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Sponsored by: MetroHartford Alliance
February 7, 2023

As ‘The Insurance Capital of the World,’ Hartford seizes on exciting opportunities

Global partnerships and digital advances

Hartford insurance industry’s foothold has been in the city for hundreds of years. It is why the region is known as “The Insurance Capital of the World.”

But the sector has not gotten complacent and is working hard to keep that title. With a mix of natural strengths and strategic efforts, the Hartford region is an ideal location for insurance firms as a corporate headquarters, innovation hub and affordable place for employees to live.

And they will have lots of company.

Connecticut is home to over 1,300 insurance carriers – everything from title companies to accredited insurers to fraternal benefit societies. Hartford is No. 1 in the United States per capita for insurance employment (EMSI, 2020), No. 1 for affordable office lease rates (JLL Office Insight, 2021) and a Top 10 state for business friendliness in 2021, according to CNBC America.

Misperceptions about the insurance industry’s health in Hartford have been just that, say experts – due in part to corporate reshuffling and more remote work opportunities – a similar trend for the entire U.S. insurance industry.

But Domenic Luppino calls Hartford’s insurance thriving, and far from stodgy.

“I have found the opposite to be true,” said Luppino, vice president of consulting services for CGI, an IT and business consulting firm. Companies 
here are doing well, he said, with innovation the driver.

“An important digital revolution had to happen, and insurance is the place to look. Insurance is doing all that work. People in the know are ramping up in response to the digital era. It’s more exciting - probably more than at any other time.”

InsurTech talent

Mike Haylon is head of global investment management firm Conning’s North American business,which serves the insurance industry.

Both Conning, like CGI, are part of the Connecticut Insurance and Financial Services (CT IFS) board, an initiative of the MetroHartford Alliance. Among the pros of locating in Hartford, he said: Business friendliness; affordable housing and a depth of knowledge.

“Despite the fears we’ve been listening to for over 20 years, Hartford continues to have an important presence in the insurance industry and is an important center of influence,” said Haylon.

Conning has 250 employees in Hartford – over half its global workforce. He calls the area’s talent pool exceptional, with highly trained, skilled employees coming from local schools like UConn, Wesleyan University and Trinity College.

Conning started its internship program more than six years ago. “We host about eight to 10 interns every summer. In the last 18 months, we’ve hired 14 former interns for full-time positions,” Haylon said. “It’s a really effective way for us to get exposed to new talent, and we provide them with broad training and exposure.”

This focus on career development is crucial to combat the lure of New York and Boston, he said. Conning’s goal is to offer young hires opportunities to grow and thrive and take advantage of all Hartford has to offer.

Luppino sees more marketing of the city to young people as the next step, and more social gathering places. To further develop the city as a destination, the Hartford Chamber of Commerce and the City of Hartford created the Hart Lift program. The program to date has awarded over 60 grants to new restaurants, bars and retail shops to open in the City of Hartford. The new restaurants and retailers are opening downtown and in all neighborhoods throughout the city, with the majority of new businesses opening this spring and early summer. This vibrancy will be a huge selling point for employers as they attract talent to Hartford. “I want them - if they want to do tech - to say they want to live in Hartford,” he said “The potential is there, and they will be supporting one of the most profitable industries in the country.”

Excellence, across oceans

A beacon of industry strength, Hartford entered into a trade agreement and financial innovation partnership last year with the United Kingdom - The InsurTech Corridor - bringing insurance powerhouses together for mutual benefit. Two years in the works, the partnership not only puts Hartford on the global stage, said Susan Winkler, executive director of CT IFS, but it also provides a ready-made network, resources and regulatory framework for U.K. firms looking to locate here.

“With 50 states, regulations vary in each one,” said Winkler. “But our chief regulator is a leader within the National Association of Insurance Commissioners (NAIC) and also resides on the International Association of Insurance Supervisors (IAIS). So, when foreign insurance companies come to Connecticut, we have knowledge of the entire U.S. market,” she said, providing one-stop shopping for startups, for which time is money. Other countries are taking notice of the U.S./U.K. InsurTech Corridor, and are now eager to do the same.

Hartford’s global connections, industry legacy, affordable housing, skilled labor and strategic innovation make it a competitive region in which to do business. And it remains The Insurance Capital of the World.