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Trends & Regulations: Preparing for a New future for Finance & Insurance Companies

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The Partnership

October 26, 2023

How will government regulations and evolving consumer trends change the way Buffalo Niagara companies are financed and insured?

The BNP Finance & Insurance Industry Leaders Forum (ILF) came together on October 5^th to discuss this complicated question. Western New York’s economy relies on these sectors on a daily basis, to operate and grow all businesses. The region also counts on finance and insurance leaders to champion the regional initiatives that help Western New York compete for needed development, talent attraction, and residential investment.

The recent ILF allowed sector leaders to discuss their own specific shared challenges, joint solutions and ways for the region to advocate on their behalf.

Mike Noah, President of Bank on Buffalo, shared his perspectives on current market drivers and the future of WNY investment and Bart Chacchia, an attorney from Harris Beach, PLLC discussed financing and insurance strategies for clients in the emerging cannabis economy.

The group also welcomed Emily Melendez, Business Development Supervisor at Say Yes Buffalo, as part of an in-depth conversation on attracting and retaining talent. According to Lightcast data, both sectors offer high earning potential against regional standards and light hiring competition over a thin supply of regional talent. Still filling positions is a challenge and will be made more challenging with impending retirements. The group discussed several Employ Buffalo Niagara initiatives that could best serve all of the companies gathered around the table. As we move into 2024, workforce development will continue to be a key topic for this ILF.

The Finance & Insurance ILF is one of nine created to discuss the status of business in the sector by sharing data and plans for the year and beyond. Learn more about the new BNP Industry Leaders Forum  here.