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Business leaders call for ‘patience and civility’ ahead of US election, tying economic health to democracy

Business leaders call for ‘patience and civility’ ahead of US election, tying economic health to democracy

Business leaders are calling on Americans to be patient and civil ahead of the 2020 presidential election, citing the importance of maintaining confidence in democracy during the coronavirus pandemic.



Michael E. Porter wearing a suit and tie: Harvard Business School professor Michael Porter.


© David De La Paz
Harvard Business School professor Michael Porter.

More than 50 executives across the fields of tech, finance, retail, and real estate signed onto a statement released Wednesday by the Leadership Now Project, a group founded by Harvard Business School alumni focused on protecting democracy.

“America has successfully held elections through previous challenges, like the Civil War, World Wars l and ll, and the 1918 flu pandemic… we can and must do so again,” the group said in the statement. “As business leaders, we know firsthand that the health of America’s economy and markets rests on the founding principle of our democracy: elections where everyone’s vote is counted.”

The statement was backed by big names in business, including LinkedIn co-founder Reid Hoffman, Harvard Business School professor Michael Porter, former Yahoo chief executive Marissa Mayer, and General Assembly chief executive Lisa Lewin. Massachusetts executives on the list include Seth Klarman of Baupost Group, Tricia Glynn of Advent International, Trinidad Grange-Kyner from Tufts Health Plan, and Eric Spindt from Commonwealth Financial Group.

The group emphasized that it could take weeks or more until election results are confirmed because of the number of citizens voting by mail this year. They asked Americans to stay calm, “making it clear that they will refuse to accept any results called too early or based on insufficient data.”

The statement also called on journalists to “avoid calling the election before sufficient data are available,” and asked business leaders to “promote patience and civility among employees, communities, and the American people.”

LinkedIn’s Hoffman wrote that “election results inaccurately or prematurely reported by journalists, elected officials

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In A Year Combining 1918, 1929, 1968, Financial Services Leaders Talk Strategy

In A Year Combining 1918, 1929, 1968, Financial Services Leaders Talk Strategy

This year to me has been like 1918, 1929 and 1968 all wrapped into one. As financial services is central to our economy — and society — I held a September 10, 2020 conversation with four industry leaders to discuss their strategy; the Zoom audience was about 500. Here are some key lessons from these leaders on topics like the customer experience, diversity & inclusion, technology and the opportunity for transformation.

Chetan Kandhari, SVP, Chief Innovation Officer and Digital Officer, Nationwide Mutual Insurance Company talked about the concept of true dialogue, “We have to stop viewing things as a transaction but really as a constant engagement dialogue. Go away from episodic behavior to make sure we know the journeys we all want to be on, and the transaction is only part of that. This requires advanced analytics, it requires an emotional connection, and it requires the contextual information to make it personalized. I think that’s where you have to start heading if you really want to put the customer in the center which respects that today’s customer is very digitally savvy.”

Mary McDuffie, President and Chief Executive Officer of Navy Federal Credit Union, discussed their approach towards customer centricity, “Radical simplicity is how we’re approaching change to the member experience. How do you leverage the opportunity for emotional connection through the digital interaction? Now more than ever, we have to think, ‘what does the consumer want?’ Because nobody wants something more complicated. We take a lot of time training people on empathy because at the end of the day, if the member can’t make something work, they’re going to want to talk to someone. So, I think it’s a mistake to focus solely on digital. We’re all in

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Insurance Industry Leaders Including AmWINS Group, CRC Group, Heffernan, and Patra form Solution Development Alliance

Insurance Industry Leaders Including AmWINS Group, CRC Group, Heffernan, and Patra form Solution Development Alliance

EL DORADO HILLS, Calif., Oct. 13, 2020 /PRNewswire/ — Patra, a leading provider of technology-enabled solutions for the insurance industry, along with AmWINS Group, CRC Group, Heffernan Insurance Brokers, are among the leading companies that have formed InsurConneXtions Alliance, a strategic alliance that will prioritize, develop, and integrate specific technology solutions into critical insurance processes – for the purposes of driving processing efficiencies and industry standards.

