The Columbia, S.C. region's insurance technology and servicesindustry generates more than $4.9 billion in annual sales with anearly $6.7 billion total annual economic impact for the state ofSouth Carolina, according to a study released by iTs|SC, Columbia'sInsurance Technology and Services cluster.

The study—led by New Carolina, EngenuitySC, and the GreaterColumbia Chamber of Commerce and City ofColumbia's Business inMotion program—is the first effort to quantify the region'sinsurance technology and services assets and analyze successes andareas for growth.

The report, titled “Insurance Technology and Services SouthCarolina: A case study on iTs|SC andColumbia's emerging leadershipin the global insurance technology industry” is available on thecluster's Website: www.its-sc.com.

The study reveals a growing industry that is already sizablewith a profound impact on the region economically. Regionalemployment in the industry is approximately 15,000, at an averagesalary of $62,000, according to the report. Insurance Technologyhas a direct economic impact of $6.7 billion per year inSouthCarolina, representing roughly 2.5 percent of the state's grossstate product (GSP).

A majority of firms report they either anticipate sales growthover the next year or hiring to fill an estimated 1,200 openpositions inColumbiainsurance technology and services firms.

The statistics were analyzed and vetted by the City ofColumbia'sOffice of Economic Development and economist Dr. Joseph Von Nessenof theUniversityofSouth Carolina's Darla Moore School ofBusiness.

The study compiles approximately 100 hours of interviews andsurveys with 22 companies that are either based intheColumbiaregion or national firms with established operations inthe area.

“Insurance and insurance technology have been an important partofColumbia's economy for

decades,” says Eddie Jones, senior manager of Accenture Softwarefor P&C Insurance and chair of iTs|SC. “The combination of adeep talent pool and a great business climate makes Columbia anideal location for companies of all sizes—from start-ups to centersof excellence for global corporations.”

iTs|SC is currently working to promoteColumbia's leadership inthe industry at a national level. The group will recruit new talentto the area and address the short-term shortage of IT workers inthe region.

As part of the results, iTs|SC provides analysis andrecommendations in the report on how firms can best collaborate toaddress these critical short-term and long-term industry-wideneeds.