Michael Shashoua

New Jersey

Memoir out now: https://t.co/1tbfLVltcp Day job is w/ @_diginsurance Formerly #fintech marcom & @referencedata. superfan of @genesis_band, @FordhamGBA alum

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Articles

Small retirement plans need stronger cybersecurity to insure accounts

3 days ago | dig-in.com | Michael Shashoua

Small and medium size retirement plan sponsor businesses (SMBs) need to strengthen their cybersecurity defenses against AI-powered attacks, according to Richard Clarke, chief insurance officer at Colonial Surety. These attacks often target older retirement account holders, he said.
Sharing data could enhance nat cat models, experts say

6 days ago | dig-in.com | Michael Shashoua

Insurers need more collaboration and partnership to make natural catastrophe (nat cat) models more effective, according to insurance executives who spoke in a recent Insurtech Insights webcast. Government, academia, actuaries, distributors, reinsurers and others all have something to offer to help build or improve upon nat cat models, said Angela Grant, chief legal officer and corporate secretary at Palomar, a specialty insurer.
The Stablecoin Breakout

1 week ago | garp.org | Jeffrey Kutler |Michael Shashoua

On February 25 at the Economic Club of Washington, D.C., in a public conversation with club chairman David Rubenstein, Bank of America CEO Brian Moynihan delved briefly into the subject of stablecoins.
Empathy gains support in new funding round

1 week ago | dig-in.com | Michael Shashoua

Life insurance technology company Empathy announced a $72 million Series C fundraising round on May 29. Digital Insurance spoke with Empathy co-founder and CEO Ron Gura in March about the company's services. The fundraising round was led by Adams Street Partners with participation from General Catalyst, Index Ventures, Entrée Capital, Brewer Lane Ventures, SemperVirens, Latitude, and LionTree, totaling $162 million in capital raised, according to a press release.
State Farm's added California rate hike request gets pushback

2 weeks ago | nationalmortgagenews.com | Michael Shashoua

State Farm is going back to California's regulator for a higher homeowners rate increase. One week after State Farm General, the California division of the State Farm parent company, won approval from California insurance commissioner Ricardo Lara for a 17% emergency rate increase, effective June 1, it amended its previous increase request. State Farm General had filed with the California Department of Insurance (CDI) seeking a 30% increase, but later lowered that request to 22%.
State Farm's added California rate hike request gets pushback

2 weeks ago | dig-in.com | Michael Shashoua

State Farm is going back to California's regulator for a higher homeowners rate increase. One week after State Farm General, the California division of the State Farm parent company, won approval from California insurance commissioner Ricardo Lara for a 17% emergency rate increase, effective June 1, it amended its previous increase request. State Farm General had filed with the California Department of Insurance (CDI) seeking a 30% increase, but later lowered that request to 22%.
Insurers must manage governance and bias to comply with AI regulation, experts say

2 weeks ago | dig-in.com | Michael Shashoua

Insurers have several ways to ensure compliance with new regulation on their use of AI, according to insurance compliance experts. More regulation of insurance companies' use of AI has taken effect in the past couple years. In the U.S., NAIC guidance has taken hold in 24 states. The EU and U.K. have had AI regulations or guidance in place since early 2024.
AI data management crucial for insurers' compliance

2 weeks ago | dig-in.com | Michael Shashoua

A lack of knowledge about the data science that supports AI, both by insurers and their regulators, is an obstacle to creating appropriate regulatory models, according to insurance compliance experts. "The insurance company really is not in a position to explain, to the satisfaction of the regulator, where that information comes from and what the models really do," said Scott Harrison, co-founder of the American InsurTech Council, speaking in a recent Insurtech Association webcast.
Independent agents need data support to use agentic AI

2 weeks ago | dig-in.com | Michael Shashoua

IMA Financial Group, an insurance and financial services firm with more than $8 billion in annual premiums, has been developing AI capabilities for internal firm use. Even at that size, IMA operates as an independent broker, so the firm is concerned about how agents and brokers can use AI technology. Digital Insurance spoke with Garrett Droege, senior vice president and director of innovation and digital risk at the company, about agentic AI and data necessary to support these operations.
State Farm emergency rate increase approved in California

3 weeks ago | dig-in.com | Michael Shashoua

A California administrative law judge approved State Farm General's interim emergency rate increase on May 13, followed on the same day with a confirmation by the state's insurance commissioner. Consumer Watchdog, which disputed the rate increase, called the decision "a great disappointment for consumers," in a statement by Carmen Balber, the organization's executive director.