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Connecticut’s Hub for Insurance Technology

Think you know the “insurance capital of the world”? Think again. To gain an insider’s perspective, four thought leaders share their insights on how local organizations are pushing boundaries and reaching new heights.

Advanced technologies have brought about a new way of working and thinking, and the insurance industry has kept pace to adapt to these changes. This adaptation has resulted in improved customer service, the emergence of new acquisition channels, enhanced underwriting processes, automated claims handling, and more.

Throughout the state, companies have been actively pursuing this digital transformation, fueling the growth of Connecticut’s fintech industry. Their competitive emphasis on technology, coupled with an unwavering commitment to quality, is further amplified by their global reach into consumer and financial markets worldwide.

Powerful Career Development

The best news? Local industry-leading companies are consistently investing in fresh thinking and new talent. With expanding opportunities centered around Artificial Intelligence, data research, and data science, it is an exciting time to pursue a career in this field.

Insurance giant Travelers has a rich history of developing innovative insurance products. In fact, they were the first insurer in the 1960s to provide coverage for electronic data processing equipment, data, and media.

Today, Travelers’ growing technology insurance team attracts bright minds by focusing on efficiency through transformative disruption. Through cross-functional initiatives, online certification courses, and team collaboration, young professionals can refine the skills necessary to shape strategy and approach.

Meanwhile, HSB, a division of Munich RE, is making targeted IT investments to assist clients and partners in addressing challenges in the modern digital world. They are actively expanding their dedicated team of professionals and offering customized professional training and certification opportunities.

With an international impact and local presence, LTIMindtree provides solutions tailored to the evolving needs of insurance organizations. They are actively recruiting and helping employees develop expertise in technologies such as Robotic Process Automation, Artificial Intelligence, Machine Learning, drones, and analytics.

These capabilities enable them to tackle complex problems, including underwriting profitability and operational efficiency.

Building Bridges

The local support ecosystem is playing a crucial role in driving success and growth in this industry through networking and the sharing of best practices.

Organizations like the Connecticut Insurance and Financial Services bring together individuals with a collective focus on shaping the industry’s future. This statewide alliance hosts meetups that cater to executives, professionals, and startups, aiming to advance both the insurtech and fintech communities.

Additionally, the Connecticut Technology Council, a statewide trade association focused on technology companies, provides information and advocates on behalf of the insurance industry. The council serves as a platform for exchanging ideas and resources to foster growth in the overall tech sector of the state.

Annually, the InsurTech Hartford Symposium brings together an international community of industry leaders, entrepreneurs, and innovators to drive meaningful change. This event serves as a culmination of frequent networking events hosted by InsurTech Hartford, offering ongoing support to agents, brokers, carriers, solution providers, and investors alike.

From Aspiring to Accomplished

Considering a career change or looking to develop your skills? Connecticut’s community colleges and universities are equipping the next generation of technology leaders.

Their undergraduate and advanced degree programs provide tangible skills applicable to the fields of insurtech, fintech, and more. These programs train students to effectively tackle challenges, streamline processes, and enhance productivity. 

Here are a few examples:

  • Capital Community College offers an A.S. in Computer Networking.
  • Norwalk Community College offers an A.S. in Computer Security.
  • Yale University offers both a B.A. and B.S. in Computer Science, along with combined majors in Electrical Engineering, Economics, Mathematics, and Psychology.
  • University of Connecticut (UConn) offers a Bachelor of Science in Computer Science.
  • Western Connecticut State University offers a Bachelor of Business Administration in Management Information Systems.
  • Sacred Heart University offers an M.S. in Cybersecurity.
  • University of Bridgeport offers an M.S. in Technology.
  • University of New Haven offers an M.S. in Cybersecurity and Networks.

These institutions provide a diverse range of educational opportunities to meet the demands of the evolving technology landscape.

For more on building a career in insurtech, check out the Instagram story here

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