Category: Economics

JOTO PR Disruptors reveals key e-commerce strategies post record Cyber Monday sales

Post author By Editor
Post date December 3, 2023
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In an analysis of Cyber Monday 2023, JOTO PR Disruptors^TM unveils revolutionary AI and AR strategies poised to redefine e-commerce. Discover how these cutting-edge technologies are shaping future consumer trends and driving business success in the digital marketplace.

TAMPA, Fla. — JOTO PR Disruptors, a leader in disruptive PR strategies, analyzes the transformative consumer behavior and record-breaking sales trends of Cyber Monday 2023.

The BNN Network report on Black Friday and Cyber Monday 2023 revealed a significant uptick in online shopping trends. Notably, Black Friday recorded an impressive $9.8 billion in online sales in the U.S., a 7.5% increase from the previous year, with global online sales reaching $70.9 billion, an 8% increase. Cyber Week was expected to generate $37.2 billion in online spending, a 5.4% increase, and Cyber Monday was projected to hit a record $12 billion in sales.

These figures demonstrate a robust growth in e-commerce, driven by substantial discounts and a stronger consumer spending capacity, particularly evident in the increased use of smartphones for shopping ⁽¹⁾ JOTO PR Disruptors offers insights and disruptive communication tips for companies looking to optimize their e-commerce strategies using the latest AI and AR technologies in 2024.

“2023’s Cyber Monday has not only broken sales records but also highlighted significant shifts in consumer behavior,” says Karla Jo Helms, Chief Evangelist and Anti-PR Strategist for JOTO PR Disruptors.

“Understanding and leveraging these changes, especially through emerging technologies like AI and AR, is crucial for companies to stay ahead in the digital marketplace.”

In anticipation of the evolving market dynamics, JOTO PR Disruptor has outlined three essential strategies that businesses will need to prioritize in 2024. These strategies are designed to effectively respond to the ‘Amazon effect,’ a consumer trend characterized by increasing demands for convenience, efficiency, and tailored shopping experiences. By adopting these approaches, companies can stay ahead in a marketplace heavily influenced by the benchmark set by Amazon, ensuring they remain competitive and in tune with consumer expectations. JOTO PR emphasizes the necessity of these strategies in navigating the shifting landscape of consumer preferences and e-commerce.

Optimized E-Commerce Strategies: Integrating AI-driven tools for automating routine processes, improving operational efficiency, and offering personalized shopping experiences. Utilize AR technology to provide virtual try-ons and immersive product demonstrations, transforming how consumers interact with products online.⁽²⁾
Leveraged Data Analytics for Personalized Marketing: Employing AI to analyze customer data, including browsing history and purchasing tendencies, for targeted and customized marketing strategies. This approach enhances customer engagement and conversion rates.⁽²⁾
Improved Customer Experience and Engagement: Using AI-powered customer service technologies and AR-driven product demonstrations to increase customer interaction and satisfaction.⁽³⁾

To enhance the impact of these innovative technologies, companies will also need to employ dynamic and disruptive communication strategies:

Virtual Reality Press Conferences: Host immersive VR press conferences for a hands-on experience of AI and AR e-commerce integrations.
Interactive Social Media Campaigns: Engage customers with AR filters and AI-driven interactive content on social media.
AI and AR-Driven Storytelling: Use storytelling with AI and AR elements to narrate the brand’s technological journey in e-commerce.
Tech Influencer Collaborations: Partner with tech influencers for live demonstrations and insights into AI and AR advancements.
Augmented Reality Product Launches: Introduce new products through AR virtual events, showcasing innovative e-commerce experiences.

“By implementing these AI and AR strategies, companies can leverage the momentum from Cyber Monday, setting the stage for success in the upcoming holiday season and beyond,” concludes Helms.

About JOTO PR Disruptors™:

Founded by PR veteran Karla Jo Helms, JOTO PR Disruptors™ emerged from extensive market research with CEOs of fast-growth companies. The agency, established in 2009, combines crisis management skills with advanced media algorithms to develop Anti-PR® campaigns. Based in Tampa Bay, Florida, JOTO PR is globally recognized for its innovative Anti-PR services. More information is available at http://www.jotopr.com

About Karla Jo Helms:

Karla Jo Helms is the Chief Evangelist and Anti-PR Strategist for JOTO PR Disruptors™.

