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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

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

slide5

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

slide6

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]trohartford.com

IFS Center of Excellence –

Workforce Development

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