On “Jobs that Pay” Tour in Scranton, Governor Wolf Hosts Roundtable Discussion on Budget Investment in Pennsylvania’s Economy

first_imgOn “Jobs that Pay” Tour in Scranton, Governor Wolf Hosts Roundtable Discussion on Budget Investment in Pennsylvania’s Economy SHARE Email Facebook Twitter March 08, 2017center_img Jobs That Pay,  Press Release Scranton, PA – Governor Wolf today toured Signallamp Health, LLC in Scranton and hosted a roundtable discussion with Signallamp employees and local leaders focused on budget initiatives that will support a new way for Pennsylvania’s economy and job creation. Signallamp is a healthcare technology startup that provides chronic care management services, and recently established a facility in downtown Scranton that will 69 new jobs over three years with the help of state funding through the Governor’s Action Team.“When Signallamp and the Governor’s Action Team first started discussing this project, one of the key factors that attracted us to this company was their dedication to expanding and creating jobs right here in downtown Scranton,” Governor Wolf said. “That dedication was extremely important to us, because one of my highest priorities is making sure that we are investing in companies, and areas, that are bringing jobs back to the areas that need them.”In March 2016, Signallamp Health received a funding proposal from the Department of Community and Economic Development that includes a $75,000 Pennsylvania First program grant and $54,650 in WEDnetPA funding for employee training.The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania, in collaboration with the Ben Franklin Technology Partners of NEPA, the Lackawanna County Office of Planning and Economic Development and the Greater Scranton Chamber of Commerce.The way we finance healthcare is increasing the burden on physicians to simultaneously control costs and produce better outcomes. To help meet this obvious challenge, Signallamp partners with providers to bring additional clinical capacity, preventative care and IT to allow physicians to address the needs of a larger number of their patients outside of the office setting,” said Signallamp Health co-founder and CEO Drew Kearney. “Signallamp is grateful for the economic development programs available in Pennsylvania. Partnerships with the Governor’s Action Team and Lackawanna County and investments from Ben Franklin Technology Partners, has allowed us to more aggressively hire and train our workforce — creating family sustaining jobs here in Northeast PA.”Governor Wolf’s budget continues to invest in 21st century manufacturing, workforce development and training programs while also implementing new safeguards to ensure taxpayer dollars for economic development projects are spent appropriately and intended outcomes are met.Governor Wolf plans on investing in job creation by:Partnering with the commonwealth’s research universities and Industrial Resource Centers to accelerate manufacturing technology advancement and adoption, foster manufacturing innovation and commercialization, and build a 21st century workforce.Creating a new apprenticeship grant program to ensure workers can receive training aligned to business workforce needs, funded with revenue recovered from companies that fail to live up to previous commitments made when they received state assistance.Investing $5 million in a manufacturing training-to-career grant program to partner with technical programs and community colleges to develop new training programs that align with their workforce needs.Signallamp Health is serving physicians across northeast Pennsylvania, including The Wright Center for Primary Care — a thought leader in primary care delivery and innovation — by providing telephonic Chronic Care Management (CCM) services via experienced Registered Nurses to Medicare beneficiaries on behalf of their primary care physicians.For more information on Signallamp Health, visit www.signallamphealth.com.For more information about the Governor’s Action Team or DCED visit www.newPA.com.last_img read more

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GTM makes whopping $1.1B payout in claims

first_imgRe-elected GTM Chairman Ram SinghSalesperson of the Year and Superstar Achiever, Hansraj SinghThe Guyana and Trinidad Mutual Fire Insurance Company Limited (GTM) last year paid out a whopping $1.1 billion in insurance claims, even as its profit margin declined by a little less than half compared to the previous year.This was the dire state of affairs reported by re-elected Chairman of the Board of Directors, Ram Singh.The Board of Directors met with policyholders on Wednesday at the Georgetown Club for the 136th Annual General Meeting (AGM), where Chairman Singh reported that after-tax profit for the company in 2015 was $82 million, as against the $160 million earned in 2014.Fire lossesSpeaking to the $1.1 billion payout in insurance claims, Singh told policyholders, this was primarily as a result of large fire losses incurred for the third consecutive year.He sought to reassure policyholders, however, that “since the beginning of 2014, your company has taken steps to prevent a reoccurrence by implementing more stringent underwriting guidelines”.Singh was optimistic in his pronouncements as he told policyholders in his report that despite the increase in claims that had to be met, the company still performed “fairly well despite fierce competition from existing insurance companies, new entrants, a decline in premium rates and a reduced demand for insurance coverage”.Speaking on the company’s asset base, Singh told those in attendance that GTM did record an increase in its holdings, totalling $6.65 billion in 2015, up from $5.92 billion the previous year.He said given the 2015 performance, the company has declared a final dividend of 4.6 per cent for ordinary scrip, preferent scrip and first preferred stock holders.The resolution for the dividend payout was unanimously approved by the policyholders in attendance.Regional performanceThe GTM Chairman also used the opportunity to provide an update on the performance of its regional branches.He told policyholders that in Grenada, total premiums grew by G$20 million. Singh recalled too that at the beginning of 2014, that country’s Government commenced the rollout of its three-year home-grown economic recovery programme of fiscal adjustments and reform – supported by the International Monetary Fund – and this programme at the end of 2017 is expected to stimulate the economy and reduce unemployment.In St Lucia, Singh lamented, the country’s economy shrank by almost two per cent and its “general insurance sector continues to face intense competition, high policy attrition (erosion) and declining growth”.According to Singh, in an effort to maintain market share and profitability, competitors engaged in discounting of premium rates, but these factors negatively affected the performance of the St Lucia branch.He said the sister branch in St Vincent and the Grenadines faced similar challenges to those experienced in St Lucia, but has fared better with marginal growth in premiums.Investment returnsThe GTM Chairman’s spate of bad news continued, as he reported on the company’s investments, highlighting that they have seen a decline in the rate of returns being earned.He sought to reassure, however, that “cognisant of the need to improve the yield on investment in order to avoid volatile or toxic investments, the Board’s first priority “is to protect your company and its investments by seeking only secured and guaranteed investments”.Singh used the opportunity to lament that the motor insurance aspect of GTM’s business portfolio did not fare well in 2015.This, he said, resulted from insurance companies across the territories, “underwriting at rock-bottom rates with very large excesses”.According to Singh, “on the surface, this may seem beneficial; however, the client ultimately loses more at the time of a claim”.This practice, according to Singh, will not be entertained by GTM.He told policyholders, “Any policy or practice that leads ultimately to the client being placed at a disadvantage will not be adopted by your company.”The GTM Chairman also used the opportunity to provide policyholders with an update on some infrastructural works undertaken in 2015.1962 roofAccording to Singh, the company utilised $51 million in renovations and repairs in 2015, most of which went into replacing the entire roof of the original GTM building in addition to upgrading its outdated electrical systems.He told policyholders that the repairs were deemed necessary, since “the building was last roofed in 1962 and had developed a number of leaks”.Singh also reported that the company renovated a property which it had leased in D’Edward Village in Berbice and has since relocated its Rosignol office there.“Other renovations included constructing a roof to cover the entire fifth floor of the Head office building to improve utility of the roof garden.”Superstar achieverSticking to tradition, the company also used the opportunity to reward its outstanding employees.Hansraj Singh was the top awardee copping a number of prizes, including Salesperson of the Year, the Superstar Achiever Award and the Chairman’s Award – the highest award across the branches.The company also presented bursaries to a number of students who recorded creditable performances in their examinations.All of the Directors, inclusive of the Chairman, were re-elected to serve on the company’s Board of Directors for another year.last_img read more

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