She learned firsthand how unforgiving business can be when millions of dollars are on the line—and how the control of public opinion often determines whether one company is happily chosen, or another is brutally rejected. Being an alumni of crisis management, Karla Jo has worked with litigation attorneys, private investigators and the media to help restore companies of goodwill back into the good graces of public opinion. Helms speaks globally on public relations, how the PR industry itself has lost its way and how, in the right hands, corporations can harness the power of Anti-PR to drive markets and impact market perception.

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Bluevine surpasses $1 billion in small business deposits

Post author By Michelle Dryden
Post date December 2, 2023
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Trusted By Over 500,000 SMBs, Bluevine Is Now On Par With The Top 20% Of FDIC-Insured Banks and Savings Institutions Ranked By Deposit Volume

JERSEY CITY, N.J. — (BUSINESS WIRE) — Bluevine, the one-stop digital banking platform specifically designed for small businesses, on Friday announced it has surpassed $1 billion in managed deposits by its small business banking customers.

This significant asset threshold has largely been attracted by Bluevine Business Checking, the company’s unique no monthly fee,¹ high-yield SMB checking account with a growing suite of built-in business applications, launched only three years ago – and now puts Bluevine on par with the top 20% of FDIC-insured banks and savings institutions² ranked by deposit volume, according to the most recent FDIC quarterly report.

Over the past decade since its inception, Bluevine has built a market-leading digital banking platform that has served over 500,000 business owners and delivered more than $14 billion in loans to help simplify financial operations and facilitate access to growth capital for its customers, which have been historically underserved by traditional banks.

“We knew that a checking account could be more than just a utility for business owners, and actually evolve into an essential application to run their companies successfully. The Bluevine approach was to provide greater transparency and value by stripping out the extraneous fees and penalties that exist in traditional business banking along with providing high yield on operating balances. In addition, we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials – supporting the way they prefer to run their companies,” explained Eyal Lifshitz, Co-Founder and CEO of Bluevine.

“The introduction of Bluevine Business Checking has filled a long-standing void in the market, evidenced by the steady growth rate of customer accounts, deposits, and payments volume in a relatively short time period. Today marks a significant company milestone – we are humbled by and grateful to our customers for trusting Bluevine with more than $1 billion in managed deposits,” Lifshitz continued.

Throughout 2023, Bluevine has added key capabilities to its Bluevine Business Checking account, which offers 2.0% Annual Percentage Yield (APY) on balances up to $250,000,³ with no monthly fees and unlimited transactions as part of its standard plan. Notably, the company recently introduced a small business credit card and launched accounts payable, giving small business owners and their teams sophisticated bill management, automation, user access control, and enhanced payment capabilities. Bluevine also expanded FDIC insurance coverage on balances up to $3 million⁴ (12x the industry standard of $250,000) and added an international payments and FX solution in partnership with Wise.

In November, the company launched Bluevine Premier, providing business owners with all the features of the standard plan, plus the opportunity to earn 4.25% APY on their Bluevine Business Checking balances up to $3 million, along with 50% off most standard plan payments fees, and priority access to customer support. Designed for scaling companies with growing needs, Bluevine Premier provides APY and payment fees on par with commercial offerings that are typically reserved only for large corporations with much higher balances and volumes of transactions compared to a typical small business.

Bluevine Premier customers who both maintain a $100,000 minimum average daily balance across their Bluevine Business Checking account and sub-accounts and spend at least $5,000 on their Bluevine Business Debit Mastercard® during each billing cycle incur no monthly fee. Businesses that do not meet these criteria can still benefit from Premier for a monthly fee of $95. Business owners can also take advantage of a one-month free trial for Bluevine Premier.

About Bluevine

Bluevine provides a one-stop digital banking platform specifically designed for small businesses. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, integrated accounts payable, and lines of credit, have helped over 500,000 business owners save time and money so they can focus on what matters most: growing their business.

Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. For more information, please visit bluevine.com or follow us on LinkedIn, Instagram, Facebook, and Twitter.

_________________________

¹No monthly fee only applies to the Bluevine Business Checking Account Standard plan.

²FDIC-insured banks and savings institutions include commercial banks or savings institutions that are state or federally chartered.

³Customers will earn 2.0% interest on total balances up to and including $250,000 only if they meet the monthly debit transaction or deposit requirements described in section M of the Account Agreement. No interest earned on balances over $250,000. Any interest accrued and payable for an Account or Sub-Account will be paid to your main Account.

