Front-Line Reflections: Insights from Money 2020 & Scout InsurTech

Every once in a while, we find ourselves with a moment to reflect on the impact and impressions we hope to make. A few years ago, I was presented with the exciting opportunity to join the dynamic organization known as JobsOhio. At the time, I had only a vague understanding of economic development, but it soon became clear what it meant for the state and its people. While economic development encompasses many aspects, the one that stands out the most is relationships.

As I took on the role of leading the financial services sector at JobsOhio, I leaned heavily on my experience building and strengthening relationships. Representing JobsOhio at various conference destinations involves selling a unique product—the state of Ohio itself. Our mission is to help companies grow by offering tailored assistance. Telling our story and finding the right "buyer" is crucial to generating and nurturing leads.

The value proposition is clear, simple, yet powerful: Companies can EXPECT to grow and succeed in Ohio.

One of my job's most enjoyable yet challenging aspects is staying current with new trends, technologies, and innovations. Events like Money 2020 and Scout InsurTech bring together thousands of attendees who are true innovators in the financial services industry. I am humbled by those in the space who have identified a problem, constructed a solution, and are on the path to growth and profitability. Competing with similar startups or scale-ups for market share makes their position even more challenging. From improving user experience and regulatory compliance to fighting fraud, hundreds of leaders are out there fine-tuning how the industry operates.

Key Takeaways from Money 2020 and Scout InsurTech

Rather than simply listing the hot trends, which a quick Google search could provide, I'd like to share some key insights from these conferences. Here are the trends that stood out:

1. Data Analytics: Becoming a staple for financial services companies, data analytics is transforming how businesses understand and interact with their customers. The ability to harness and interpret data is now a critical component of strategy and operations.

2. Artificial Intelligence: AI continues to iterate almost daily, offering new solutions for automation, customer service, fraud detection, and more. The pace of innovation in AI is staggering, and companies that can leverage these advancements are positioning themselves for significant advantages.

3. Embedded Finance: Companies increasingly embed insurance or payments into adjacent products or services. This integration creates seamless customer experiences and new revenue streams for businesses.

JobsOhio's Role in the Financial Services Ecosystem

While I am not the expert in building these solutions, what I do—and what JobsOhio excels at—is making connections for companies seeking partners or services to support their growth. Ohio boasts the fourth-largest financial services economy in the United States and the seventh-largest financial services workforce, an impressive feat given our population size compared to the top states like New York and California.

Recently, we showcased our capabilities by bringing innovative leaders to central Ohio for an event called Scout, part of InsurTech Ohio. This event placed us in the driver's seat, a refreshing change from the massive gatherings in Vegas or New York.

The Importance of Marketing and Relationship Building

No matter how great your product or service is, if you don't get the word out, it won't matter. Marketing channels abound—relationships, advocacy, sponsorships, digital marketing, social media, billboards, blogs—the list seems endless. JobsOhio must remain well-known for when companies are ready to make their next move.

In financial services, I've often said that companies need to meet customers when and where they want to be met. The same principle applies to economic development. If no one knows we're here, do we really exist? Well, we do. Just ask Worldpay, which selected Cincinnati as its headquarters, or Wells Fargo, which recognized Ohio's tech talent to grow its tech center here. These are recent wins, but we have plenty more success stories.

Returning from Money 2020 and Scout InsurTech has been invigorating. The innovations and trends discussed at these conferences reaffirm the importance of staying connected and informed. By fostering relationships and promoting Ohio's strengths, we continue to pave the way for economic growth and development in the financial services sector.

Click here for more information on JobsOhio and the financial services industry in our great state.