Toronto, Canada, 2021-Jan-27 — /EPR Network/ — Foxquilt, a leading insurance technology company focused on empowering small businesses and B2B networks to save on small business insurance, has partnered with Digital Partners, a Munich Re company, to enable the company to operate as a full-service insurance provider and co-creator of new, end-to-end insurance products/programs for small businesses.
“Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations. However, it requires building new architecture to support data-powered algorithms to afford such value. Our team built a dynamic underwriting platform that rewards business owners with an empowered value offering including simplicity, new products and savings. The progressive platform, Foxden, discerns the nature of the risk, underwrites and rates it, and directs it to a custom-made, proprietary product,” said Mark Morissette, CEO and Co-Founder of Foxquilt.
This Digital Partners collaboration provides the Foxquilt team with the autonomy and capabilities to design innovative products and underwriting and rating algorithms.
“Our partnership with Foxquilt will be our first in Canada, and we are delighted to support them in the Canadian SME insurance market,” said Dave Brune, President and CEO, North America, Digital Partners, a Munich Re company. “At Digital Partners, we continue to be excited to partner with insurtechs like Foxquilt who are leveraging smart data and machine intelligence to efficiently underwrite small business risks and adapt business coverage as clients grow.”
Foxden is a full-stack underwriting platform comprised of data-layered, micro-service architecture. Each of its services, including underwriting and rating, are powered by data algorithms to drive actions across the platform. Foxquilt is one of the first to build a back-end platform focused on profitability; the majority of insurtechs leverage a third-party, vendor platform, don’t own the IP and are encumbered by limitations defined by the vendor. The innovative backend system goes beyond traditional insurance transactions and enables underwriting to interact and get changes to the market real-time. Agnostic to channel, (B2C, B2B, SaaS) the platform accesses new sources of data and establishes instant feedback loops to benefit the entire customer journey.
Foxquilt is a proud champion of small business owners and being powered by Foxden will allow the company to continue its mission to become the leading commercial insurance technology company in North America. In February, Foxquilt is launching their initial commercial lines products in Canada underwritten by Munich Re Innovation Syndicate in collaboration with Digital Partners, a Munich Re company. They will expand their offering into the U.S. this Spring.
Foxquilt is an Insurance technology company focused on empowering small businesses and B2B networks to save on Small Business insurance. Our Insurance-as-a-Service platform is complemented by a unique data and machine learning underwriting infrastructure. Leveraging innovative technology and creating unique products, we make life easier for business owners. For more information, visit https://www.foxquilt.com
About Digital Partners, a Munich Re company
Digital Partners provides insurtechs and digital distributors with a comprehensive, go-to-market partnership, built on the financial strength and expertise of Munich Re. Our partners bring excellence in customer engagement, technology, and brand while our support includes insurance capacity with experimental underwriting, alongside product expertise, data analytics, technology to manage data and carrier connectivity, execution and operational expertise.
SOURCE: Foxquilt Inc.
United States Announces Increased Assistance for the People of El Salvador, Guatemala, and Honduras | Press Release | U.S. Agency for International Development
Yesterday, Vice President Harris announced that the United States is providing $310 million in increased assistance to the Northern Triangle, including $255 million in assistance to meet immediate and urgent humanitarian needs for people in El Salvador, Guatemala, and Honduras, refugees, other displaced people, and vulnerable migrants in the region. The assistance includes
Yesterday, Vice President Harris announced that the United States is providing $310 million in increased assistance to the Northern Triangle, including $255 million in assistance to meet immediate and urgent humanitarian needs for people in El Salvador, Guatemala, and Honduras, refugees, other displaced people, and vulnerable migrants in the region. The assistance includes approximately $104 million from the Department of State, $125 million provided by the U.S. Agency for International Development (USAID), and $26 million through the Department of Defense.
In the last year, the number of people requiring humanitarian aid in these countries has increased more than 75 percent. Now, because of the impacts of COVID-19, consecutive years of drought, severe food insecurity, continued high levels of violence and persecution, and back-to-back hurricanes last November, more than ten million people are in need of humanitarian assistance.
This new funding from USAID will provide critical relief to meet the deepening and compounding needs. This assistance includes:
- Nearly $54 million in Guatemala for emergency food assistance, economic recovery programs to help people rebuild their livelihoods, training for families to promote healthy infant and young child feeding practices, screening for malnutrition, handwashing campaigns and hygiene supplies to help keep people healthy and reduce the spread of disease, protection for the most vulnerable, and support to smallholder farmers—including seeds, fertilizer, poultry, livestock feed, access to veterinary services, and training to build resilience to future climate shocks.