⁴Bluevine accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC and our program banks. $3,000,000 in FDIC insurance is offered by multiplying the standard $250,000 FDIC coverage across multiple banks. For complete details, please visit https://www.bluevine.com/business-checking/fdic-protection.

Contacts

Media:

Kevin McLaughlin

Senior Director, PR & Communications

press@Bluevine.com

Tags Business, New Jersey

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AACCNJ founder and CEO addresses 2 major business issues for upcoming NJ State elections

Post author By Editor
Post date December 1, 2023
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As statewide elections approach, the president of African American Chamber of Commerce of New Jersey (AACCNJ), John E. Harmon Sr., faces the essential conversations regarding Equity, Accountability and Reciprocity for Black businesses working for the State of N.J.

“As we approach two major upcoming elections for our state — US Senator and Governor, the question that remains unanswered is what’s in it for us?” Harmon asked in a recent op-ed.

The immediate reaction for some, is that Harmon is talking about the 1.2 million blacks which still have the highest poverty, unemployment low median income, home ownership of 35% and a net worth of approximately – $17,000 vs. $322,000 for white New Jersey residents, or is he referring to the over 88,000 black businesses of which only 3.5 percent have employees?

Perhaps he is speaking about our state legislators still allowing education, occupation, and credit scoring to be used as proxies to determine auto insurance premiums for licensed drivers. During the last legislative session, the minimum insurance coverage was raised from $15,000 to $30,000, another direct adverse impact on those with minimal disposable income in New Jersey, this was in addition to the three auto insurance premium proxies which are burdensome alone.

Our state also allows its taxpayers to contribute to the funding of public projects and a select group not only receives a preference when these opportunities are distributed but it’s a culture of perpetual practice. For example, in 2004 Governor McGreevey issued Executive Order Number 1[1]which allowed all public contracts to be governed by Project Labor Agreements (PLA) which only allowed for non-unionized businesses to participate up to $5 million. This Executive Order is approaching its 20^th Anniversary, without any change notwithstanding the election of several US Senators and Governors since that time.

It is important to note, that our last two democratic presidents whose PLA thresholds at the Federal level were 5 and 7 times higher: President Obama $25 million[2] and Biden $35 million[3], than Governor McGreevey’s Executive Order threshold of $5 million in 2004. How can the Democratic Party in NJ be so misaligned on an economic agenda that it is supposedly representative of its constituency?

According to the Associated Builders and Contractors New Jersey Chapter, 79% of our state’s construction firms are non-union and 21% are members of a trade union. Additionally, only 2% of minority contractors are members of a trade union.

Furthermore, as we begin to embark on the $16 billion dollar Gateway Tunnel project which PLA threshold will take precedence, McGreevey’s five million on Biden’s $35 million.

It is time for our state and federal representatives to respond to these and other questions.

The time has long passed for the voters of New Jersey to have a consensus on an equitable economic agenda versus party bosses. The potential implications would not only be beneficial to blacks but to all of New Jersey’s taxpayers.

The above are kitchen table pocketbook issues that affect hardworking New Jerseyans every day and our current policy makers continue to remain silent on these transformational issues.

Trust me, we have asked these questions at every level of government and their silence is a pure insult. There is plenty of room for compromise on each of these issues.

So again, what will be the difference this election season because for now the status quo appears in full effect. The same old politicians seeking to advance the same old playbook.

We need the citizens of New Jersey from every community to muster the courage and ask the above questions now and demand an on-the-record response regarding where they stand. In the coming years there will be a tremendous amount of economic opportunity to potentially be shared. Let’s join hands and reach a consensus to improve the competitiveness of our state.

Thank you.

John E. Harmon Sr.

[1] https://nj.gov/infobank/circular/eom1.htm

[2] https://obamawhitehouse.archives.gov/realitycheck/the-press-office/executive-order-use-project-labor-agreements-federal-construction-projects

[3] https://www.whitehouse.gov/briefing-room/presidential-actions/2022/02/04/executive-order-on-use-of-project-labor-agreements-for-federal-construction-projects/

About the African American Chamber of Commerce of N.J.

The African American Chamber of Commerce of New Jersey (AACCNJ) performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business leaders, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of business growth through major initiatives centering on education and public policy. The Chamber serves as a proactive advocacy group with a 501(c) 3 tax exemption, which is shared by the National Black Chamber of Commerce.

