The Columbia, S.C. region’s insurance technology and services industry generates more than $4.9 billion in annual sales with a nearly $6.7 billion total annual economic impact for the state of South Carolina, according to a study released by iTs|SC, Columbia’s Insurance Technology and Services cluster.
The study—led by New Carolina, EngenuitySC, and the Greater Columbia Chamber of Commerce and City ofColumbia’s Business in Motion program—is the first effort to quantify the region's insurance technology and services assets and analyze successes and areas for growth.
The report, titled “Insurance Technology and Services South Carolina: A case study on iTs|SC andColumbia’s emerging leadership in the global insurance technology industry” is available on the cluster’s Website: www.its-sc.com.
The study reveals a growing industry that is already sizable with a profound impact on the region economically. Regional employment in the industry is approximately 15,000, at an average salary of $62,000, according to the report. Insurance Technology has a direct economic impact of $6.7 billion per year inSouth Carolina, representing roughly 2.5 percent of the state’s gross state product (GSP).
A majority of firms report they either anticipate sales growth over the next year or hiring to fill an estimated 1,200 open positions inColumbiainsurance technology and services firms.
The statistics were analyzed and vetted by the City ofColumbia’s Office of Economic Development and economist Dr. Joseph Von Nessen of theUniversityofSouth Carolina’s Darla Moore School of Business.
The study compiles approximately 100 hours of interviews and surveys with 22 companies that are either based in theColumbiaregion or national firms with established operations in the area.
“Insurance and insurance technology have been an important part ofColumbia’s economy for
decades,” says Eddie Jones, senior manager of Accenture Software for P&C Insurance and chair of iTs|SC. “The combination of a deep talent pool and a great business climate makes Columbia an ideal location for companies of all sizes—from start-ups to centers of excellence for global corporations.”
iTs|SC is currently working to promoteColumbia’s leadership in the industry at a national level. The group will recruit new talent to the area and address the short-term shortage of IT workers in the region.
As part of the results, iTs|SC provides analysis and recommendations in the report on how firms can best collaborate to address these critical short-term and long-term industry-wide needs.