Scout InsurTech Spotlight with Ron Rock

Ron Rock is the Managing Director, Financial Services at JobsOhio, a private nonprofit corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion efforts. Ron was interviewed by Chris Luiz, CEO and Co-Founder at Scout InsurTech.

What are the most significant strengths you see in Ohio's insurtech ecosystem today?  

“Ohio has many large insurance incumbents across the state. These range from the largest to middle market carriers. Not only are they important employers in Ohio, but they are also great potential partners. Couple that with our friendly regulatory environment and that makes for growth opportunities for insurtech founders wanting to expand in the U.S.”

How well are stakeholders such as startups, insurers, regulators and academic institutions collaborating to drive innovation in Ohio?  

“It may not be unique, but what I think makes Ohio special is our desire to partner. I mentioned the regulatory environment above – the Department of Insurance is under leadership that aligns well with economic development. When a company wants to launch a new product or business, ODI aims to make the process as easy as possible. From a workforce standpoint, our universities produce 60,000 plus individuals ready to work in financial services. That doesn’t even include the amazing talent focused on technology. With insurtech growth, it’s important to have a workforce that supports both industry and technology, and we have it here in Ohio.”

Are there any partnerships or initiatives that are currently missing or underdeveloped?  

“Technology is ever changing. While it feels like we’ve been talking about insurtech for some time, it’s still relatively new because of the slow adoption rate. Many organizations focused on building within only to abandon that strategy and shift toward partnerships. Now with the explosion of AI, financial services is the sector that will be most impacted. When you think of all the manual processes that can be streamlined with AI, opportunities are huge. If organizations want to pursue AI, they first need to ensure their data is ready for it.”

How effectively are Ohio-based insurers adopting and integrating emerging technologies from the insurtech sector, and what areas require greater focus to stay competitive? 

“We’re getting better. As I mentioned, there’s been a slight shift to partnership with/investment in insurtechs. I’m seeing ventures teams, innovation departments and strategic partnership leaders become more present in our corporations. Having dedicated teams focusing on what drives the industry forward will keep Ohio in a leadership position.”

What sectors or trends within insurtech offer the greatest growth opportunities for Ohio over the next five years? How can the ecosystem position itself to capitalize on these opportunities?  

“We’re in a highly regulated industry, and sometimes being disruptive can be a challenge. I’d like to see us shift a bit more toward the ‘let’s make big things happen’ rather than make minor adjustments. Insurance rates are getting out of hand. All the players in this space (auto, home and health) need to take a good look at how to ease the pain for policyholders.”

Looking ahead five years, what key investments, policies, or cultural shifts are necessary to ensure Ohio remains a hub for insurtech innovation? What does success look like for the ecosystem in 2029?  

“Ohio’s Midwest culture is already a huge positive. To make us even more attractive to founders and investors, we need to formalize an effective accelerator. We’ve seen fragmented versions over the years, but engagement hasn’t remained strong. Ohio has three, solid metropolitan areas that, when combined, could rival larger markets. If we do it right, an Ohio Insurance Accelerator would be a great attraction tool that would strengthen the ecosystem, and we could market Ohio as a global tech hub.”

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