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BJ’s One® Mastercard® cardholders can earn double rewards during special event

Post author By Michelle Dryden
Post date December 1, 2023
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First-ever four-day event will take place December 7 – 10, 2023, in partnership with Mastercard.

MARLBOROUGH, Mass. — (BUSINESS WIRE) — BJ’s Wholesale Club (NYSE: BJ), a leading operator of membership warehouse clubs, announced today an exclusive rewards event that will let BJ’s One Mastercard cardholders earn double rewards Dec.7 – 10, 2023.

BJ’s One Mastercard cardholders will earn double rewards on practically everything in-club, online at BJs.com or in the BJ’s app. That means BJ’s One+ Mastercard cardholders will earn 10% back^* in rewards¹ and BJ’s One Mastercard cardholders will earn 6% back^* in rewards¹ during the promotion period.

Non-cardholders will also have the chance to earn double rewards when they apply and get approved for a BJ’s One Mastercard in advance of the savings event. To apply for a BJ’s One Mastercard, BJ’s members can visit the member services desk at their local club or BJs.com/BJsone.

“The BJ’s One Mastercard program offers our members some of the best rewards in retail with well over $100 million in rewards delivered back to our members this year,” said Bill Werner, Executive Vice President, Strategy and Development, BJ’s Wholesale Club. “To thank our cardholders during the holiday season of giving, we have partnered with Mastercard to double our BJ’s One Mastercard rewards on all purchases at BJ’s from December 7^th to December 10^th. With up to 10% back in rewards on top of our everyday 25% off grocery store prices, there will be no better time for our members to stock-up for the holidays or splurge on that extra special holiday gift.”

With no limit on the amount that can be earned during this special event, members can shop for holiday must-haves and everyday grocery essentials. The rewards can really stack up on BJ’s holiday gifting favorites, like an Xbox Series X 1TB Console (earn up to $49 in rewards) and Land Rover 12V Ride-On Vehicle Range Rover Evoque (earn up to $25 in rewards) or maximize holiday meal prep with a KitchenAid KP26M1X Pro 600 Series 6-Quart Bowl-Lift Stand Mixer (earn up to $39 in rewards).

No matter how they shop, members can earn double rewards on practically everything with their BJ’s One Mastercard, including in-club shopping, curbside pickup, in-club pickup, same-day delivery,^† ExpressPay^®,^†† and standard delivery from BJs.com.

^*Offer valid 12/7/23 – 12/10/23 11:59 PM EST for BJ’s One^® and BJ’s One+^® Credit Card cardholders only. Bonus reward earnings may take up to one month after the promotion period ends to add to pending earnings. 2x bonus earnings will be applied to eligible purchases in-club at BJ’s front-end registers, on BJs.com, or in the BJ’s app during the promotion period (“Eligible Items”). Eligible Items exclude eye exams, shipping, sales tax, bottle deposits, alcoholic beverages, cigarettes and tobacco-related products, lottery tickets, gift cards, propane, BJ’s Gas^®, online optical purchases, membership fees and add-ons, warranties and protection plans, BJ’s services provided by third parties (e.g., BJ’s Travel^®), and BJ’s B2B and BJ’s Global Sales transactions. BJ’s One^® Credit Card cardholders earn 6% back in rewards (instead of 3%) and BJ’s One+^® Credit Card cardholders earn 10% back in rewards (instead of 5%), minus any redeemed rewards, returns, refunds, or credit adjustments, on Eligible Items when they pay for these purchases with their BJ’s One^® Credit Card or BJ’s One+^® Credit Card, as applicable. BJ’s Business Elite^® Mastercard^® cardholders are excluded and may not participate in this offer. Purchases made using third-party digital wallets (ex. Apple Pay^®) are excluded from this offer. The rewards program is provided by BJ’s Wholesale Club, Inc. and its terms may change at any time. For full rewards terms and conditions, please see BJs.com/bjsoneterms and BJs.com/terms. Offer is subject to change at any time without notice.

^†20 item per transaction limit. Only available for purchases up to $750. Paper coupons not available. Cannot be used to purchase gift cards, alcohol, cigarettes, propane, appliances, fireworks, security-protected items or tires.

^††BJ’s Same-Day Delivery is not available in all ZIP codes. Log in to your account to confirm availability.

