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Insurance & Financial Services Cluster

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

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  1. Insurance &Financial Services Cluster Shared Action for Growth Economic Summit & Outlook 2004 January 21, 2004

  2. The IFS Cluster

  3. 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

  4. 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

  5. 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

  6. 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

  7. Insurance&Financial Services Cluster Bob Flynn Executive Director 860.525.4451 ext. 271 RFlynn@metrohartford.com IFS Center of Excellence – Workforce Development

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