Issue 13: Graphs, dads, and robots

California dads are driving PFL program growth

A report released today analyzing trends in California's paid family leave program, the oldest PFL program in the country, shows that dads have steadily taken more, and longer, child bonding leave. Child bonding leaves doubled in California from 2005 to 2023, and men accounted for the majority of that growth.

Men filed 44% of bonding claims last year, up from 31% a decade prior, according to California's state statistics. The number of men filing paid family leave claims has increased 19% alone since 2020.

As workplaces continue to normalize leave for their male employees, men filing for child bonding leave is expected to increase. Studies continue to reenforce the importance of paternity leave for household economic stability, maternal mental health recovery, and a child's emotional health. In fact, every month of paid paternity leave is linked to a 7% increase in a mother's earnings.

Click below to read more about the trends in California's paid family leave program:

AI + Insurance ??

The world - and acronyms - of AI is constantly evolving and while we are dipping a toe into the space, we are aware of the benefits of leveraging AI technology for insurance purposes. McKinsey released an insight report, Insurance 2030: The impact of AI on the future of insurance, outlining four key ways AI technology can aid and expand the insurance industry.

1. Explosion of data from connected devices - more smart technology leading to new product categories, more personalized pricing, and increasingly real-time service delivery
2. Increased prevalence of physical robots - drones, 3D printers, robots
3. Open-source and data ecosystem - various public and private entities will come together to create ecosystems in order to share data for multiple use cases under a common regulatory and cybersecurity framework
4. Advances in cognitive technologies - carriers will have access to models that are constantly learning and adapting to the world around them, responding to shifts in underlying risks or behaviors in real time

We've seen AI technology being used throughout the insurance industry from distribution and underwriting, to how policies are priced, to claims management. As McKinsey summarized:

Most important, carriers that adopt a mindset focused on creating opportunities from disruptive technologies—instead of viewing them as a threat to their current business—will thrive in the insurance industry in 2030

As the advances in AI outpace regulation, the Biden administration will reportedly release an?executive order?today to regulate AI technology. The directive aims to address AI technology in 8 key areas including establishing safety and security standards, protections for consumer data and privacy, and safeguards to advance equity and civil rights, among others.

Register for our benefits broker webinar on family-friendly benefit building, this Thursday!

This Thursday, 11/2, join Parento's CEO and Founder Dirk Doebler and Courtney Leimkuhler, the current managing partner of Springbank Collective and former CFO of Marsh, as they dissect the family-friendly benefit market. Courtney brings to the table her decades plus experience at Marsh, the global leader in insurance broking and risk management with 35,000 global employees.

Register here!

?? Halloween's here!

If you recognize and celebrate Halloween, it can be a much needed mid-week distraction. If you're looking for a last minute costume, here is our fav ??

See you next week!