¹There is no cap to the amount you can earn on eligible purchases with your BJ’s One^® Credit Card or BJ’s One+^® Credit Card, as applicable, and rewards are yours for the life of the account — they will not expire. Must have a minimum balance of $10 in rewards to redeem. Minimum eligible purchase amount is $10 at BJ’s checkout.

Credit card offers are subject to credit approval.

The rewards program is provided by BJ’s Wholesale Club, Inc. and its terms may change at any time. For full rewards terms and conditions, please see BJs.com/bjsoneterms and BJs.com/terms.

Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

About BJ’s Wholesale Club Holdings, Inc.

BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs focused on delivering significant value to its members and serving a shared purpose: “We take care of the families who depend on us.” The company provides a curated assortment of grocery, general merchandise, gasoline and ancillary services to offer a differentiated shopping experience that is further enhanced by its omnichannel capabilities. Headquartered in Marlborough, Massachusetts, the company pioneered the warehouse club model in New England in 1984 and currently operates 239 clubs and 169 BJ’s Gas^® locations in 20 states. For more information, please visit us at BJs.com or on Facebook, X (formerly known as Twitter), or Instagram.

About Capital One

Capital One Financial Corporation (http://www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $333 billion in deposits and $455.2 billion in total assets as of December 31, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

Visit the Capital One newsroom for more Capital One news.

About Mastercard (NYSE: MA) www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Contacts

Media:
Kirk Saville

Head of Corporate Communications

BJ’s Wholesale Club

ksaville@bjs.com
774-512-5597

Briana Keene

Sr. Manager, External Communications

BJ’s Wholesale Club

bkeene@bjs.com
774-512-6802

Tags Business, New Jersey

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AM Best affirms Credit Ratings of NongHyup Property and Casualty Insurance Company Limited

Post author By Michelle Dryden
Post date December 1, 2023
No Comments on AM Best affirms Credit Ratings of NongHyup Property and Casualty Insurance Company Limited

HONG KONG — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NongHyup Property and Casualty Insurance Company Limited (NH P&C) (South Korea). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NH P&C’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support the company receives from its ultimate parent, National Agricultural Cooperative Federation (NACF).

NH P&C’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s solid expansion of retained earnings in recent periods, backed by its no-dividend policy and improved earnings, provided a partial buffer against the negative capital pressure (under IFRS 4) due to the valuation loss on available-for-sale bonds from rapid interest rate hikes in 2022. NH P&C’s financial flexibility is supported by its good accessibility to the capital market underpinned by its previous issuances of subordinated bonds and additional financial support from its immediate parent, NongHyup Financial Group Inc. (NHFG). The company has a conservative investment portfolio consisting mainly of fixed-income assets, with increased focus on asset-liability management to enhance its capital management.

AM Best assesses NH P&C’s operating performance as adequate, with a weighted five-year average operating ratio of 96.4% (2018-2022) and a return-on-equity ratio of 6.3%. The year-over-year increase in the company’s net income in 2022 was mainly driven by improved investment returns, supported by stable interest income from its bond portfolio amid the elevated interest rate environment and favourable excess return on alternative investments. Albeit moderately volatile depending on weather events, AM Best expects NH P&C’s prospective underwriting performance to remain supported by growing long-term protection products with favourable margins, coupled with improved profitability of government policy insurance lines.

NH P&C is a domestic non-life insurer in South Korea, with a 4.6% market share in terms of gross premiums written in 2022. The company is an exclusive (or major) provider of government policy insurance products for the country’s farmers, such as crop, livestock and agricultural vehicle insurances.

In its largest business line of long-term insurance, which NH P&C maintains a modest market share, the company has been gradually expanding protection-type product sales to secure its profitability and aims to diversify into non-cooperative channels, such as general agent and tied-agent channels. However, overall premium growth of the long-term line has remained limited due to strong market competition. Distribution remains highly concentrated in the cooperative channel, which is a network of NACF’s members.

As a wholly owned subsidiary of NHFG, which is the financial arm of NACF and one of the largest financial groups in South Korea, NH P&C is strategically important to NACF, given its role as the exclusive provider of government policy insurance products to cooperative members. AM Best also recognises various forms of explicit support, such as capital support from NHFG, as well as direct reinsurance support and full expense reimbursement from the government for its crop insurance line.

