Press release
Erie Insurance's corporate venture capital arm announces three new investments
Erie Strategic Ventures invests in tech-enabled pet wellness and insurance, AI-powered insurance operations and digital estate planning startups ERIE, Pa.,
About this update from Erie Indemnity Company
[{"type":"text","content":"Erie Strategic Ventures invests in tech-enabled pet wellness and insurance, AI-powered insurance operations and digital estate planning startups\nERIE, 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.\n\n \n \n \n \n \n \n\n \nThe 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.\n\"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.\"\nWagmo 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...