Relay’s new AI functionality helps brokers explain cyber insurance

Relay’s new AI functionality helps brokers explain cyber insurance

Relay's new AI functionality helps brokers explain cyber insurance

Relay Platform, a multi-carrier placement platform for commercial insurance, has announced the launch of new functionality that simplifies complex cyber insurance terms for insurance agents and brokers.

The AI-powered feature will enable brokers and agents to explain cyber insurance terms to their clients in a clear and concise way, making it easier for them to answer application questions, Relay said.

Quoting and placing cyber and specialty insurance can be daunting because the technical jargon, confusing underwriting questions and varied terminology across multiple carriers can be intimidating, Relay said. The new functionality will allow brokers to ask Relay for help explaining a complex question in plain English and in 500 characters or fewer.

The new feature uses natural language processing and machine learning algorithms to analyze and simplify complex insurance terms and jargon, Relay said. It is available immediately to all insurance agents and brokers who use the company’s platform.

Read next: Relay adds Appalachian Underwriters to cyber platform

“Cyber insurance is an increasingly important component of the insurance industry, as more businesses rely on technology to operate their businesses,” said Edmund Lo, head of product and engineering at Relay. “However, the technical language and complex terminology associated with cyber insurance applications can be difficult for clients to understand. Our new AI functionality simplifies these terms, making it easier for any insurance agent and broker to offer cyber coverage.”

Last month, Relay rolled out a new digital quoting functionality. In October, the company announced a partnership with cyber analytics firm CyberCube.

Have something to say about this story? Let us know in the comments below.

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Startups and Small Businesses Tax Deadlines Cheat Sheet

Startups and Small Businesses Tax Deadlines Cheat Sheet

Tax Deadlines Cheat Sheet


There are lots of considerations for any new startup entering the market. While these are all important, there is one consideration often ignored. Any startup looking to have a successful year, or move into its second one, must consider taxes and tax deadlines. There are lots of very complicated questions to answer in relation to taxes. Although there are also some simple ones. Listed below are the answers to one of the most simple questions. When are the most important tax deadlines?

The first and one of the most important tax deadlines for startups is March 15th. This is the due date for S-corp and partnership filing or extension. Small businesses and startups are very commonly S-corps or partnerships. Failing to file can be particularly harmful not only due to the size but the harsh expenses. These expenses can hit each partner each month. The due date is early, but that’s exactly why extensions are expected at the same time.

At the same time as filing, S-corp and C-corp elections are due on March 15th. This will make the standard of taxation clear for each business. S-corps have the business partners move the profits and expenses through themselves. C-corps are publicly traded with shareholders. These each have strengths and weaknesses, but to be recognized, they must submit their election. 

March Tax Deadlines

March 31st is the due date for eFiling, specifically for 1097, 98, and 99’s. This comes after the paper filing deadline in late February. Paper filing will always come first chronologically, but it’s also important to consider the tax deadlines of any filing corporation. Opting to have someone professionally file can be very practical. The only problem is these businesses tend to have even earlier tax deadlines. This means they may have personal deadlines much earlier than the government deadlines.

Following the March deadline, the first and most important deadline is Tax Day itself. April 18th is when filing or extensions are due for individuals, LLCs, and C-corps. While extensions move the filing date all the way out to October, make sure to get those extensions in, especially if that process is happening through a business.

Tax Day Is Coming

Tax Day is also really important because it’s when the first quarter of tax payments is due. Corporations are expected to pay estimated taxes when they hit their first year of profitability. This means payments made in April, June, and September of this year as well as January in 2024. While not all corporations are paying these estimated taxes, it’s good to be prepared for when a business becomes profitable. 


Tax Deadlines Cheat Sheet


In Conclusion

And those are the major tax deadlines to keep in mind. While not every deadline will apply to every business or startup, it’s essential to know which do. Tax penalties can vary by state or business but tend to be devastating for new businesses. This is why it’s so important to know when and how to file. Not only to keep penalties away but also to ensure the business is taxed properly. The election due date is just as important as any extension or filing due date.


