Erie Insurance's corporate venture capital arm announces three new investments

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Jan 18, 2024, 13:33 ET

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.

SOURCE Erie Indemnity Company