Judi French - Supporting Innovation In The Insurance Industry

Why It Matters

Accelerated regulatory pathways boost insurance innovation, driving competition and better consumer outcomes while maintaining robust consumer protection.

Key Takeaways

• Ohio Insurance Dept streamlines regulator communication for innovators
• Initiative supports both insurtech startups and legacy insurers
• 30‑day response promise accelerates product approval timelines for innovators
• Consumer protection remains central to regulatory roadmap throughout process
• 17 companies cleared regulatory process in past year

Summary

Judi French, director of the Ohio Department of Insurance, outlined how the agency is actively fostering innovation within the state’s insurance market. The effort is anchored by the governor’s office and a dedicated Emerging Products and Innovation Initiative that aims to simplify regulatory engagement for new entrants and established carriers alike.

The initiative creates a single point of contact that guides companies through the regulatory maze, offering a clear roadmap, consumer‑protection expectations, and a promise to respond within 30 days. Over the past twelve months, the department has assisted 17 firms—ranging from nascent insurtech startups to century‑old insurers—in moving from concept to compliance.

French emphasized the department’s role as a “conductor” for innovation, saying the agency “takes a company through that regulatory process, gives them a road map, and ensures consumer protection remains the top priority.” This hands‑on approach has surprised participants with the speed and certainty of the approval process.

By accelerating product approvals while safeguarding policyholders, Ohio positions itself as a testbed for insurance technology, potentially attracting investment and prompting other states to adopt similar frameworks. Faster market entry could spur competition, lower premiums, and expand coverage options for consumers.

Original Description

FF News met with Judi French, Director at Ohio Department Of Insurance, to learn more about how they are supporting innovations within the insurance industry.

The Ohio Department of Insurance is entrusted with the regulatory and supervisory role over the state's insurance sector, dedicated to upholding consumer interests, fostering equitable practices, and ensuring rigorous adherence to regulatory frameworks.

“What we did specifically, several years ago, was stand up in emerging products and innovation initiative, and what that was about was really streamlining communication with companies that wanted to, and had ideas for emerging products and new ways of doing business in the insurance industry.”

“How do we ensure that we’re protecting our consumers? - That’s our first and foremost goal, and I’m happy to say that the companies share that goal as well. Over the past 12 months, I’m also happy to say that we’ve helped 17 companies get through that process.”