PriyaPatel
TLDR:
Erie Strategic Ventures, the venture capital arm of Erie Insurance, has made strategic investments in three startups – Wagmo, Roots Automation, and Trust & Will. These investments support tech-enabled pet wellness and insurance, AI-powered insurance operations, and digital estate planning. Erie Strategic Ventures, partnered with venture capital firm Touchdown Ventures, aims to invest in the personal and commercial insurance value chain. Erie Insurance generated $8.6bn in direct written premium in 2022, making it one of the largest insurers in the US.
Erie Insurance Announces Three New Investments
Erie Strategic Ventures, the venture capital arm of Erie Insurance, has announced investments in three cutting-edge startups: Wagmo, Roots Automation, and Trust & Will. These investments align with the company’s focus on tech-enabled pet wellness and insurance, AI-powered insurance operations, and digital estate planning.
About the Startups
Wagmo offers a tech-enabled pet care solution, providing unique pet wellness and insurance products tailored for employers. Roots Automation utilizes artificial intelligence to automate manual and time-consuming processes in insurance operations. Trust & Will operates as an online digital estate planning and settlement platform.
Benefits to Erie Insurance
These investments create opportunities for Erie Insurance to enhance its value proposition and deliver substantial value to its agents and policyholders. The investments also align with Erie Insurance’s commitment to protecting families and providing affordable and flexible offerings to help individuals prepare for challenging times. Along with providing capital, Erie Strategic Ventures leverages Erie Insurance’s industry leadership and value proposition to support portfolio companies.
Company Growth
Aside from the investments, Erie Insurance reported generating $8.6bn in direct written premium in 2022. This cements its position as one of the largest homeowners, automobile, and commercial lines insurers in the US based on direct premium written.
About Erie Strategic Ventures
Erie Strategic Ventures was launched in August 2022 and focuses on investing in the personal and commercial insurance value chain. It also invests in adjacent sectors that can deliver value to Erie Insurance, its agents, and policyholders. The venture capital arm partners with Touchdown Ventures to manage its investments efficiently.