Negative rating actions could occur if there is a sustained deteriorating trend in NH P&C’s operating performance. Negative rating actions could also arise if the level of support or the company’s strategic importance to NACF is reduced to a degree that no longer supports the current level of enhancement. Positive rating actions could occur if NH P&C’s business profile improves in a sustainable manner, for example, through successful channel diversification that results in a materially enhanced market presence without deterioration in its risk-adjusted capitalisation and operating profitability. Positive rating actions could also occur if the company’s balance sheet strength fundamentals demonstrate sustained improvement.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Seokjae Lee
Financial Analyst
+852 2827 3407
seokjae.lee@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Chanyoung Lee
Director, Analytics
+852 2857 3404
chanyoung.lee@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Tags Business, New Jersey

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Zycus’ AI Council charts the course of Generative AI in procurement

Post author By Michelle Dryden
Post date November 30, 2023
No Comments on Zycus’ AI Council charts the course of Generative AI in procurement

Merlin Assist – Gen AI chatbot awarded Innovative Solution of the Year by CPO100

PRINCETON, N.J. — (BUSINESS WIRE) — Zycus, a pioneer in Cognitive Procurement Software, proudly announces the continued success of its AI Council, uniting CPOs representing over $0.5 trillion of annual spends, and leading analysts to propel AI advancements in Source-to-Pay (S2P).

The recent session focused on Gen-AI use cases.

Innovative Leap with Merlin Assist

At the heart of these advancements is Merlin Assist, an AI-powered chatbot integrated with Microsoft Teams, offering a singular, streamlined interface for procurement activities. Enriched with the capability to utilize any Generative AI LLM, like OpenAI / ChatGPT or Bard AI, Merlin Assist is poised to redefine business engagement within procurement. Incidentally, Merlin Assist – Gen AI chatbot was awarded the most “Innovative Solution of the year” by CPO100 at their 2^nd annual conclave held in Dubai.

Aatish Dedhia, Founder & CEO of Zycus, emphasizes, “Merlin Assist is more than a technological innovation; it’s a paradigm shift in procurement. Integrating Generative AI into our platform empowers users to navigate procurement processes with unprecedented ease and intelligence. We have always believed AI is the new UI, and Gen-AI truly makes it possible.”

Council’s Collaborative Triumphs

The AI Council, comprising prominent leaders Hervé Le Faou (Heineken), Brian Roche (Westfield Insurance), Daniele Landi (Danone), Piotr Teodorczyk (Suntory Holdings), Florence Tinsley-Roy (PwC), Robert Andersen (NewsCorp), Shyamala Chalakudi (Hewlett Packard Enterprise), Chris Sawchuk (The Hackett Group), and Kishore Pejavara (Delta Air Lines), among others, prioritized key Gen-AI use cases for the source-to-pay process. The members voted on the 20+ Gen-AI uses cases demonstrated live by Zycus which were developed over the past 4 months based on specific inputs from AI Council meet held in June 2023.

Top voted priorities include:

RFP generation,
Category strategy development,
Contract summary creation, and
Supplier discovery.

These use cases address current challenges and pave the way for strategic advancements in procurement.

Path to General Availability

While thousands of end users across key Zycus clients across the USA & Europe are currently using the Beta version of Merlin Assist, the Gen-AI powered Merlin Assist is scheduled for general availability by early next year. This early adoption is a testament to the significant impact Merlin Assist is anticipated to have across various industries.

About Zycus:

Zycus is the pioneer in Cognitive Procurement software and has been a trusted partner of choice for large global enterprises for two decades. Zycus has been consistently recognized by Gartner, Forrester, and other analysts for its Source-to-Pay integrated suite. Zycus powers its S2P software with the revolutionary Merlin AI Suite. Merlin AI takes over the tactical tasks and empowers procurement and AP officers to focus on strategic projects; offers data-driven actionable insights for quicker and smarter decisions, and its conversational AI offers a B2C type user-experience to the end-users.

Contacts

Arnish Shah

Associate Director – Marketing

Zycus Inc.

arnish.shah@zycus.com

Tags Business, New Jersey

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Aetrex launches FitStarter technology platform to offer retailers immediate footwear fitting solution

Post author By Michelle Dryden
Post date November 28, 2023
No Comments on Aetrex launches FitStarter technology platform to offer retailers immediate footwear fitting solution

Integrating the Heeluxe SmartLast system with Aetrex’s 3D foot scanning technology, retailers can provide fit recommendations to consumers upon program implementation

TEANECK, N.J. — (BUSINESS WIRE) — Aetrex, Inc. (“Aetrex”), a global market leader in foot scanning technology and data-driven orthotics and comfort footwear, today announced FitStarter, a personalized footwear recommendation platform designed to help retailers improve their shoe fitting service for shoppers, reduce returns and increase customer satisfaction.

