Cincinnati Insurance Company Invests in Insurtech R&D in Ohio

Company’s investment reflects Ohio’s insurtech and innovation growth
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Company Name: Cincinnati Insurance Company
Location: Cincinnati
Industry Sector: Financial Services
Company Profile: Cincinnati Financial Corporation offers primarily business, home, and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies.
Company Website: www.cinfin.com

Project Summary:

  • Type of Project: New location
  • Jobs:
    • Jobs committed: 10
    • Jobs retained: 3

Company Need:

Cincinnati Financial Corporation’s (Nasdaq: CINF) lead property casualty subsidiary, The Cincinnati Insurance Company (Cincinnati Insurance), sought to expand its R&D operations to accelerate its digital and data transformation to meet the changing needs of independent insurance agents and their clients. 

Testimonial:

“This assistance from JobsOhio will deepen our dedicated innovation capability and expand the team that supports innovation across our company. Big data, advanced analytic modeling and the rise of insurtech present opportunities for us to serve independent insurance agents and their customers in new ways, helping them to better identify, understand and manage risk.” – Wendi Bukowitz, vice president and director of strategic innovation, Cincinnati Insurance. 

Why Ohio?

Cincinnati Insurance will grow its insurtech R&D operations in Ohio. Ohio is the No. 5 largest financial services industry in the U.S. The state is No. 3 in top 50 bank headquarters and No. 4 in top 50 insurance headquarters by assets. This leadership and a strong push for innovation and collaboration in insurance within the state are putting Ohio ahead the insurtech space.

The project is being assisted with a $2.5 million JobsOhio R&D Center Grant.

“It was exciting to partner with the JobsOhio team on this process and see how the way we are developing innovation at our company mirrors what is taking place across the state,” said Brad Purnhagen, Cincinnati Insurance innovation lead.

The expanded R&D operation will allow Cincinnati Insurance to grow its internal innovation team focused on enhancing speed and convenience for insurance agents and consumers.

As part of the effort, Cincinnati Insurance plans to further increase its activities at the University of Cincinnati’s (UC) 1819 Innovation Hub – UC’s flagship building in the growing Cincinnati Innovation District™. Cincinnati Insurance leased space in the 1819 building in 2018 to serve as the center for all recruiting and engagement activity at UC and for offsite innovation venture activities for associates and agents.

The company will also provide unique learning opportunities for UC students who will be working alongside Cincinnati Insurance associates, developing skills that will support higher-compensated jobs in areas such as data science and artificial intelligence that are more aligned with future business requirements.

Ohio has become a national hub for Insurtech companies—those transforming the insurance industry with innovative technology enhancements that unlock greater savings and efficiencies. JobsOhio is working hard to help this industry grow even bigger in the state.

Collaborators:

JobsOhio, REDI Cincinnati