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Revealed – supply chain risks threatening the semiconductor industry

Revealed – supply chain risks threatening the semiconductor industry

Revealed - supply chain risks threatening the semiconductor industry

Lloyd’s and WTW have released a joint a report on the risks facing the semiconductor supply chain, revealing a multitude of challenges that threaten the $600 billion industry.

Semiconductors are a critical component of the $2.2 trillion electronics industry and are used in various technologies such as medical devices, vehicles, mobile phones, and even clean energy solutions. The industry is complex and global in nature, with manufacturing plants predominantly located in East Asia. Because of this, it is subject to numerous risks, including geopolitical tensions, earthquakes, and extreme weather events.

The report, titled “Loose connections: Rethinking semiconductor supply chains,” specifically highlights the macro challenges facing the industry, as well as its risk maturity and the growing interest in getting ahead of supply chain risks.

According to the report, the semiconductor industry is most concerned with the medium-term risk landscape, with 81% of survey respondents in WTW’s Global Supply Chain Survey identifying a lack of insurance solutions as one of the greatest challenges in the medium term.

The report also highlighted eight key supply chain risk drivers, including economic pressures, supply and demand changes, talent and labour, raw materials and components, technology, packaging and transport, regulatory/geopolitical/political risks and climate change and sustainability.

The semiconductor industry additionally recognised significant financial exposures in their supply chains, which traditional risk transfer cannot currently meet. As such, they favoured risk transfer at key moments in their chain.

Adopting a customer-centric view of risk could push the industry to act as an example of “a resilient, digitalized supply chain in a connected world,” the report concluded, particularly with the use of data and tailored insurance solutions to supplement retained risk.

“The semiconductor industry is acting now to respond to global demand and spark technological innovation,” said Rebekah Clement, director of sustainability at Lloyd’s. “While the sector is mature in its approach to risk management, there are always unforeseen events that can impact production. The insurance industry has a critical role in partnering with semiconductor businesses to help them build resilience to manage the supply of mission critical products and to keep our digitally connected world turning.”

“At the moment, insurances cover only small parts of the supply-chain risks,” added Hugo Wegbrans, global head of broking at WTW. “The solutions provided by our industry provide only a wafer-thin patchwork of protection. Semiconductor businesses need to explore different ways to manage the significant financial exposures to achieve true resilience. Traditional risk transfer will only be one component of achieving that.”

What are your thoughts on supply chain risks? Feel free to comment below.


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7 Incontrovertible Truths About Building Wealth

7 Incontrovertible Truths About Building Wealth

If you find value in these articles, please share them with your inner circle and encourage them to Sign Up for my Rich Habits Daily Tips/Articles. No one succeeds on their own. Thank You!

I’ve found that becoming wealthy is not a fluke. I spent five years studying the habits of 233 millionaires — 177 that were self-made — in order to find out how they spent their time from the moment they woke up in the morning, to the moment they put their head on the pillow.

Based on my research, which I share in my book, “Change Your Habits, Change Your Life: Strategies that Transformed 177 Average People into Self-Made Millionaires,” I identify seven principles they all shared that helped them build wealth.

The best part is that anyone can implement these in their life and start working towards a goal of becoming a self-made millionaire.

1. Self-made millionaires are constantly learning.

The millionaires in my study made a concerted effort to learn something new every day, whether it was reading for pleasure or developing a marketable skill. For example: 

  • 61% of the skill-based self-made millionaires practiced their skill, a minimum of two hours a day.
  • 22% wrote technical research articles in online/hard copy trade publications, related to their particular field.
  • 49% of the self-made millionaires devoted time, every day, to learning new words in order to improve their vocabulary and ability to effectively communicate.
  • 81% of self-made millionaires sought feedback from others, in order to learn and improve.
  • 71% of the self-made millionaires read self-help books and 68% read biographies of other successful people, in order to learn how to be successful in life.

