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Insurance & Financial Services

The Lansing region is a nationally recognized location for finance and insurance making us a logical home base for industry leaders. The financial and insurance sector in the Lansing area leads every other metropolitan area in the state in terms of total jobs (6.8 percent). Statewide, just 5.8 percent of jobs are in these two industries. Finance and insurance industries employ over 15,000 people in the Lansing region. Your company joining the Lansing region will ensure a ready supply of highly skilled financial and insurance service employees along with excellent support networks and resources.

From 2000 to 2006, growth in the region's finance and insurance industries (13.2 percent) outpaced national financial services growth (8.9 percent) by roughly five percent, according to the "Dollars & Sense: Investing in the Insurance and Financial Services Workforce,” a report released by Capital Area Michigan Works! and the Lansing Economic Area Partnership (LEAP).

The U.S. Bureau of Labor Statistics predicts that employment in Michigan's insurance industry will grow 9.5 percent between 2004 and 2014, a net gain of 5,300 jobs, generating $124.9 million in additional local and state tax revenues.

Top Employers

 

Auto-Owners Insurance Company

1,890

Jackson National Life Insurance Company

1,700

Accident Fund Insurance Company of America

672

Bank of America

517

Blue Cross Blue Shield of Michigan

517

MSU Federal Credit Union

340

 

Top 10 Sectors within Insurance and Finance

Adjusted Employment in Tri-County Region*

Engineering Services

329

Securities Brokerage

422

CPA

482

Mortgage and Nonmortgage Loan Brokers

528

Credit Unions

722

Offices of Lawyers

830

Direct Health and Medical Insurance Carriers

1,837

Commercial Banking

2,025

Insurance Agencies and Brokerages

2,281

Direct Property and Casualty Insurance Carriers

2,686

*Weighted to reflect the portion of this sector that’s dedicated to this industry cluster, not total number of employees.

Source: Regional Cluster Analysis Report of the Lansing Metropolitan Region; August, 2009 (Appendix A)

Our workforce delivers a broad base of expertise and competitive rates.

Standard Occupation Classification Code

Occupation

Mean Hourly Wage in Lansing-East Lansing

Mean Hourly Wage in MI

Mean Hourly Wage in US

11-0000

Management

$43.45

$46.37

$48.23

13-0000

Business and Financial Operations

$28.94

$31.30

$31.12

41-0000

Sales and Related

$14.97

$16.83

$17.35

43-0000

Office and Administrative Support

$15.98

$15.71

$15.49

Source: Bureau of Labor Statistics

Academic partnerships provide a foundation for success

The Lansing region benefits from well-respected business programs that provide us with a ready work pool and excellent opportunities for collaboration and research.

Michigan State University

In addition to excellent business programs at the undergraduate, graduate and doctoral levels, MSU also offers a number of invaluable resources for local businesses:

(NEED) Spartan Consulting

  • Offered in partnership with Michigan State University’s Eli Broad Graduate School of Management
  • Provides affordable consulting resource for companies of all sizes
  • Specializes in business strategy, finance and accounting, human resources, information technology, marketing and supply chain management

Executive Development Training Programs

  • Provided through the Eli Broad Graduate School of Management
  • Offers leading-edge, non-credit programs provide business professionals with the opportunity to gain new skills and develop strategic leadership skills.

Olivet College

  • Home to one of the nation’s top insurance, financial planning and risk management undergraduate education programs
  • Just 25 minutes from downtown Lansing