The Insurance industry will need to rapidly adopt technology to drive efficiencies and economic value for our customers

The formation of InsurConneXtions represents leaders across insurance technology, brokerage, wholesale, and specialty insurance, and represent over $50 Billion in Insurance premiums. 

With a multitude of decisions and rapid changes facing the insurance industry, collaboration and cooperation is required to accelerate the integration of technology into critical and high-volume processes. The charter members of the Alliance are well positioned to leverage their expertise, experience, and market position to accelerate the deployment of technology into a variety of insurance processes. 

The alliance has unanimously selected to begin its collaboration by focusing on technology and efficiency improvements to policy checking. Policy checking is a high volume and comprehensive process that performs a critical validation for accuracy and integrity of policy issuance across carriers, wholesalers, and brokers. Beginning this month, alliance members will work together to drive the evolution of Patra’s industry leading policy checking solution.

“The need for insurance leaders to collaborate on technology has never been more important and this InsurConneXtions will be an important and strategic contributor,” said John Simpson, CEO and Founder of Patra. “With industry leading firms along with Patra’s technology and full-service delivery capabilities, a collaborative approach will help ensure a more rapid delivery of tech-enabled solutions to help solve our common challenges.”

“Speaking on behalf of the membership, we are excited

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G7 financial leaders say they will oppose Libra until it is ‘adequately’ regulated

G7 financial leaders say they will oppose Libra until it is ‘adequately’ regulated

Financial leaders from the world’s seven largest economies (G7) will oppose the launch of Facebook’s Libra stablecoin until it is “adequately” regulated, according to a Reuters report published Monday. 

Reuters reviewed a draft statement that had been prepared for a meeting of finance ministers and central bankers from the U.S., Canada, Japan, Germany, France, Italy and Britain. According to the report, the statement said that although digital payments have several benefits, payment services must be supervised and regulated to protect consumer privacy and maintain cybersecurity. 

Without more oversight, stablecoins like Libra could be used for illegal financial activities, the statement warned, according to Reuters. 

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” the draft said.

The statement comes several months after the Financial Stability Board, which coordinates rules for the Group of 20 (G20) economies, published a list of high-level recommendations for how financial regulators around the world should approach stablecoins.

 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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State and city leaders blame social gatherings, not businesses or schools, for coronavirus uptick in New London

State and city leaders blame social gatherings, not businesses or schools, for coronavirus uptick in New London

Connecticut and local officials said Monday that the recent uptick in coronavirus cases in New London can be traced back to a series of social gatherings and other small social interactions — not to local school or business reopenings, or to the nearby casinos.

“We’re being told by the contact tracers that it’s not coming from any institutional or business setting, it’s coming predominantly from social spread … where people are letting their guard down,” said New London Mayor Michael Passero.

He pointed to situations — such as small family gatherings that are well within the state limits on gathering size — where people may feel relaxed enough that they remove their masks or sit nearby one another. But COVID-19 can still spread, even among a small group of people and even from people who aren’t displaying any symptoms.

“The institutional environments — nursing homes, schools, even the casino — they have these strict protocols in place, people are less likely to let their guard down,” Passero said. “So where it’s spreading now is where people are more likely to be relaxed and let their guard down.”

The state issued a COVID-19 alert for New London on Thursday, after a steep increase in cases in the city. New London and the surrounding areas saw relatively few cases in the spring, and by Sept. 25 New London had recorded a total of 229 confirmed or probable COVID-19 cases since the pandemic began in March. But from Sept. 25 to Oct. 9, New London’s cases jumped up to 368 — an increase of 139 in just two weeks.

The reported cause of the New London uptick align with comments made by Dr. Deborah Birx, the White House coronavirus response coordinator, during a visit to UConn’s Hartford campus last week.

“This is really

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