2. Self-made millionaires develop good habits

Some of the unusual daily habits the millionaires in my study adopted included the following:

  • Control Emotions – 81% of the millionaires in my Rich Habits Poor Habits study stated that they made a habit of never losing their temper. Even more important, they said that when they found themselves under great stress, they intentionally forced themselves to remain calm under pressure. Many of the millionaires in my study were decision-makers within their organization. They made a habit of never making an emotional decision. Because they knew that emotional decisions were always the wrong decision. Negative emotions shut down your prefrontal cortex, the logical part of the brain, which causes you to make poor decisions. Also, you can destroy, in an instant, years of work in growing valuable, long-term relationships with influencers, in a moment of uncontrolled rage. Successful people like to do business with individuals who are on an even keel and in control of their emotions. They avoid individuals who they perceive to be emotionally up and down simply because they have not made a habit of controlling their emotions. 
  • 5:1 Listening Rule – Self-made millionaires forged the daily habit of listening for five minutes and talking for one minute. This not only helps build strong relationships, but it is critical to learning more about other people and acquiring more knowledge.
  • Never Gamble – 94% of the millionaires in my study made a habit of never gambling. 
  • Good Goals vs. Bad Goals – I learned from interviewing millionaires that this is such a thing as a bad goal. Saving for two years to buy a luxury car is a bad goal, because it is a depreciating asset. Saving for two years to buy a rental property is a good goal, because it is an appreciating asset that produces cash flow. Millionaires set good goals and avoid bad goals. 
  • Daily Aerobic Exercise – One of the self-made millionaires in my study was 67 year old when I interviewed him. He was worth approximately $17 million. I asked him why he was still working and not retired and enjoying his life. He said that he had been exercising every day since age 35 because he believed the last five years of his career would be his highest earning years. He was right. He eventually retired at age 73 and in the last five years of his career, he made more in those five years than he had made in all of the previous 35 years combined.  One of the millionaire women in my study was obese. She decided to walk 1 mile a day, every day. After one month, she increased this to 2 miles, then 3 and then began jogging. That one aerobic exercise habit helped her to stop smoking and she also began eating healthy, nutritious food. When I interviewed this woman, she weighed 135 pounds and continued to run every day. She even ran three marathons. 
  • Listen to Audiobooks – 63% of the millionaires in my study said they made a daily habit of listening to audiobooks while commuting to work. The books were typically related to their industry, some dream they were pursuing, learning a new skill or learning about something they knew nothing about.

3. Self-made millionaires are intentional

In my study, I found that the majority, 86%, of the self-made millionaires worked an average of 50 hours or more a week.

But the important thing to remember is that the quality of the work is more important than the quantity. The millionaires I interviewed characterized their work as focused and intentional. They did this by doing something I call Dream-Setting – writing a script about their ideal, perfect life, ten years into the future. This Dream-Setting script helped them gain clarity on the direction of their life and the goals they pursued. When you have a clear vision of the destination, the how becomes unimportant. You eventually figure out how to reach your destination – your ideal, perfect life. Another discovery I made in my study was that millionaires, became millionaires, because they intentionally focused on their strengths and figured out a way to outsource their weaknesses. If they did not possess a particular skill or were weak in that skill, they outsourced it in order to become more efficient in what they did for their career.

4. Self-made millionaires build great teams.

Many of the self-made millionaires in my study revealed that their ability to create strong teams with people who shared their vision were instrumental in helping them go the distance with them to pursue their dreams.

They were not particularly great leaders, at least in the beginning, but they all did have in common a very strong belief in the importance of the dreams and goals they were pursuing. Their passion was contagious and infected other people who came within their orbit and eventually joined their team.

