Erie Strategic Ventures invests in
tech-enabled pet wellness and insurance, AI-powered insurance
operations and digital estate planning startups
ERIE,
Pa., Jan. 18, 2024 /PRNewswire/ -- Erie
Strategic Ventures, the venture capital arm of Erie Insurance
(ERIE), today announced
investments in three new portfolio companies: Wagmo, Roots
Automation and Trust & Will.
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. The three investments announced today support
startups operating in tech-enabled pet wellness and insurance,
AI-powered insurance operations and digital estate planning.
"We are excited to partner with Wagmo, Roots Automation and
Trust & Will," said Keith
Kennedy, senior vice president for Next Level Innovation at
Erie Insurance. "Erie Insurance is a relationship company, and we
believe that these three relationships create numerous
opportunities for mutual benefit."
- Wagmo offers a tech-enabled pet care solution with unique 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 Wagmo's app. Wagmo's innovative approach to pet wellness
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" 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 an easy, fast and trusted way for
individuals to set up an estate plan or navigate probate. Trust
& Will's product aligns with Erie Insurance's focus on
protecting families by providing affordable and flexible offerings
to help them prepare for—and get through—difficult times.
Erie Insurance is a Fortune 500 auto, home, business and life
insurance company that generated $8.6
billion in direct written premium in 2022. Founded in 1925,
ERIE is the nation's 12th largest
homeowners insurer, 12th largest automobile insurer, and 13th
largest commercial lines insurer based on direct premium written.
ERIE is rated A+ (Superior) by
A.M. Best and has more than six million policies in force and a
network of over 13,000 independent agents across 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.
Learn more about Erie Strategic Ventures at
www.erieinsurance.com/ventures.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 12th
largest homeowners insurer, 12th largest automobile insurer and
13th largest commercial lines insurer in the United States based on direct premiums
written. Founded in 1925, Erie Insurance is a Fortune 500 company
and the 19th largest property/casualty insurer in the United States based on total lines net
premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force
and operates in 12 states and the District of Columbia. News releases and more
information are available on ERIE's website at www.erieinsurance.com.
About Touchdown Ventures
Touchdown Ventures partners
with corporations to manage their venture capital programs.
Touchdown works closely with each corporation to help achieve the
financial and strategic benefits from venture capital investments.
The firm maintains offices in Los
Angeles, Philadelphia, and
San Francisco. More information on
Touchdown can be found at www.touchdownvc.com.
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SOURCE Erie Indemnity Company