Cincinnati Financial Corporation Subsidiary Announces Agreement with the University of Cincinnati to Drive Innovation

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Dec 06, 2018, 07:44 ET

CINCINNATI, Dec. 6, 2018 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that its lead property casualty subsidiary, The Cincinnati Insurance Company, signed an agreement to locate an innovation center within the University of Cincinnati's 1819 Innovation Hub.

UC is one of 115 institutions that are classified as "R1: Doctoral Universities – Highest research activity" in the Carnegie Classification of Institutions of Higher Education. With UC's 1819 Innovation Hub serving as the new "front door" to talent, research, and resources, Cincinnati Insurance sees an opportunity to complement its headquarters Innovation Hub.

"Our vision is to be the best insurance company serving independent agents," said Teresa Cracas, senior vice president and chief risk officer for Cincinnati Insurance. "The innovation hub is a way to test ideas that help us achieve this vision and to bring the best ideas to life in our business. UC provides thought-leadership in the innovation space and connects us to talent that will be helpful to us on our innovation journey."

Cincinnati Insurance plans to house a testing facility within this new space. It will also serve as the center for all recruiting and engagement activity at UC and it will be used for offsite ideation meetings for associates and agents. The company envisions three to five innovation projects taking place within the space at any given time, serving as a conduit for student and faculty engagement.

John Kellington, Cincinnati Insurance senior vice president and chief information officer, summarized the company's objectives for its new partnership with UC: "Gaining access to talent, accelerating the time from ideation to commercialization, developing a platform for innovation that can be leveraged by the entire enterprise, and generating excitement among our associates and agency population around a culture of innovation are the keys to success for us."

The 1819 Innovation Hub boasts a venture lab for startups, multi-purpose rooms, state-of-the-art classrooms, a maker space and creative collision spaces. Construction on Cincinnati Insurance's innovation lab is underway, and the company's space is expected to be complete in the first quarter of 2019. It will join Kroger, Cincinnati Bell, Procter & Gamble, and CincyTech in its commitment to UC's 1819 Innovation Hub.

"UC has been at the forefront of innovation for 200 years," said UC Chief Innovation Officer David J. Adams. "We now have a place where companies large and small can connect with talent, influence knowledge creation and conversion, and merge with innovation and employment potential."

Added Adams, "Earlier this year, UC announced an agreement to become the anchor tenant in the next phase of the innovation district's development just across the street from 1819. This new "digital futures" development will be complete in 2021 with planned work and living spaces. It will serve to further attract companies from the region and around the globe."

About Cincinnati Financial

Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.