Erie Strategic Ventures, the venture capital arm of Erie Insurance, has announced investments in three new portfolio companies: Wagmo, Roots Automation and Trust & Will.
The three investments support startups operating in tech-enabled pet wellness and insurance, AI-powered insurance operations and digital estate planning. Erie works with the corporate venture capital firm Touchdown Ventures to help manage Erie Strategic Ventures.
The Erie Strategic Ventures fund, launched in August 2022, focuses the personal and commercial insurance value chain, as well as adjacencies that offer potential to deliver value to the insurer, its agents and policyholders.
Wagmo offers a tech-enabled pet wellness and pet insurance products specifically designed for employers, designed to extend coverage beyond traditional offerings. Select features include the ability to visit any groomer or service provider, submit claims digitally and have claims paid in 24 hours through Wagmo’s app. Erie says Wagmo complements and fills gaps that pet owners have identified with traditional pet insurance products.
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” promise to increase operational agility, reduce premium leakage, improve combined ratios, and free people from inefficient and repetitive work.
Trust & Will is an online digital estate planning and settlement platform that provides an easy way for individuals to set up an estate plan or navigate probate. Erie says this product aligns with its focus on providing offerings to help families prepare for—and get through—difficult times.
“Erie Insurance is a relationship company, and we believe that these three relationships create numerous opportunities for mutual benefit,” Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance.
Erie Insurance sells home, business and life insurance and generated $8.6 billion in direct written premium in 2022. Erie s operates through independent agents in 12 states and Washington, D.C.
In addition to providing capital, Erie Strategic Ventures leverages ERIE’s industry leadership and value proposition to support portfolio companies. With nearly 100 years of insurance expertise, ERIE can serve both as a customer and development partner for startups. ERIE seeks to identify and support additional projects in the years ahead to bring innovative products and services to market.
When it launchd its venture arm, Erie said its typical investment would range from $1 million to $3 million. The fund will reserve capital for future financing rounds and will flexible on leading or participating in rounds.
Topics InsurTech
Was this article valuable?
Here are more articles you may enjoy.
Update: Beryl Rakes Mexico’s Yucatan With Hurricane Winds and Heavy Rain 
The Battle Over J&J’s Bankruptcy Plan to End Talc Lawsuits 
Insurance Industry Impact From Hurricane Beryl Expected to Be ‘Manageable’ 
State Farm Seeking Large Rate Increases in Wildfire-Prone California 
