2018年-普华永道全球_2018_Connecticut_insurance_market_brief_PwC_48页_5mb

2018 Connecticut Insurance Market Brief Summary

Core Content

This 2018 Connecticut Insurance Market Brief outlines the evolving landscape of the state's insurance industry, emphasizing the role of InsurTech and innovation in shaping its future. It highlights the dynamic interactions between traditional insurance firms and emerging InsurTech startups, and how these developments are influencing the state's economic and technological growth.

Main Points

• Connecticut's Insurance Ecosystem: The state is a major player in the insurance industry, ranking third in the US in direct written premiums. The insurance sector contributes significantly to the state's economy, with a GSP contribution of $13.9 billion and a large number of domestic and non-domestic insurance companies licensed to operate in Connecticut.
• Insurance Employment and Wages: Insurance employment accounts for 2.7% of total employment in Connecticut, with 60,233 full-time employees earning an average of $90,294 annually. The industry is a key driver of economic activity, with 1 new job creating 2.32 additional jobs due to induced and indirect effects.
• InsurTech Growth: Hartford is recognized as the Insurance Capital of the World, and the state has seen a surge in InsurTech innovation. The Hartford InsurTech Hub has been instrumental in fostering this growth, with multiple accelerators, hackathons, and partnerships between startups and established insurers.
• Collaboration and Leadership: PwC and Connecticut Insurance & Financial Services (CT IFS) have been key partners in highlighting the transformative power of technology and innovation. CT IFS, a coalition of 32 insurance and financial services companies, focuses on attracting and retaining talent, promoting the industry's economic importance, and supporting innovation.
• Regulatory and Legislative Developments: The Connecticut Department of Insurance and Commissioner Katharine Wade have played a vital role in shaping the industry's response to technological changes. New legislation, such as S.B. 443, aims to foster the blockchain industry and support the adoption of new technologies.
• Technological Integration: Companies are increasingly leveraging AI, machine learning, IoT, and digital tools to improve customer experience, streamline operations, and develop new products. Examples include Hartford Steam Boiler's "mashup@ HSB" innovation center and MassMutual's LifeScore 360.
• Community Impact: Insurers are investing in local communities through philanthropy, workforce development, and educational initiatives. Events like Impact Hartford and Actuarial Boot Camp showcase the state's commitment to innovation and education.
• Future Outlook: The report underscores the importance of continuous innovation and strategic investment in the industry. It highlights the need for insurers to adapt to changing consumer expectations, embrace new technologies, and collaborate with InsurTech firms to maintain competitiveness.

Key Information

Timeline of Events (2017–2018)

• November 2017:
  • Vantis Life partnered with Fabric to sell life insurance to millennials.
  • The Hartford acquired Aetna's US group life and disability business.
  • Peter L. Tedone became Chairman of CT IFS.
• December 2017:
  • Ten startups joined the first Hartford InsurTech Hub accelerator.
  • The state launched a pilot program for fully-autonomous vehicles.
• January 2018:
  • Hartford Steam Boiler opened an innovation center.
  • UnitedHealthcare expanded its digital wellness program with Apple Watch.
  • Infosys announced a technology hub in Hartford.
• February 2018:
  • Cigna achieved a 25% reduction in opioid use.
  • The Hartford InsurTech Hub hosted a panel on InsurTech & Regulation.
• March 2018:
  • Seven Stars Cloud Group moved its HQ to West Hartford.
  • Aetna, The Hartford, and Travelers donated $10 million to Hartford.
• April 2018:
  • The Hartford InsurTech Hub held its first Demo Day.
  • The state participated in InsurTech Connect in Las Vegas.
• May 2018:
  • The Hartford InsurTech Hub presented to the Federal Advisory Committee on Insurance.
  • The 10th annual Actuarial Boot Camp was held.
• June 2018:
  • The Hartford acquired The Navigators Group.
  • The Northeast Autonomous and Connected Vehicle Summit was held.
• July 2018:
  • AXA acquired XL Group.
  • The Hartford InsurTech Hub hosted InsurTech Futurescape.
• August 2018:
  • The Hartford signed a definitive agreement to acquire The Navigators Group.
• September 2018:
  • Hartford InsurTech Hub held a Startup Pitch Night and FastTrack Day.
• October 2018:
  • Connecticut participated in InsurTech Connect in Las Vegas.
• November 2018:
  • CT IFS held its 7th annual Insurance Market Summit.

Connecticut by the Numbers

• 169 cities and towns.
• 3,588,184 population.
• $71,755 median household income.
• 1,899,200 labor force.
• 4.3% unemployment rate.
• 60,233 insurance carrier and related full-time employees.
• $90,294 average annual wage.
• $35.3 billion in direct written premiums for the CT market.
• $170 billion in direct written premiums for all markets.
• $13.9 billion contribution to Connecticut's GSP.
• 22% of Connecticut's GSP comes from insurance and financial services (excluding real estate).
• 26.3% of GSP comes from the Financial Activities super sector (including insurance, financial services, and real estate).
• 5.1% of Connecticut's total payroll is attributed to the insurance industry.
• 790 actuaries in the state, the highest concentration in the US.
• $127,380 annual mean wage for actuaries.

Top In-Demand Roles (Next 2 Years)

1. Cyber security
2. Underwriting
3. Financial advisory/portfolio management
4. Data analysis/data science

Key Quotes

• "InsurTech is now and you can bet that the Insurance Capital's global brands are leading the charge." – PwC
• "The creative and entrepreneurial approaches fostered by InsurTech and FinTech are helping to redefine and strengthen the state's insurance ecosystem." – Catherine Smith, Commissioner, Connecticut Department of Economic and Community Development
• "One new job in the insurance industry adds 2.32 jobs to the Connecticut economy through induced and indirect effects." – Connecticut Economic Resource Center (CERC)

Conclusion

The 2018 Connecticut Insurance Market Brief highlights the state's position as a leader in InsurTech innovation and its strategic importance in the insurance industry. Through collaboration between traditional insurers, startups, and regulatory bodies, Connecticut is positioning itself as a hub for digital transformation and economic growth. The report underscores the need for continued investment in technology, workforce development, and regulatory support to sustain and enhance the state's insurance sector in the coming years.