HomeUSAErie Strategic Ventures Announces Three New Investments

Erie Strategic Ventures Announces Three New Investments

Erie Strategic Ventures

Erie Strategic Ventures, the venture capital arm of Erie Insurance, announced investments in three new portfolio companies including Wagmo, Roots Automation and Trust & Will.

In details:

  • Wagmo offers a tech-enabled pet care solution with pet wellness and pet insurance products specifically designed for employers, designed to extend coverage beyond traditional offerings and increase value and flexibility for customers. Select features include the ability to visit any groomer or service provider, submit claims digitally and have claims paid in 24 hours all through an app;
  • Roots Automation leverages artificial intelligence, trained on insurance-specific data, to automate manual and time-consuming processes across claims, underwriting and insurance operations. Roots’ AI-powered “Digital Coworkers” increase operational agility, reduce premium leakage, improve combined ratios, and free people from inefficient and repetitive work enabling them to be more creative, collaborative and innovative.
  • Trust & Will is an online digital estate planning and settlement platform that provides a way for individuals to set up an estate plan or navigate probate.

The Erie Strategic Ventures fund, launched in August 2022, focuses on investing in the personal and commercial insurance value chain, as well as adjacencies that offer potential to deliver value to ERIE, its agents and policyholders. Erie works with the corporate venture capital firm Touchdown Ventures to help manage Erie Strategic Ventures. In addition to providing capital, Erie Strategic Ventures leverages Erie’s industry leadership and value proposition to support portfolio companies.

Founded in 1925, Erie Insurance is a Fortune 500 auto, home, business and life insurance company that generated $8.6 billion in direct written premium in 2022. The company has more than six million policies in force and a network of over 13,000 independent agents across 12 states and Washington, D.C.

Touchdown Ventures partners with corporations to manage their venture capital programs. The firm maintains offices in Los Angeles, Philadelphia, and San Francisco.

VCWire

19/01/2024