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Insurance & Financial Services Cluster. Shared Action for Growth. Economic Summit & Outlook 2004 January 21, 2004. The IFS Cluster. IFS Cluster. A formal structure for action Collaboration and cooperation on issues that impact Connecticut’s business climate.

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Insurance financial services cluster

Insurance &Financial Services Cluster

Shared Action for Growth

Economic Summit & Outlook 2004

January 21, 2004


Insurance financial services cluster

The IFS Cluster


Ifs cluster

IFS Cluster

  • A formal structure for action

    • Collaboration and cooperation on issues that impact Connecticut’s business climate.

    • Consolidation, Convergence, Technological advancement, Product refinement and sophistication, Outsourcing

  • Workforce Development is Critical

Best People

Best Companies

Best Value

Shared Action for Growth


Workforce professional development world class insurance financial services workforce

Workforce & Professional Development – World Class Insurance & Financial Services Workforce

Addressing key needs and critical growth areas

  • Risk Management Skills

    • Core IFS function:

      • Underwriters, Claims Examiners - 7,220 employed in CT

      • Financial Analysts, Financial Advisors - 7,030 employed in CT

      • Actuarial - 820 employed in CT

  • Information Technology

    • 24% of CT’s IT employment is in Finance, Insurance, & Real Estate

      • Highest concentration of any sector

  • Customer Service

    • 3rd highest expected job growth in Connecticut

      • 20% growth anticipated 2000-2010

      • Nearly 800 annual openings

Shared Action for Growth


Insurance financial services cluster

Workforce & Professional Development – World Class Insurance & Financial Services Workforce

  • Addressing key needs and critical growth areas

    • Award of Department of Labor Grant

      • IFS Cluster and member companies awarded $1.3 million for technology training

    • IFS Industry Partnership with Academia

      • Enhanced UConn School of Business Risk Management program.

      • Created Applied Financial Mathematics Program at UConn

      • Created IT Education Center with Capital Community College, providing reduced cost training to IT professionals

      • Created “IFS Track”, enhancing community college Customer Service and Call Center training

      • Working with University of Hartford, Central Connecticut State University, Fairfield University, Trinity College

Shared Action for Growth


Insurance financial services cluster

Workforce & Professional Development – World Class Insurance & Financial Services Workforce

  • Moving Proactively on Issues of the Future

    • Entrepreneurial Support

      • Advance job growth by advancing entrepreneurial activity

        • Experts leaving traditional corporate employment

        • Young professionals desiring alternative careers

    • Tax and Regulatory Actions

      • Advance strength of existing firms and create superior competitive climate

        • IFS companies highly responsive to regulatory environment

        • Advance CT’s attractiveness to attract and retain IFS business

    • Promotion to Global IFS Industry

      • Proactive strategy to bring jobs to Connecticut

        • Present CT’s strengths to attract companies from other states and countries.

Shared Action for Growth


Insurance financial services cluster1

Insurance&Financial Services Cluster

Bob Flynn

Executive Director

860.525.4451 ext. 271

[email protected]

IFS Center of Excellence –

Workforce Development


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