Income from continuing operations was $50 million compared to income of $23 million in the prior-year quarter, or $0.81 … Read More

Posted in Insurance

Court backs Trump expansion of cheap health insurance plans

WASHINGTON (AP) — A divided federal appeals court on Friday upheld the Trump administration’s expansion of cheaper short-term health insurance plans, derided by critics as “junk insurance,” as an alternative to the Affordable Care Act’s costlier comprehensive insurance.

The U.S. Court of Appeals for the District of Columbia Circuit said in a 2-1 decision that the administration had the legal authority to increase the duration of the health plans from three to 12 months, with the option of renewing them for 36 months. The plans do not have to cover people with preexisting conditions or provide basic benefits like prescription drugs.

President Donald Trump, who wants to get rid of the entire health care law but failed to repeal it in Congress, has praised the plans as “much less expensive health care at a much lower price.”

House Speaker Nancy Pelosi said the decision would allow the administration to “keep

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Posted in Personal

What to Do If Your Business Is the Victim of a Crime

At the core of Entrepreneurs’ Organization (EO)‘s mission is an unrelenting commitment to helping entrepreneurs learn and grow in every stage, both personally and professionally. Businesses are facing unprecedented challenges due to both Covid-19 restrictions and protests against police brutality. We asked Emily Lazration from CoverWallet, a tech company that makes it easy for businesses to understand, buy and manage commercial insurance online, what steps business owners should take if their company is the victim of a physical or cyber crime. Here’s what she shared:

Imagine arriving at your business one morning to find it broken into and damaged. This is an unfortunate reality for many small business owners. Despite taking reasonable preventative measures, your business could still be the victim of a crime.

How to deal with burglary and vandalism

So, what should you do if you find yourself in this situation?

  • Call the police immediately. As
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Posted in Business

Oscar Health bets on virtual primary care

The coronavirus pandemic has driven interest in telehealth among patients and physicians like never before. Oscar Health is betting that the appetite for virtual care is here to stay.

The New York-based health insurance startup said Thursday that it will offer individual and family plan members in certain states a new option to receive all primary care services virtually, beginning in 2021.

Just like at a brick-and-mortar primary care practice, members who choose the option will see the same care team during each virtual visit. Each primary care visit, as well as generic and low-cost brand name prescription drugs, labs, and diagnostic imaging orders and the first specialist visits will cost the member nothing out of pocket. The option will be offered on all of Oscar’s health plans in areas of California, Florida, New York and Texas.

“The idea is that members will develop long-term relationships with clinicians that get

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Posted in Finance

Rexnord Reports June Quarter 2020 Financial Results

Call scheduled for Wednesday, July 29, 2020 at 8:00 a.m. Eastern Time

Todd Adams, President and Chief Executive Officer, commented, “Our second quarter results demonstrate our ability to nimbly execute amid the unprecedented social and economic challenges created by COVID-19. It also highlights the benefits of the significant changes we’ve made to our business to drive above-market growth, strong margins and higher levels of free cash flow over the course of a business cycle, including one as extreme as the last six months. The trajectory of overall demand levels improved over the course of the quarter, but we continue to be cautious about the remainder of the year based on the current realities and potential range of outcomes due to the pandemic. Our focus over the next six months will be to relentlessly execute against our highest strategic priorities, including the third phase of our Supply Chain Optimization and Footprint … Read More

Posted in Insurance

Maternity benefit could be increased

The Employees’ State Insurance Corporation (ESIC) has moved a proposal to increase the confinement (maternity) expenses paid to an insured woman or an insured person for his wife under its health insurance scheme to 7,500 from 5,000.

According to a draft notification issued by the Ministry of Labour and Employment, stakeholders have been given 30 days’ time for providing their feedback on the proposal to hike maternity benefit under the ESI insurance scheme after which the government would consider the feedback and take the final call.

The notification proposes to change Rule 56A of the Employees’ State Insurance (Central) Rules, 1950, substituting the words “rupees five thousand” with “rupees seven thousand five hundred”.

Under Rule 56A, an insured woman or an insured person in respect of his wife is paid 5,000 per case on account of confinement expenses.

The benefit is available in those

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