To address the shortage of career professionals, Ohio insurance companies launched Insuring Ohio Futures.
The launch of Insuring Ohio Futures program and the InsuringOhioFutures.com website will begin the process of recruiting the next generation of insurance employees to the industry and help maintain Ohio's place as a leader in insurance.
A study conducted by Columbus State Community College's (CSCC) Center for Workforce Development found that more than 17,000 new jobs in the insurance sector will need to be filled in the next five years as baby boomers begin to retire, leaving behind a critical shortage of skilled workers. The study also points to career openings at nearly every level of Ohio's 256 insurance companies.
"Thanks to Gov. Kasich's leadership, insurance industry leaders developed a comprehensive plan to increase awareness, provide more training opportunities, and ensure these high-paid, high-skilled positions are filled by a new generation of trained professionals," said Lt. Gov. Mary Taylor, director of the Ohio Department of Insurance.
The website offers the following information and tools:
- Ask a Pro — Allows job seekers to ask questions and connect with seasoned insurance professionals;
- Career Survey — Offers job seekers a tool to learn more about possible insurance career paths, which align with their goals, interests and skills;
- Career Paths — Offers insight on popular insurance careers including details on each profession, daily responsibilities, educational requirements, important skills, average salaries and projected job outlook for the Ohio industry;
- Resources — Provides information for students, veterans and career-changers to make informed decisions on an insurance career;
- Videos — Offers the ability to hear firsthand testimonials from insurance professionals regarding the wide range of opportunities in insurance;
- Ohio Insurance Industry Information Bank — Provides company listings by one of five Ohio regions, as well as direct links to the companies career resources to and to available insurance jobs in Ohio.
In other industry news:
New York Life elected Hy Pomerance as a senior vice president of the company and promoted him to chief human resources officer. He previously served as chief talent officer.
Pomerance will continue to report to Senior Vice President Barry Schub.
In his new role, Pomerance assumes additional responsibility for Compensation and Benefits, Employee Relations and the HR Business Partners function. He joined New York Life in 2009 as a first vice president and head of Talent Development, and in 2010 he became chief talent officer. In 2012, his role was expanded to include responsibility for Talent Acquisition and the HR Services unit, with additional oversight for the Office of Diversity and Inclusion.
Prior to joining New York Life, he held multiple roles of increasing responsibility at various companies, including UBS Investment Bank as managing director – global head of talent management and also executive director – head of learning and development.
Pomerance received his Bachelor of Arts and Master of Arts degrees from Yeshiva University, and his PhD from Albert Einstein College of Medicine.
Conning and Milliman Inc. Conning now offer insurance companies a seamless file exchange interface for running Milliman's MG-ALFA system with output from Conning's GEMS Economic Scenario Generator (ESG).
The integration of MG-ALFA and GEMSprovides a comprehensive solution for life insurance companies undertaking economic capital, strategic asset allocation, liability valuation, stress testing and other asset-liability modeling. For MG-ALFA users, GEMS scenarios can be used to enhance users' financial and regulatory reporting and improve overall risk management.
In addition to providing MG-ALFA users with real world and market consistent scenarios, GEMS also factors in important economic and capital market variables such as inflation, interest rates and equity market changes as well as credit spread and migration dynamics, among other available features. The GEMS economic models and their simulated data are internally consistent within and across all major global economies.
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