Developed in partnership with the premier shoe fit testing company Heeluxe, FitStarter is an accurate, turnkey starting point to Aetrex’s AI-powered shoe match-making platform, FitGenius. Retailers can easily add FitStarter to their existing Albert 3D foot scanner (Albert 2 Pro or Albert 3DFit) software.

To support FitStarter, Aetrex is establishing multiple Fit Labs to analyze shoes submitted by participating retailers each season. A member of the Aetrex Technology team will analyze the shoes using the patented Hank Jr Shoe Fitting SmartLast system developed by Heeluxe, which leverages pressure sensor technology. Within days, retailers will have footwear and fit recommendations available within their Aetrex Albert software. Once Aetrex collects shoe data within the Fit Lab, the FitStarter platform will analyze each customer’s unique 3D foot scan data collected in store alongside the Fit Lab data to provide immediate, personalized fitting recommendations.

“While FitGenius remains our gold standard fit recommendation offering for retailers, not every retailer has the capacity to quickly collect the required 5,000 foot scan data points necessary to feed the AI platform,” said Larry Schwartz, CEO of Aetrex.

“With FitStarter, retailers can provide accurate shoe fit recommendations from day-one of installation while also collecting the foot scan data points needed to upgrade to the premium FitGenius AI.”

The FitStarter program provides in-store shoppers with personalized fit recommendations, while FitGenius has the capability to provide ideal footwear recommendations to consumers both in store and online. After a shopper completes an Aetrex 3D foot scan at a participating retail location, FitStarter will rank the retailer’s footwear inventory based on the likelihood of a good fit for that individual from excellent to poor. It will also display a graphic of the consumer’s selected shoe, highlighting areas that fit well and potential areas of pressure. FitStarter also considers the shopper’s preference for shoe fit, ranging from snug to roomy.

“Like Aetrex, Hank Jr Shoe Fitting is focused on data-driven technology solutions to improve footwear fit and design, bringing natural synergy to our partnership,” said Dr. Geoffrey Gray, founder of Heeluxe and Hank Jr Shoe Fitting, Inc.

“This partnership allows us to bring our shoe data and testing process to the masses in an effort to help shoppers around the world get into the right fitting footwear on the first try, quickly and easily.”

FitStarter will be available to existing and interested Aetrex foot scanning partners on January 1, 2024 on a service subscription model. To learn more about FitStarter and all Aetrex technology offerings, visit aetrex.com.

About Aetrex

Aetrex, Inc. is widely recognized as a global leader in foot scanning technology and data-driven orthotics and comfort footwear. Aetrex has developed state-of-the-art foot scanning devices, including Albert, Albert 2 Pro and Albert 3DFit (2022 and 2023 CES Innovation Award Honorees), Albert Pressure and iStep, designed to accurately measure feet and determine foot type and pressure points. Since 2002, Aetrex has placed over 12,000 scanners worldwide that have performed more than 50 million unique customer foot scans, currently averaging more than 2.5 million scans a year.

The company is renowned for its over-the-counter orthotics – the worlds #1 premium foot orthotic. With fashion, function and quality at the forefront, Aetrex also designs and manufactures stylish, performance footwear. Based in New Jersey, Aetrex is consistently named one of New Jersey’s Top 100 Privately Held Companies and was also included in NJBIZ’s Top 30 Manufacturing Companies. It has remained privately owned by the Schwartz family for three generations. For additional information, visit www.aetrex.com.

Contacts

Media
Simone Migliori

aetrex@matternow.com
617-874-5484

Tags Business, New Jersey

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AM Best assigns Credit Ratings to CM Select Insurance Company under new ownership

Post author By Michelle Dryden
Post date November 25, 2023
No Comments on AM Best assigns Credit Ratings to CM Select Insurance Company under new ownership

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to CM Select Insurance Company (CM Select) (Merrill, WI), which is under new ownership.

The outlook assigned to CM Select’s Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of CM Select Insurance Company (Merrill, WI); ratings that were influenced by CM Select’s prior ownership.

