Erie Strategic Ventures, the enterprise capital arm of Erie Insurance coverage, has introduced investments in three new portfolio firms: Wagmo, Roots Automation and Belief & Will.
The three investments help startups working in tech-enabled pet wellness and insurance coverage, AI-powered insurance coverage operations and digital property planning. Erie works with the company enterprise capital agency Landing Ventures to assist handle Erie Strategic Ventures.
The Erie Strategic Ventures fund, launched in August 2022, focuses the private and industrial insurance coverage worth chain, in addition to adjacencies that supply potential to ship worth to the insurer, its brokers and policyholders.
Wagmo affords a tech-enabled pet wellness and pet insurance coverage merchandise particularly designed for employers, designed to increase protection past conventional choices. Choose options embrace the power to go to any groomer or service supplier, submit claims digitally and have claims paid in 24 hours by way of Wagmo’s app. Erie says Wagmo enhances and fills gaps that pet house owners have recognized with conventional pet insurance coverage merchandise.
Roots Automation leverages synthetic intelligence, educated on insurance-specific knowledge, to automate guide and time-consuming processes throughout claims, underwriting and insurance coverage operations. Roots’ AI-powered “Digital Coworkers” promise to extend operational agility, scale back premium leakage, enhance mixed ratios, and free folks from inefficient and repetitive work.
Belief & Will is a web based digital property planning and settlement platform that gives a straightforward approach for people to arrange an property plan or navigate probate. Erie says this product aligns with its give attention to offering choices to assist households put together for—and get by way of—tough instances.
“Erie Insurance coverage is a relationship firm, and we imagine that these three relationships create quite a few alternatives for mutual profit,” Keith Kennedy, senior vice chairman for Subsequent Degree Innovation at Erie Insurance coverage.
Erie Insurance coverage sells residence, enterprise and life insurance coverage and generated $8.6 billion in direct written premium in 2022. Erie s operates by way of impartial brokers in 12 states and Washington, D.C.
Along with offering capital, Erie Strategic Ventures leverages ERIE’s business management and worth proposition to help portfolio firms. With practically 100 years of insurance coverage experience, ERIE can serve each as a buyer and improvement accomplice for startups. ERIE seeks to determine and help further initiatives within the years forward to carry progressive services to market.
When it launchd its enterprise arm, Erie stated its typical funding would vary from $1 million to $3 million. The fund will reserve capital for future financing rounds and can versatile on main or taking part in rounds.
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