Publication reveals industry with nearly $6.7B impact and 1000+ career opportunities
March 6, 2012
Report highlights growth opportunities for Columbia insurance technology and services cluster
COLUMBIA, SC – March 6, 2012 – The Columbia region’s insurancetechnology and services industry generates more than $4.9 billion inannual sales with a nearly $6.7 billion total annual economic impact forthe state of South Carolina. Regional employment in the industry isapproximately 15,000, at an average salary of $62,000.
Those are some of the key findings of a study released by iTs|SC,Columbia’s Insurance Technology and Services cluster. The study — ledby New Carolina, EngenuitySC, and the Greater Columbia Chamber ofCommerce and City of Columbia’s Business in Motion program — is thefirst effort to quantify the region’s insurance technology and servicesassets and analyze successes and areas for growth. The report, titledInsurance Technology and Services South Carolina: A case study oniTs|SC and Columbia’s emerging leadership in the global insurancetechnology industry is available on the cluster’s website: www.its-sc.com.
The study revealed a growing industry that is already sizable with aprofound impact on the region economically. It has a direct economicimpact of $6.7 billion per year in South Carolina, representing roughly2.5% of the Palmetto State’s gross state product (GSP). A majority offirms reported they either anticipate sales growth over the next year orhiring to fill an estimated 1,200 open positions in Columbia insurancetechnology and services firms.
The statistics were analyzed and vetted by the City of Columbia’s Officeof Economic Development and economist Dr. Joseph Von Nessen of theUniversity of South Carolina’s Darla Moore School of Business.
Thestudy compiles approximately 100 hours of interviews and surveys with22 companies that are either based in the Columbia region or nationalfirms with established operations in the area.
Insurance and insurance technology have been an important part ofColumbia’s economy for decades, said Eddie Jones, senior manager ofAccenture Software for P&C Insurance and chair of iTs|SC. Thecombination of a deep talent pool and a great business climate makesColumbia an ideal location for companies of all sizes – from start-upsto centers of excellence for global corporations.
iTs|SC iscurrently working to promote Columbia’s leadership in the industry at anational level. The group will recruit new talent to the area andaddress the short-term shortage of IT workers in the region.
As part of the results, iTs|SC provides analysis and recommendationsin the report on how firms can best collaborate to address thesecritical short-term and long-term industry-wide needs.
The report comes after iTs|SC successfully recruited Gartner Research,an industry leader in IT research, to host an afternoon session focusedon IT modernization in the insurance industry this past summer. Thesession featured presentations from the area’s firms and iTs|SC membersand included an executive panel featuring top leadership from Aflac,BlueCross BlueShield of South Carolina, Duck Creek Technologies (nowAccenture), and Seibels. Columbia-based IT-oLogy, a public/privatepartnership dedicated to growing the IT talent pipeline and advancingthe IT profession, hosted the event.
About iTs|SC
The Columbia Insurance Technology & Services Cluster (iTs|SC) is aNew Carolina cluster dedicated to promoting the Greater Columbia area’swealth of opportunities within the insurance technology and servicessector. Its mission is to foster a collaborative environment where theprivate sector, government, and higher education work to strengthenindustry competitiveness, a world class talent pool, and SouthCarolina’s reputation as a premier destination for insurance &technology. News, events, and information can be found online at www.its-sc.com.
About New Carolina
New Carolina – also known as South Carolina’s Council on Competitiveness- is a 501(c)3 public/private partnership working to increase percapita income and enhance South Carolina’s economic competitivenessthrough a cluster development strategy. New Carolina has a proven trackrecord for streamlining and coordinating statewide industry efforts andbrings valuable insights to the table for connecting the dots andachieving lasting collaborative economic development solutions. For moreinformation, visit www.newcarolina.org.