Another common trait among the millionaires who built teams, specifically the Big Company Climbers and the Dreamer-Entrepreneurs, was that they had the ability to see the invisible. They had a unique ability to visualize solutions, opportunities and alternate routes towards success, that seemed invisible to everyone else. In turns out, this talent was actually a habit that took them many years to forge. One of the criteria for seeing the invisible, was maintaining a positive, optimistic outlook on life. When you have a positive mental outlook, you open up your mind. The famous Broaden and Build Study validated this unique neurological power of the brain. Positivity broadens and opens up the mind to solutions to problems that are otherwise invisible to everyone else. 

5. Self-made millionaires are passionate dreamers

Many of the millionaires I studied were highly ambitious when it came to achieving their goals, even if it seemed unlikely that they could achieve their goals. A real-time example of this is Elon Musk. People ridiculed Musk when he said he told them he was going to settle Mars. People aren’t laughing any more. 

One of the millionaires in my study said that he was going to make millions investing in wine. Most of his family and friends simply laughed at him. Over the course of fifteen years he became an expert in the wine industry. In 2001, he liquidated a small fraction of his wine collection and was able to buy an expensive home on the beach in Florida thanks to his crazy wine idea. No one’s laughing at him any more. 

Ultimately, they loved what they did, and they felt that any sacrifices they made were worth it.  What is the dream you would like to pursue? 

6. Self-made millionaires prioritize their health

But while much of their time was focused on work, the millionaires in my study talked often about the importance of putting their mental and physical well-being first. What good is wealth, if you aren’t healthy enough to enjoy it? 

Eighty-six percent of the millionaires in my Rich Habits Poor Habits study worked in excess of fifty hours per week, week in and week out, for many years before they became wealthy. Success takes time and eating nutritious food combined with daily aerobic exercise boosts your energy, which translates into more productivity. Plus, good health increases your life expectancy, which means you can extend your career, giving you more time to accumulate wealth. 

Even something as simple as a healthy diet and 20 minutes of exercise a day can help improve your health and life expectancy. 

7. Self-made millionaires make their own luck

While hard work is a huge reason why the self-made millionaires in my study were able to strike it rich, all of them said they wouldn’t have gotten to where they are without some luck. But luck in this context isn’t happenstance, but determination. Persistence creates opportunities. Those who refuse to quit, eventually get lucky. Luck eventually visits those who simply refuse to quit on their dreams and goals. 

One of the millionaires in my study changed careers in their mid-forties. As I mentioned above, they decided to become a wine expert. It took them fifteen years and a lot of hard work, but eventually this individual was able to realize his dream and accumulated approximately $4 million in wealth. 

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REITs Investing in Sale-Leaseback Acquisitions Counter Volatility

REITs Investing in Sale-Leaseback Acquisitions Counter Volatility

REITs Investing in Sale-Leaseback Acquisitions Counter Volatility  

After five straight weeks of increases, many real estate investors were hoping mortgage rates had neared their peak and the market would stabilize. However, that hope was dashed with the failure of Silicon Valley and Signature banks and the prospect of another Federal Reserve rate hike. The one stable bright spot might be REITs investing in sale-leaseback acquisitions.

The past year has been a bumpy one for small real estate investors. In the residential market, Interest rates have driven prices beyond the reach of many buyers. The commercial market has been turned on its ear by a work-from-home trend.

Through all the turmoil, leaseback real estate transactions have been on a steady rise.

Leaseback sales set a record in 2022. There were 874 transactions last year for a total value of $31.4 billion, according to SLB Capital Advisors. The year before, transactions totaled 789. The previous record for dollar value was $27.6 billion set in 2019.

What is a Sale-Leaseback

Sale-leaseback agreements allow property owners to sell their real estate to free up equity. Buyers get ownership of the property. However, in a wrinkle unique to the practice, the selling company signs a long-term lease. Hence the name – sale-leaseback.

What Sellers Get

Sellers use sale-leaseback agreements to raise cash that they pour back into the business, pay down debt or invest in an additional location. Of course, a mortgage would also raise money – just not as much.

