The Indiana Economic Development Corporation (IEDC) today announced the roll-out of a new incentive aimed at encouraging growth in the insurance industry by establishing a $2 million fund to help companies defray the costs associated with numerous training and certification programs.
The Indiana Specific Insurance Related Education (INSPIRE) program is intended to boost insurance work-force skills and will match 50 percent of an employer’s training costs, up to $750 per employee per application. The program was developed with input from a variety of insurance industry experts and executives and will be the most comprehensive state-funded training program in the country.
“Indiana is well on its way to being viewed as a major hub for the insurance industry,” said Indiana Secretary of Commerce Michael S. Maurer. “This program is another effort to position Indiana as the most attractive insurance employment state in the nation.”
Indiana’s insurance industry employs approximately 60,000 Hoosiers with an average wage of $47,500. The industry pays over $180 million a year in premium and other taxes and contributes over $3.8 billion to Indiana’s Gross State Product.
There are over 200 insurance companies domiciled in the state of Indiana, including some of the largest employers in the state: Wellpoint, Conseco, Lincoln Life and Indiana Farm Bureau Insurance Company.
For more information on applying for assistance through the INSPIRE program, please contact IEDC Director of Insurance Initiatives Mike Chrysler at (317) 234-2084.
IEDC is the result of legislation passed by the Indiana General Assembly in 2005. The Indiana Economic Development Corp. has replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Governor Mitch Daniels. Indiana Secretary of Commerce Michael S. Maurer is also the president of the IEDC.
Source: Indiana Economic Development Corp.
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