TLDR: Erie Strategic Ventures, the venture capital arm of Erie Insurance, has announced investments in three new portfolio companies: pet insurance startup Wagmo, insurance technology provider Roots Automation, and estate planning startup Trust & Will. The fund focuses on investing in the personal and commercial insurance value chain, as well as adjacencies that offer potential value to Erie, its agents, and policyholders.
Erie Strategic Ventures, the venture capital arm of Erie Insurance, has made three new investments in pet insurance startup Wagmo, insurance technology provider Roots Automation, and estate planning startup Trust & Will. The fund, launched in August 2022, focuses on investing in the personal and commercial insurance value chain, as well as adjacencies that offer potential value to Erie, its agents, and policyholders. Erie Insurance works with Touchdown Ventures, a corporate venture capital firm, to manage Erie Strategic Ventures.
Keith Kennedy, Senior Vice President for Next Level Innovation at Erie Insurance, expressed excitement about the partnerships with Wagmo, Roots Automation, and Trust & Will, stating that they create numerous opportunities for mutual benefit. Erie Insurance prides itself on being a relationship company, and these investments align with its commitment to building strong partnerships.
Wagmo, one of the companies in which Erie Strategic Ventures has invested, is a pet insurance startup. This investment will help Wagmo continue to expand its reach and offerings in the pet insurance market. Pet insurance has seen significant growth in recent years as more pet owners recognize the importance of having coverage for their furry family members.
Roots Automation, another portfolio company, provides insurance technology solutions. This investment will help Erie Insurance improve its technological capabilities and streamline its operations. As the insurance industry increasingly relies on technology to enhance efficiency and customer experience, partnerships with insurtech companies like Roots Automation are crucial.
Trust & Will focuses on estate planning, an area of personal finance that is often overlooked but essential for ensuring the smooth transfer of assets and minimizing complications for loved ones. By investing in Trust & Will, Erie Insurance is demonstrating its commitment to helping its policyholders navigate important life decisions and protect their legacies.
Overall, the investments made by Erie Strategic Ventures reflect the company’s strategy to not only enhance its own operations but also to support innovative startups and technologies in the insurance industry. By partnering with Wagmo, Roots Automation, and Trust & Will, Erie Insurance is positioning itself at the forefront of industry advancements and ensuring it can continue to provide value to its agents and policyholders.