A mortgage typically would net the owner under 70 percent of the property’s value. A sale-leaseback gives the seller full value.

What Buyers Get

The appeal for buyers in a sale-leaseback deal is ownership of the property. Plus they collect lease payments typically for 15 to 20 years. 

In addition to cash flow, most sale-leaseback agreements are triple net leases. That means the seller agrees to pay property expenses including maintenance, taxes, insurance, and utilities.

What is a REIT

Many large institutional investors operate in the sale-leaseback market. However, through a Real Estate Investment Trust (REIT), smaller investors can get involved.

REITs are traded on stock markets. One of the appeals of the largest REITs is their history of issuing dividends. Here are a few REITs that focus on sale-leaseback.


Realty Income Corporation (0)

This company calls itself “the dividend company”. It lived up to the title last week when its board of directors issued its 120th dividend since being listed on the New York Stock Exchange in 1994. However, it was the 633rd paid out since the company’s founding in 1969. 

Most of the 12,200 properties owned by Realty Income are commercial ventures operating on triple net leases.

W. P. Carey (WPC)

Operating in 26 countries across North America and Western Europe, WPC currently owns 1,449 properties. Almost all are commercial, industrial, and retail assets with triple net leases. It also issued a dividend earlier this week.

Boasting a 98.8 percent occupancy rate, WPC reports that 99 percent of its leases have built-in rent increases.

National Retail Properties (NNN)

With over 3,300 properties in 48 states, National Retail Properties invests primarily in high-end retail properties. The vast majority are under long-term triple net leases. 

It has maintained a 99.4 per occupancy rate for the last two years. It also issued a dividend earlier this year, the 33rd time it has done so.


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Embrace JOMO to Save Money

Embrace JOMO to Save Money



I recently wrote a piece about the damage that Fear of Missing Out (FOMO) can do to your finances, along with some ideas to cure your FOMO. Today I want to look at the other side of the equation: The Joy of Missing Out (JOMO). Embracing JOMO means that, not only do you not fear missing out, you intentionally choose to miss out on activities, experiences and things. Those who love JOMO take pride in living in the slow lane, and find that pulling back from social activities, norms, and obligations is a source of happiness rather than angst.

This doesn’t mean that they are hermits or weirdos. It simply means that these people have found peace and joy in going against our over-worked, over-spent, and over-scheduled culture. They consciously choose those things and experiences which bring them real happiness and leave everything else to the side. (Within reason. There are some nasty parts of life that are inescapable, no matter how desperately you try to embrace JOMO.) Those who embrace the Joy of Missing Out are happy to remain oblivious to trends and fads. As a result, they can save quite a bit of money.

Note that JOMO isn’t automatically a ticket to wealth. Embracing those things that make you happy can be quite expensive, particularly if they involve lots of travel or collecting expensive items. However, a measured approach to JOMO is a money saving exercise.  

It’s not about replacing one activity or thing with another, necessarily. Replacing an expensive activity with a cheaper one saves you money, but it doesn’t necessarily represent JOMO. Sometimes doing nothing is true JOMO. Instead of skipping the latest movie and replacing it with a streaming option (which saves you money while giving you a similar experience), you instead go on a picnic with a group of friends and enjoy being together. The latter is a true JOMO experience, while the former simply saves money. (Although streaming a movie can reflect JOMO if it truly brings you happiness and isn’t something you’re doing just to stay in the pop culture loop.)

If you’ve worked to cure your FOMO and now want to embrace JOMO, here are some ideas to get you started.

Connect with people

Sometimes embracing JOMO means connecting with real people instead of spending time on social media or watching TV. A fun boardgame with friends, or an evening spent chatting over a nice meal is a slow, quality way to spend time. We forget in our hyper-connected world how important it is to spend time actually looking at and talking to real people. It brings us into the present moment and satisfies us in ways that few other activities can. When you’re satisfied and having fun where you are, you aren’t missing out on other stuff. 

