Issue link: https://nebusinessmedia.uberflip.com/i/992084
53 | DOING BUSINESS IN CONNECTICUT | 2018 2018 | DOING BUSINESS IN CONNECTICUT | 53 Insuring the Future Hartford striving to become the future of insurance technology By Jack Kramer While Hartford's proud past will always have the designation "insurance capital of the world" as part of its legacy, it is the future that has city officials and businesspeople more excited these days. "We want to make this city the future of insurance technology," said Mayor Luke Bronin, noting that's how he pitches his city these days. Or, in the words of Susan Winkler, executive director of Connecticut Insurance & Financial Services (CT IFS), "There's a movement going on in Hartford – not a trend; a movement." The optimistic feelings and words come with good reason. A number of extremely positive developments have taken place in the sector in the past six to eight months. For instance CVS Health, which announced in December 2017 it was acquiring Aetna for $69 billion, said recently that it will keep the health insurer's headquarters in Hartford and not move to New York, as was planned a few months ago. The announcement came shortly after it was reported that New York City officials pulled the plug on a $9.6-million incentive package to Aetna, which had announced it would move its headquarters and more than 200 senior executives from Hartford to Manhattan in order to tap into a larger tech talent pool. Those plans were complicated once Aetna agreed to be acquired by CVS in early December. In January, CVS Health spokesman David Palombi said the decision to move had been rescinded, adding that while CVS Health is headquartered in Rhode Island, it also operates "a number of large corporate hubs, or centers of excellence, in other states, including Arizona, Illinois and Texas. We have no plans to relocate Aetna's operations from Hartford." Gov. Dannel P. Malloy said he was "thrilled that CVS has confirmed that Aetna will continue to call Hartford home, building upon a strong legacy of success dating back to 1853." He added that the state welcomed the leadership of CVS Health, and its "commitment to naming Hartford a center of excellence for the insurance business." The decision, he said, "confirms that Connecticut is a tremendous place to do business, with a talent pipeline and quality of life that are second-to-none." And there is plenty other good news in Hartford's near future. Global IT giant Infosys announced in March it will open a technology and information hub in Hartford, bringing an estimated 1,000 well- paying jobs to the state of Connecticut by 2022. The company chose Hartford for its $20.6-million project because of the many education institutions in the state, as well as the presence of other industries like insurance, aerospace manufacturing and defense contracting, Infosys President Ravi Kumar said. The State Bond Commission approved financing to provide up to $14 million in assistance to Infosys, in return for meeting job targets. In May 2017, Infosys said it planned to hire 10,000 U.S. workers, and opened its first innovation center in Indianapolis. Other Infosys hubs will open in Raleigh, N.C., and Providence, Rhode Island. Connecticut officials lobbied hard for a Hartford hub, recruiting top executives from Connecticut companies to the effort. "They [Infosys] told us that Connecticut wasn't on their radar because they heard so much negative stuff about Connecticut," said Catherine Smith, the state's economic and community development commissioner. "This announcement is huge for Hartford and for Connecticut," Bronin said. "In the last few months, we've seen Hartford's innovation ecosystem develop rapidly, with our [Hartford] InsurTech Accelerator up and running, Stanley Black & Decker's advanced manufacturing accelerator on the way, and Infosys' decision to bring a thousand innovation jobs to Hartford represents the next big step." And more companies – and jobs – may soon be in the pipeline. Mark Boxer, executive vice president and global chief information officer at Cigna, said since the Infosys announcement, he has received several inquiries about the state from other technology firms. He said that interest is part of the halo effect. Susan Winkler, executive director of Connecticut Insurance & Financial Services INSURANCE & FINANCIAL SERVICES