Erie Strategic Ventures, the venture capital arm of Erie Insurance, has revealed strategic investments in three cutting-edge portfolio companies: Wagmo, Roots Automation, and Trust & Will.
The trio of investments disclosed today supports startups operating in tech-enabled pet wellness and insurance, AI-powered insurance operations, and digital estate planning.
The Erie Strategic Ventures fund, launched in August 2022, concentrating on investing in the personal and commercial insurance value chain, along with adjacent sectors that hold the potential to deliver substantial value to ERIE, its agents, and policyholders.
Partnering with the corporate venture capital firm Touchdown Ventures, ERIE aims to manage Erie Strategic Ventures efficiently.
“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 featuring unique pet wellness and insurance products tailored for employers. The platform extends coverage beyond traditional offerings, providing enhanced value and flexibility for customers.
Noteworthy features include the option to visit any groomer or service provider, digital claims submission, and claims paid within 24 hours through Wagmo’s user-friendly app.
Roots Automation utilises artificial intelligence, trained on insurance-specific data, to automate manual and time-consuming processes across claims, underwriting, and insurance operations.
The AI-powered “Digital Coworkers” by Roots increase operational agility, reduce premium leakage, and improve combined ratios, allowing human resources to focus on more creative and innovative tasks.
Trust & Will operates as an online digital estate planning and settlement platform, offering an easy, fast, and trusted way for individuals to establish an estate plan or navigate probate. Aligning with Erie Insurance’s commitment to protecting families, Trust & Will provides affordable and flexible offerings to help individuals prepare for challenging times.
In addition to unveiling the investments, Erie Insurance shared that it generated $8.6bn in direct written premium in 2022, solidifying its position as the nation’s 12th largest homeowners insurer, 12th largest automobile insurer, and 13th largest commercial lines insurer based on direct premium written.
Apart from providing capital, Erie Strategic Ventures leverages ERIE’s industry leadership and value proposition to support portfolio companies.
With nearly a century of insurance expertise, ERIE aims to serve as both a customer and development partner for startups, actively seeking and supporting innovative projects in the years ahead.
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