Connect with yourself

JOMO can be found when you’re alone, if you’re prepared to spend quality time with yourself. Instead of getting angsty about not having somewhere to go or friends coming over, spend time getting to know yourself. What do you like and dislike? What makes you happiest? Spend time with your thoughts and don’t distract yourself. Get a handle on who you are and who you want to be. When you’re comfortable with yourself, you’re less likely to want to chase trends and fads, and you’ll worry far less about what you might be missing out on.

Live in the present

The future isn’t guaranteed and the past is over. The only moment you have is the present moment. If you spend all your time worrying about what will happen, or reliving what has already happened, it’s likely you’re tipping into FOMO territory. JOMO is found by appreciating what’s happening right now.

Practice gratitude

Think about all that you have to be thankful for. It’s probably more than you realize. The more you appreciate what you already have, the less likely you are to want more. Once you begin practicing gratitude, you’re more mellow about missing out on things because you know you already have a lot of good in your life. You may even be extra happy to miss out on stuff because you realize that “more” might upset the balance you already have. 

Create something

Engaging in a creative act brings joy and a sense of accomplishment. When you’re creating, you’re enjoying the now and not worrying about what you’re missing. You’re happy and you don’t want to be anywhere else. That’s JOMO. Note that your creation doesn’t have to be great or even good. As long as you enjoy the process, that’s all that matters. Writing, drawing, molding clay, coding a new app, building a Lego tower, or planning a garden are all examples of creations you might try. 

Slow down

Move over and get into the slow lane of life. Try slowing down everything you do, including driving, cooking, eating, working, traveling, and walking. Stop treating life like a race and try enjoying the journey. The journey, after all, is where life is lived. Slowing down means that you will miss out on some things in life, but you’ll probably enjoy the things you do all the more. 

Spend time in nature

When you’re in nature, it’s kind of hard to worry about what might be going on elsewhere. If you’re missing out on something, it’s hard to care because the natural world is so magnificent. It’s quiet, too, which is calming to the mind. Plus, nature moves at its own pace which forces you to slow down and go with it. When you return from nature, you probably won’t even care about what you missed. 

Disconnect from the digital world

Social media and 24/7 shopping make it very difficult to disengage from all that we could or should be doing. Taking a digital break or all-out detox can make it easier for you to appreciate the here and now and stop caring about what you’re missing. When you stop caring about what you’re missing and can instead revel in what you already have, that’s JOMO. JOMO isn’t found in the fake, hyper-competitive, online world. 

Say no to things that hurt you

There are plenty of things that are worth missing out on. We often conflate missing certain activities with being out of the loop or being a bad human being. But do these things really matter to us anyway? Learning to say no to things that hurt you is a great way to appreciate missing out. There are many obligations and activities we do because we’re expected to, or because others are doing them, yet they bring us no value. So if your neighbor’s annual holiday party makes you miserable, skip it and don’t worry about whatever is happening or being said there. Sure, there are some obligations you can never escape, but there are plenty of things around which you can erect boundaries. 

Take the deathbed test

What will you remember on your death bed? Is that thing you’re so afraid of missing something that you’ll look back on from your deathbed with happiness, or will you barely remember it? Prune the stuff that doesn’t pass the deathbed test from your life and focus on the things that bring you lasting happiness. As with saying no there are some things you cannot escape, but try your best to spend your time passing the deathbed test. 

Take pride in missing out

Finally, take a perverse pride in being the last to know/do something. (Or when you miss something that seems important but is trivial.) Take stock of the things you did (or didn’t do) with that time and be proud of yourself for reclaiming your life. You don’t have to rub other’s faces in it, but when they’re all complaining about the money they spent or time they wasted doing X, Y, and Z, you can sit back and know that the things you did with your time and money were important to you. You won’t regret what you missed out on, but instead be happy about the things you did.  

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