 |
|
|
|||||
California’s top insurance regulator said Tuesday that State Farm can soon start raising premiums by 17% for all of its home insurance customers in the state to help the insurer rebuild its capital following the Los Angeles wildfires.State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force them to drop more California policies. The state’s largest home insurer said it was already struggling financially before this year but the LA fires, which destroyed more than 16,000 buildings in January, have made things worse.The increase will apply to all of the roughly one million homeowners State Farm insures in the state.The decision comes as California is undergoing a yearslong effort to entice insurers to continue doing business in the state as wildfires increasingly destroy entire neighborhoods. In 2023, several major companies, including State Farm, stopped issuing residential policies because of high fire risk. Last year, Insurance Commissioner Ricardo Lara unveiled a slate of regulations aimed at giving insurers more latitude to raise premiums in exchange for more policies in high-risk areas. Those rules kick in this year.State Farm initially asked for a 22% rate increase for homeowners but revised it to 17% during a recent hearing before an administrative judge. The request also includes a 38% hike for rental owners and 15% for tenants. The new rates will take effect in June. In exchange, State Farm will get a $400 million cash infusion from its parent company and agree to halt some nonrenewals through the end of this year.On Tuesday, administrative Judge Karl Frederic Seligman ordered a ruling supporting State Farm’s request, calling it “a rescue mission to stabilize State Farm’s financial condition while safeguarding policyholders.”Lara adopted the recommendation the same day. The new rates are temporary until the state has a chance to consider State Farm’s request from last year for a 30% rate increase for homeowners. The hearings for that request are set for October.“I expect State Farm provide the highest level of service to its California customers and to fulfill its promises. State Farm must now justify its financial condition and detail its recovery plan in a full rate hearing before a neutral judge and my Department’s experts,” Lara said in a statement.State Farm said in a statement that the approval “is a critical first step for State Farm General’s (SFG) ability to continue serving our California customers.” The company received a financial rating downgrade last year and has seen a decline of $5 billion in its surplus account over the last decade.The company said it has paid more than $3.51 billion and is handling more than 12,600 claims as of this week.“Today’s decision that would make consumers pay now but allow State Farm to wait months before having to show its math is a great disappointment for consumers,” Carmen Balber, executive director of Consumer Watchdog, said of the ruling. The group opposes State Farm’s request for higher premiums.State Farm said it plans to refund the emergency rates if California later approves lower rates. The insurer last received state approval for a 20% rate increase in December 2023. Trān Nguyn, Associated Press
Category:
E-Commerce
Apple just announced new accessibility features coming to its operating systems. Theres a redesigned braille input experience, and a new reader that allows you to customize your text so its more legible. But theres one that will be great for anyone attending any lecture or presentation: Magnifier for Mac.The iPhone and iPad got their Magnifier apps back in 2016. It worked pretty much like the iOS camera: You point your device anywhere you want and zoom in to the desired level. It also allows you to apply real-time filters to enhance readability depending on your visions condition, like turning a books black text over white page into white text over blue, as well as changing the images contrast and brightness. It also can detect objects around you.The new Mac version takes all that up to an 11 with its new features. To get the view of the world the new Magnifier needs, you will need to use a USB camera or an iPhone. The latter automatically connects to your computer using MacOSs Continuity Camera feature, allowing you to use your phone as the eyes for your Apple desktop or laptop. Zoom in to focus on something far away, apply the same filters, and adjust the image, just like in iOS and iPadOS.[Image: Apple]A matter of perspectiveWhat makes the update brilliant is the new perspective adjustment. Since you cant move your Mac around like with Apples handheld devices, you need a way to frame the text you want to read correctly.Like Apples introductory video shows, you can point your Mac with the attached camera to a whiteboard. Since you are probably not going to be looking at it from a fully perpendicular perspective, the app allows you to draw a polygon by clicking on each corner of the whiteboard in your screen. Then, applying some image deformation magical maths, Magnifier will automatically correct the perspective, turning the skewed whiteboard with deformed text into a perfect flat image that gives you the best view in the class, auditorium, or conference room.From there, you can do whatever you want with that text, including transforming handwriting into a typeface for easier reading. Magnifier uses Apples new Accessibility Reader, too, which allows you to customize how a page looks with the colors, fonts, and sizes you preferas well as copying and pasting from the whatever text the camera is looking at, regardless of it being handwritten or not. Its similar to what you can do now with other Apple apps, like Preview, but in one continuous, seamless experience.Bonus points: Magnifier also supports reading any paper-based media using Desk View, the feature that uses your iPhones wide-angle lens to capture whats flat on the table in front of your screen. Just put that novel on the table and transform its small type into something you can read easily (or have your Macs text-to-speech abilities to read it for you). Its easy to imagine every single student, office person, and TED Talk drone using the new Magnifier to get a better experience possible at a presentationsleeping pills notwithstandingonce it comes out later this year (according to Apple). This new little jewel will make your Macbook the best seat in the house no matter where you are sitting.
