Grange Insurance to Expand its Research and Development Operations
Ohio-based insurance company to grow innovation team, market research, and venture arm in Columbus
Published: Thu Jan 05 2023
(Columbus, Ohio) – Grange Insurance is expanding its research and development operations by investing in market research and commercializing new products and services to grow and future-proof the industry. Grange, a Columbus-based insurance company that offers auto, commercial, farm, homeowners and life insurance coverage to customers in 13 states, will grow its R&D capacity with planned assistance from a $1 million Research and Development Center Grant from JobsOhio, the state's private economic development corporation.
"Grange is committed to driving innovation and economic development in Ohio, a state that produces more than 39,000 college graduates each year who are qualified to work in the growing financial services industry," said Grange Insurance VP, Innovation Officer Brent Hammer. "The support from JobsOhio allows us to seek opportunities and build upon our expanding innovation efforts that will grow our team and business and enhance speed and convenience for agents and customers in the best way possible."
"Ohio is a hub for Insurtech innovation – our state has the second-largest financial services sector in the United States, and we will continue investing in the industry to maintain our leadership position," said J.P. Nauseef, JobsOhio president and CEO. "Ohio has a deep reserve of tech talent, venture capital, and low operating costs, making it the perfect site for insurance and tech companies looking to grow and prepare for the future."
The JobsOhio R&D Center Grant facilitates new and expanding strategic corporate R&D centers in Ohio. Such R&D centers support the development and commercialization of emerging technologies and products. The program supports JobsOhio's targeted industries, including advanced manufacturing, aerospace and aviation, automotive, healthcare, financial services, food processing, information technology, logistics and distribution, and shale energy and petrochemicals.
Since 2019, Grange has developed a vital infrastructure for innovation, creating repeatable and systematic processes that integrate into the corporate structure and culture of the company. Grange's innovation team has reviewed over 700 technologies, including 30 proof-of-concept and pilots, leading to several new capabilities. JobsOhio’s support for Grange's investment in talent, technology, and ideas will further strengthen Ohio’s insurance technology industry.
Grange Insurance Company, with $3.3 billion in assets and more than $1.4 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin. Learn more about Grange Insurance.
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