“As data and analytics continue to play an integral role in every industry, now is a critical time to educate tomorrow’s analytics talent. We joined Change the Equation because it is the premier organization helping the nation’s leading companies make philanthropic contributions that will move the needle in addressing the talent shortage. In addition, we’ve launched Tomorrow’s Talent Challenge to focus specifically on the needs of the insurance industry. Insurance may not be the first industry young people think of when preparing for college, and we want to educate students on the vast and exciting career opportunities that are available.”
Our nation’s innovators are also our nation’s job creators. Unless the business community mobilizes to shore up the leaky STEM pipeline in our education system, we will continue falling behind and will not be able to maintain our competitive standing in a global economy.
Mathematics, statistics, computer science (e.g., processing big data)
Currently evaluating programs
We have a scholarship fund for a local STEM school.
Our company’s collaborative efforts today are within the industry we serve – property and casualty insurance. Insurance companies historically made most of their profits on investment income. That’s all changed with the financial market decline. Now, insurers are re-engineering their operations (e.g., underwriting, claims) to become profit centers in ways they haven’t necessarily done before. There are a few notable exceptions, but generally insurers are playing catch up to leverage advanced data and predictive modeling to become analytically-driven organizations. At the same time, they are facing a higher concentration of valuable employee talent nearing retirement compared to other industries. Estimates range, with one study saying the industry will need 400k positions within the next several years. Other studies point to the fact that 50% of the insurance workforce will retire within the next decade. The insurance industry has an urgent need to attract the younger generation to fill this impending talent gap.
In joining and partnering with Change the Equation, Valen began a new initiative we’re calling “Tomorrow’s Talent Challenge”. Attracting the next generation of STEM professionals to insurance will take dedicated effort – it’s not thought of as an exciting industry. Valen believes that bringing influential insurance CEOs to Change the Equation will ultimately help inspire our youth to see the career potential in data and predictive analytics in an industry that is actively seeking their talent.