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Fintech has shown few signs of recovering in 2024 as funding declines and layoffs continue. VCs said they want to pick up deals this year in AI and cost-management tools for software. Investors digging for deals in the fintech industry are zeroing in on a few pockets of resilience. Venture funding to financial-technology startups fell by 50% in 2023 from 2022, according to CB Insights. Only one month into 2024, fintech layoffs have been abound.
Persons: Fintech, VCs, Jack Dorsey's Block Organizations: PayPal, Business Locations: Brex
Let's take a step backFor Wall Street interns, this week marks the start of their professional lives. So to the Wall Street interns who don't get a return offer in a few months, don't worry, you will too. Read more about Jefferies' Richard Handler explaining how Wall Street interns need to keep perspective. Check out all 15 pieces of advice Handler has for Wall Street interns. We asked our rising stars of Wall Street for some book recommendations.
Persons: Dan DeFrancesco, we've, I've, Richard Handler Jefferies, Richard Handler, Jefferies, Handler, It's, That'd, Guess, Tiffany Haley, Binance, Insider's Navah Maynard, Brandon Snower, Jeffrey Cane, Jack Sommers Organizations: Costco, Jefferies, Wall, Twitter, ESPN, Wall Street, SEC, Vanguard, Nike, LinkedIn Locations: New York, London
Clover Health bet its technology would disrupt health insurance, but it's struggled with losses. Now it's cutting jobs and it plans to outsource some health-plan operations to lower its costs. Clover Health, an insurance upstart that bet its technology could transform healthcare for seniors, now plans to outsource basic functions like paying medical claims. The Tennessee-based health insurer said Monday that it will shift the responsibility of its core operations to UST HealthProof, a company that handles administrative operations for health plans. It's not unusual for small health insurers to outsource some health-plan operations.
Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.
Strategic partnerships are one way organizations can expand their offering to drive significant customer satisfaction and engagement. Some well-known examples of successful strategic partnerships include Starbucks and Target. Businesses are looking at strategic partnerships for growth now more than ever. Partnering with another business means you'll be able to reach their clients as well, making strategic partnerships an incredibly effective marketing strategy for both sides. The ability to support the transactional experience, enabling strategic partners to provide their customers with additional value while staying focused on their core business.
Insider Intelligence details AI use cases within the insurance industry, and explores potential risks to this tech. download the app Email address By clicking ‘Sign up’, you agree to be contacted by Insider Inc. and receive emails from Insider Intelligence and eMarketer (e.g. And insurers are integrating AI implementations across their front, middle, and back offices in order to fend of tech-savvy startups. To help insurance professionals navigate this digital transformation, Insider Intelligence put together the AI in Insurance Report. The report assesses the business impact of insurers that choose to implement AI in their front, middle, and back offices.
Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.
US-based insurtech Ethos achieved a $2 billion valuation following a $200-million Series D round. Get a daily newsletter packed with financial services data, insights, and analysis from the Insider Intelligence team. Founded in 2016, Ethos offers both term and whole life insurance underwritten by partner carriers . It can take weeks for consumers to access life insurance coverage due to back and forth with incumbents, often including a doctor's visit and blood tests. And booking such exams got harder last year as doctors were called to the pandemic fight, making life insurance applications all the more arduous.
Persons: insurtech, Jay, Robert Downey Jr, Will Smith, insurtechs Organizations: Intelligence, Insider Intelligence, Banking, Insider Inc, Service, Ethos
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