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Today: May 28, 2024
January 19, 2024
1 min read

Exciting Unveiling: Erie Insurance’s VC Arm Invests in Three Innovations

TLDR:

  • 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 Strategic Ventures is focused on investing in the personal and commercial insurance value chain, as well as adjacencies that offer potential value to Erie Insurance, its agents, and policyholders.

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 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 Insurance, its agents, and policyholders. The three investments announced today support startups operating in tech-enabled pet wellness and insurance, AI-powered insurance operations, and digital estate planning.

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.

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 Strategic Ventures leverages Erie Insurance’s industry leadership and value proposition to support portfolio companies, in addition to providing capital. With nearly 100 years of insurance expertise, Erie can serve as a customer and development partner for startups.

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