Category:
E-Commerce
Elon Musks Department of Government Efficiency (DOGE) has spent its first 100 days slashing government programs and firing employees. Yet Musk views DOGE not just as a downsizing force, but also as a team of technologically elite shock troops tasked with rapidly modernizing outdated government systems. One of DOGEs primary targets on that front is the Office of Personnel Management’s antiquated retirement application system, which still relies on paper forms and manual processing. The system handles retirement applications and manages benefits for former federal employees and their families, coordinating closely with agency HR teams and payroll centers. DOGE and its allies inside the Office of Personnel Management (OPM) say theyve now built and tested a fully digital, AI-enhanced replacement system, which they plan to launch across federal agencies on June 2. But the plans rely heavily on a product built during the Biden administration called the Online Retirement Application (ORA) system, say two former OPM employees who recently left the agency. A leaked planning document shared with Fast Company shows the ORA pilot launched in 2023 with a handful of agency HR and payroll offices, serving a few hundred retirees. The plan under Biden was to roll out the ORA system government-wide in 2025. The first source, who worked on retirement systems at OPM and spoke to Fast Company on the condition of anonymity, says that ORA is still just a prototype, and not built to support tens of thousands of real retirees. Yet one of the first actions OPM took when Trump came into office was to interrupt the development of ORA. They reduced support contracts and added a team of DOGE developers, adds the second source, who until recently worked at OPM and also spoke on the condition of anonymity. There is now a war room to accelerate the work. DOGE has kept its version of the ORA system largely under wraps. It remains unclear whether the team changed the original systems architecture or user experience, or how the systems AI components were developed, trained, or integrated. A White House official told Fox News that the AI met Federal Risk and Authorization Management Program (FedRAMP) requirements for securing and monitoring cloud-based services used by government agencies. (Neither DOGE nor OPM responded to Fast Companys requests for comment.) The first ex-OPM source fears that DOGE, without fully understanding the federal retirement workflow, will simply roll out the ORA system as is. I think instead of testing it with some Department of Interior retirees, they’re just slapping the system into being a requirement, the source says. This would put the onus entirely on all retiring federal employees to correctly input their data and documents into the system without help from their agency HR department, according to the source. Few dispute the need for modernization. The current system processes around 100,000 retirement applications annuallyin a literal underground mine in Boyers, Pennsylvania. The paper-based workflow is infamously slow and prone to error, often causing months-long delays that can be devastating for retirees who depend on timely benefits. While DOGE cites a Trump executive order from February 11 as the mandate behind its work, the OPMs original ORA and digital records systems were responses to a 2021 Biden executive order aimed at modernizing federal technology. To spearhead the retirement-focused effort, Musk reportedly tapped Airbnb cofounder Joe Gebbia, a close friend and fellow Trump supporter. Gebbia joined DOGE in late February, vowing to apply his designer brain and startup spirit to build a paperless solution. Since then, a team of DOGE agents has been working out of a command center at OPM, collaborating with Retirement Services personnel and select staff. OPM acting director Charles Ezell said in a May 7 memo that the new system had already processed 25 retirement claims without generating papera claim that Gebbia then echoed on X. Notably, Ezell referred to the system in the memo as the ORA, the system built under Biden. Some experts suspect DOGEs version is little more than a minimum viable product (MVP)a rough prototype meant to demonstrate potential. Former U.S. Digital Service engineer Kate Green notes that MVPs often depend on manual work-arounds and arent ready for large-scale use. These MVPs often have manual steps or work-arounds for difficult parts of the app, and future development eliminates these steps to create something fully automated, she tells Fast Company. The second ex-OPM source says DOGE may be emphasizing flashy featureslike ditching paperwhile ignoring the real pain points, such as retirement applications with missing documents, missing signatures, or errors. Personally, the source says, I think they are focusing just on paper because it seems like an easy win.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||