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Streamlining Submission Management for Insurers and MGAs: How Magic Submission Transforms the Process
IntellectAI has launched Magic Submission, an AI-powered platform designed to transform the insurance submission management process. This innovative solution addresses the challenges faced by insurers, brokers, and managing general agents (MGAs) in processing high volumes of submissions, which often include both structured and unstructured documents. Magic Submission automates this process, achieving over 95% accuracy and significantly reducing the time required for underwriting decisions. By utilizing advanced technologies like AI and machine learning, it enhances risk selection, improves communication, and ensures regulatory compliance, allowing underwriters to focus on core competencies and ultimately boost business performance in a competitive market.
Eclypsium Secures $45M to Strengthen Supply Chain Security Against Growing Cyber Threats
Eclypsium, a leader in infrastructure supply chain security, has raised $45 million in an oversubscribed Series C funding round, bringing its total equity funding to $85 million. The round attracted new investors including Qualcomm Ventures and Pavilion Capital, alongside returning investors like Andreessen Horowitz. The funding will enhance security for generative AI hardware, smart devices, and expand operations in North America and APAC. Eclypsium aims to bolster its supply chain research lab for security assurance services. CEO Yuriy Bulygin emphasized the need to protect infrastructure from nation-state threats, reinforcing their commitment to cybersecurity leadership.
Forter Unveils Groundbreaking Beta: Predictive Payment Routing to Revolutionize Transactions
Forter has launched significant upgrades to its Payment Optimisation suite, featuring a beta version of Predictive Payment Routing and a GenAI agent detection tool. These enhancements aim to address evolving consumer behavior and rising fraud tactics in digital commerce. Key features include intelligent authentication, processor recommendations, and network tokenization, all designed to boost authorization rates and reduce costs. The GenAI tool distinguishes between helpful and harmful bots, enhancing transaction security. Forter has also improved fraud detection capabilities and achieved Premier Partner status in Shopify’s Enterprise Technology Partner Program, highlighting its commitment to secure online transactions for major brands.
Shanghai Stock Exchange Unveils ESG Guidelines to Enhance Sustainability Reporting
The Shanghai Stock Exchange (SSE) has introduced two new guides to enhance the Environmental, Social, and Governance (ESG) reporting framework, aimed at improving sustainability practices among listed companies. Supervised by the China Securities Regulatory Commission, Guide No. 4 targets general companies, while Guide No. 13 focuses on those on the STAR Market. These guides feature practical templates, technical insights on ESG standards, and voluntary adoption encouragement. By 2024, over half of SSE-listed companies reported on sustainability, with 342 earning MSCI ESG ratings. The SSE aims to continuously refine its ESG guidelines to bolster sustainable finance in China.
FDATA Champions Rapid Open Finance Adoption in Canada’s Budget Strategy
The Financial Data and Technology Association of North America (FDATA) has called on Canada’s Department of Finance to expedite Open Finance implementation in Budget 2025, aiming to enhance financial transparency and accessibility for consumers and SMEs. In its pre-budget submission, FDATA recommended a swift, regulated rollout of Open Banking, including small business accounts, adequate funding for the Financial Consumer Agency of Canada (FCAC), and consumer education. It also proposed a tiered compliance enforcement by the FCAC to foster innovation while maintaining system integrity. FDATA advocates for an immediate initiation of the Open Finance framework to boost market competition.
Pixee Secures $15M in Funding to Revolutionize Application Security with AI-Powered Code Remediation
Pixee, a U.S.-based application security firm, has secured $15 million in seed funding to enhance its AI-driven code remediation platform aimed at automating security processes for developers. Co-led by Decibel and Wing VC, with support from TEDCO and strategic angels including early GitHub engineer Zach Holman, the funding will accelerate product development and expand Pixee’s market efforts. The platform automates application security, improving developer efficiency with reported gains of 91% in remediation time reclaimed and 74% in triage time. CEO Surag Patel emphasized empowering security teams to enhance productivity and expedite secure code delivery.