- Nearly $55 million in Honduras for food assistance during the upcoming lean season, support for families to strengthen the resilience and sustainability of their food sources through climate-smart farming practices and diversification of crops, training to help families increase egg production in chickens to provide nutritious food and generate additional income, protection for the most vulnerable, and programs to help communities become better prepared for future disasters.
- More than $16 million in El Salvador for emergency food assistance, protection for the most vulnerable, and support to help people get back on their feet through distributing seeds and tools and improving community gardens and pastures.
The United States is the single largest humanitarian donor in these countries, and remain committed to supporting the people of El Salvador, Guatemala, and Honduras, as well as other vulnerable and displaced people in the region. The U.S. also encourages other donors to contribute to the response efforts.
This support adds to robust, long-term programs to address the root causes of irregular migration from El Salvador, Guatemala, and Honduras by enhancing economic opportunities, strengthening governance and security, supporting human rights, and building greater resilience to climate change.
For the latest updates on USAID support for the development and humanitarian response in these three countries, visit: Generating Hope: USAID in El Salvador, Guatemala, and Honduras
ICAEW: technology transforming traditional audit and enhancing quality of risk assessment in Africa
Technological advances are progressing at an exponential pace in Africa and transforming traditional audit practices. However, while digital transformation heralds a new era of innovation, especially in improving the quality of risk assessment, a critical element of all financial statement audits, significant challenges remain. This was the consensus of business leaders during a recent pan-Africa […]
Technological advances are progressing at an exponential pace in Africa and transforming traditional audit practices. However, while digital transformation heralds a new era of innovation, especially in improving the quality of risk assessment, a critical element of all financial statement audits, significant challenges remain. This was the consensus of business leaders during a recent pan-Africa online event organised by global professional accountancy body ICEAW (the Institute of Chartered Accountants in England and Wales) (www.ICAEW.com).
The online event was held on 30 March 2021 and provided insight from a panel of business leaders who shared knowledge and views on the future of the accountancy profession in a world where digital technologies are transforming business models, industry sectors and the workplace.
Discussions focused on how disruptive technologies are evolving in the accounting profession, the ethical implications, and the strategies required for managing the risks associated with the emerging applications of technology. Panellists included:
- David Matthews, President, ICAEW
- Chemutai Murgor, CFO & Finance Director, East Africa, Standard Chartered Bank, Kenya
- Catherine Musakali, Founder of Dorion Associates & Corporate Governance Consultant, Kenya
- Walter Muwandi, CEO, CCG Systems, South Africa
- Dr Reynolds T Muza, Senior Partner, Harare Ralph Bomment Greenacre & Reynolds
- Ede Dafinone, Deputy Managing Partner, Crowe Dafinone and ICAEW Council Member for Africa
According to the panellists, the automation of audit processes, such as data analysis, will lead to greater consistency and give more opportunities to identify business risks. This will allow better planning of audit activities, especially during the current global crisis.
The panellists applauded government efforts to support the development of innovation and technology by providing the required digital infrastructure. However, while many African nations are embracing digital transformation, the panellists agreed that the adoption of disruptive technology has had a major impact on the workforce across the continent, and that care should be taken to not make many jobs redundant.
While traditional accounting has ancient roots, the tools and techniques used by the profession have always evolved. According to the speakers at the online event, accountants must be able to adapt and upskill to manage these technological changes, such as the need for increased knowledge of data analytics and cybersecurity, to remain competitive.
Ethics and professional judgement must also play a critical role in the digital age to ensure accountants continue to build public trust in business and uphold the reputation of the profession. Panellists agreed there is an opportunity for codes of ethics to be broadened to recognise the role of the accountancy profession in championing ethical principles when developing and applying technology.
The speakers also highlighted how the rapid growth in technology has automated many compliance elements of accountancy but increased complexity and risk. Such elements involve ensuring that a company’s financial matters are being handled in accordance with federal laws and regulations. They called for the creation and promotion of standards for how technological tools should be developed and implemented to reduce risk and make sure that benefits, such as reducing the effort needed and increasing productivity, are achieved. They also advised that audit teams need to be properly equipped with experts on different software applications and platform technologies to be able to inform clients on the strengths of their security.
