Erie Strategic Ventures invests in tech-enabled pet wellness and insurance coverage, AI-powered insurance coverage operations and digital property planning startups
ERIE, Pa.
,
Jan. 18, 2024
/PRNewswire/ —
Erie Strategic Ventures
, the enterprise capital arm of Erie Insurance (
ERIE
), immediately introduced investments in three new portfolio firms: Wagmo, Roots Automation and Trust & Will.
The Erie Strategic Ventures fund,
launched in
August 2022
, focuses on investing within the private and industrial insurance coverage worth chain, in addition to adjacencies that provide potential to ship worth to
ERIE
, its brokers and policyholders.
ERIE
works with the company enterprise capital agency Touchdown Ventures to assist handle Erie Strategic Ventures. The three investments introduced immediately help startups working in tech-enabled pet wellness and insurance coverage, AI-powered insurance coverage operations and digital property planning.
“We are excited to companion with Wagmo, Roots Automation and Trust & Will,” mentioned
Keith Kennedy
, senior vp for Next Level Innovation at Erie Insurance. “Erie Insurance is a relationship firm, and we imagine that these three relationships create quite a few alternatives for mutual profit.”
-
Wagmo
affords a tech-enabled pet care resolution with distinctive pet wellness and pet insurance coverage merchandise particularly designed for employers, designed to increase protection past conventional choices and enhance worth and adaptability for purchasers. Select options embody the power to go to any groomer or service supplier, submit claims digitally and have claims paid in 24 hours all by Wagmo’s app. Wagmo’s revolutionary strategy to pet wellness enhances and fills gaps that pet homeowners have recognized with conventional pet insurance coverage merchandise.
-
Roots Automation
leverages synthetic intelligence, educated on insurance-specific knowledge, to automate handbook and time-consuming processes throughout claims, underwriting and insurance coverage operations. Roots’ AI-powered “Digital Coworkers” enhance operational agility, scale back premium leakage, enhance mixed ratios, and free individuals from inefficient and repetitive work enabling them to be extra inventive, collaborative and revolutionary.
-
Trust & Will
is an internet digital property planning and settlement platform that gives a simple, quick and trusted method for people to arrange an property plan or navigate probate. Trust & Will’s product aligns with Erie Insurance’s concentrate on defending households by offering reasonably priced and versatile choices to assist them put together for—and get by—tough occasions.
Erie Insurance is a Fortune 500 auto, home, business and life insurance coverage firm that generated
$8.6 billion
in direct written premium in 2022. Founded in 1925,
ERIE
is the nation’s twelfth largest householders insurer, twelfth largest car insurer, and thirteenth largest industrial traces insurer based mostly on direct premium written.
ERIE
is rated A+ (Superior) by A.M. Best and has greater than six million insurance policies in power and a community of over 13,000 impartial brokers throughout 12 states and
Washington, D.C.
In addition to offering capital, Erie Strategic Ventures leverages
ERIE’s
business management and worth proposition to help portfolio firms. With almost 100 years of insurance coverage experience,
ERIE
can serve each as a buyer and improvement companion for startups.
ERIE
seeks to establish and help extra initiatives within the years forward to carry revolutionary services to market.
Learn extra about Erie Strategic Ventures at
www.erieinsurance.com/ventures
.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based mostly in
Erie, Pennsylvania
, is the twelfth largest householders insurer, twelfth largest car insurer and thirteenth largest industrial traces insurer in
the United States
based mostly on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 firm and the nineteenth largest property/casualty insurer in
the United States
based mostly on complete traces internet premium written. Rated A+ (Superior) by A.M. Best,
ERIE
has greater than 6 million insurance policies in power and operates in 12 states and the
District of Columbia
. News releases and extra info are available on
ERIE’s
web site at
www.erieinsurance.com
.
About Touchdown Ventures
Touchdown Ventures companions with companies to handle their enterprise capital packages. Touchdown works intently with every company to assist obtain the monetary and strategic advantages from enterprise capital investments. The agency maintains places of work in
Los Angeles
,
Philadelphia
, and
San Francisco
. More info on Touchdown might be discovered at
www.touchdownvc.com
.
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SOURCE Erie Indemnity Company