The assigned ratings reflect CM Select’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

AM Best expects CM Select to maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which supports prospective growth in the company’s underwriting risks. The company’s business plan consists of writing commercial products for small and medium business, including serving the religious and non-profit market, primarily business owner policies in Texas and various states, and expanding into minority and veteran-owned markets over the next five years. CM Select will continue to leverage Church Mutual Insurance Group’s (Church Mutual) agency force while expanding into adjacent markets. While the company adopted its risk framework and underwriting guidelines from Church Mutual, the concentration of property-related business and reinsurance dependence remain core risk factors.

CM Select is now owned by MGT Partners LLC, which provides an element of financial support as it contributed capital to support growth initiatives at the time of the acquisition with additional capital available to support future growth. Further, strategic support comes in the form of risk and operational oversight from the board of directors with extensive insurance experience. The ratings and outlooks consider transitional and service agreements between CM Select and Church Mutual, along with a 100% reinsurance agreement on all legacy business, including new and renewal religious and non-profit-related business. The company anticipates placing external reinsurance ahead of writing retained business in 2024.

At the time of the withdrawal, CM Select Insurance Company’s prior ratings were under review with negative implications following the announcement that MGT Partners LLC would be acquiring CM Select Insurance Company from Church Mutual earlier in the year. MGT Partners LLC completed the acquisition of CM Select Insurance Company on Oct. 1, 2023, and the closing has resulted in AM Best withdrawing the entity’s ratings. While AM Best’s policy is for a final rating to be completed along with the withdrawal, a final rating was not able to be completed since it is no longer able to be rated under the prior structure.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Quentin Harris
Senior Financial Analyst
+1 908 882 1816
quentin.harris@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Chris Draghi
Associate Director
+ 1 908 882 1749
chris.draghi@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Tags Business, New Jersey

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Satya Nadella and Microsoft CTO Kevin Scott were instrumental to reinstating Sam Altman atop OpenAI, which a source says was the ideal outcome for Microsoft

— Microsoft Chief Executive Satya Nadella made a huge bet on the world’s hottest AI company. After it nearly blew up on him, he now emerges with closer ties to its leader, Sam Altman.

Satya Nadella couldn’t help himself.

Microsoft’s MSFT -0.11%decrease; red down pointing triangle. Its chief executive was supposed to be singularly focused on saving his prized asset during one of the most chaotic weekends in the history of Silicon Valley. Instead his mind kept drifting to cricket.

He couldn’t pay close attention to his native India playing Australia in the Cricket World Cup because he found himself in the middle of another game with more action and a whole lot more at stake. Still, in the midst of frantic negotiating and disaster planning, Nadella kept checking the score and reporting updates about his favorite sport to less fanatical colleagues. His team was in trouble, but there was still hope for his company.

The nuttiest weekend in his nearly 10 years on the job started last Friday, when Nadella learned just minutes before the rest of the world that OpenAI’s board had just ousted Sam Altman, its co-founder and CEO. The company behind ChatGPT had been seeking a valuation at $90 billion. Rarely has one board decision threatened to destroy so much value in so little time.

Despite the fact that Microsoft had paid billions for a 49% stake in OpenAI, using its technology to power a new generation of software that it promised could revolutionize work, the startup’s biggest investor didn’t have a board seat. Nadella found out at more or less the same time as everyone else that his investment—one that almost single-handedly catapulted Microsoft to the forefront of the artificial-intelligence revolution—had suddenly gone wrong.

But when the board turned on Altman, Altman immediately turned to Nadella. Hours after the boardroom coup last Friday, they were on the phone, discussing how to restore Altman to OpenAI—or join Microsoft. If Altman wasn’t hired back to his place atop OpenAI, the former CEO of the glitziest AI company would become an employee of Microsoft.

By the end of the frenetic weekend, Altman had agreed to start a new AI divisionat the tech giant, so he could keep working with Nadella and take advantage of Microsoft’s access to computing power. Soon it became clear that hundreds of researchers were ready to join Altman at a corporation as sexy as soup. Microsoft prepared to give those engineers everything they needed to continue their work: a floor in LinkedIn’s offices, plentiful cloud-computing resources, Apple laptops. The trillion-dollar company’s employees assured their potential colleagues that they wouldn’t even have to use Microsoft’s workplace-communications app Teams.

— Techmeme, Wall Street Journal