David Matthews, ICAEW President, said: “Technology is transforming the accountancy profession. Automation technologies, in particular, will change the role of chartered accountants. As technology’s influence in the working world spreads, accountants will have to diversify their skills, and an increased focus on advisory skills will mean that accountants will often find themselves acting as the broker between technical experts and clients.”
Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “In the coming decades, intelligent systems will take over more and more decision-making tasks from humans. While accountants have been using technology for many years to improve productivity and deliver more value to businesses, this is an opportunity to reimagine and radically improve the quality of business and investment decisions.
“To realise this potential, our profession needs to imagine how new technologies can transform our approach to the fundamental business problems we aim to solve. Accountants that stay on top of technology trends, and can adapt to integrate changes, will be best positioned to leverage them for future growth.”
Ede Dafinone, Deputy Managing Partner, Crowe Dafinone, said: “The rate at which technological advancement is accelerating across industries in Africa is astonishing. And the implementation of such technologies presents a unique opportunity for economic development in the continent.
“Accountants have embraced waves of automation over many years to improve the efficiency and effectiveness of their work. However, technology has not been able to replace the need for expert knowledge and decision-making. Therefore, we must recognise the strengths and limits of this different form of intelligence, and build an understanding of the best ways for humans and computers to work together.”
The panellists advised audit firms in Africa to invest in digital initiatives, such as AI, blockchain, cybersecurity and developments in data capabilities. Investment in these initiatives will equip accounting professionals with the capability to expand their assurance services to deal with the new technology-driven risks that their clients face and safeguard their digital assets.
The webinar was attended by over 250 professional accountants, ICAEW students and members, as well as members of other professional bodies across Africa including the Institute of Chartered Accountants of Nigeria (ICAN), Institute of Chartered Accountants of Zimbabwe (ICAZ), Institute of Chartered Accountants of Ghana (ICAG), the Institute of Certified Public Accountants of Kenya (ICPAK), and the Pan African Federation of Accountants (PAFA).
Distributed by APO Group on behalf of ICAEW.
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National Press Club to highlight three major cases on World Press Freedom Day, May 3
/PRNewswire/ — The National Press Club (NPC) will host a virtual event on May 3 – World Press Freedom Day – highlighting the cases of three journalists who…
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WASHINGTON, April 5, 2021 /PRNewswire/ — The National Press Club (NPC) will host a virtual event on May 3 – World Press Freedom Day – highlighting the cases of three journalists who need our help: Maria Ressa, Austin Tice, and Emilio Gutierrez-Soto.
National Press Club to highlight three major cases on World Press Freedom Day, May 3
All three journalists – Ressa, Tice, and Gutierrez-Soto – are past recipients of the Club’s John Aubuchon Award — the NPC’s highest honor for press freedom. Each is still struggling for freedom.
Attendees will experience a virtual platform that looks and feels just like a visit to the National Press Club, The World’s Leading Professional Organization for Journalists™, and can navigate between three main events:
- A major address by Maria Ressa, who will provide an update on her case in the Philippines, where she faces up to seven years in prison for a conviction on trumped-up charges of “cyber libel.” After her remarks she will be in conversation with Jason Rezaian of The Washington Post.
- A unique perspective on the case of Austin Tice, the Marine veteran and Polk Award-winning journalist that has been held in Syria for more than eight years. Austin’s niece Maia who just turned 11 will discuss her memories of her uncle and her advocacy for him in school and her neighborhood. Maia will be interviewed by National Press Club President Lisa Matthews.
- An update on the case of Emilio Gutierrez-Soto, a Mexican journalist driven from his hometown by death threats from the military, which was acting on behalf of cartels. Gutierrez-Soto has been fighting for asylum ever since. He was almost deported in late 2017. Now, with a new administration, there is renewed hope for asylum in this case. Joining in the conversation will be Kathy Kiely of the University of Missouri School of Journalism and Lynette Clemetson of the Knight Wallace Program at the University of Michigan. John Donnelly, Chair of the Club’s Press Freedom Team, will moderate the program.
Guests are welcome to experience one or all of these programs and may also visit the social lounge for conversation about these cases with NPC members and press freedom advocates from many of our other sponsoring organizations.
Registration is free, however donations are encouraged, and will support the National Press Club’s ongoing press freedom efforts and activities — including offsetting costs of programs like this one.
PRESS CONTACT: Lindsay Underwood for the National Press Club; [email protected], (202) 662-7561
SOURCE National Press Club
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