Legacy insurer Erie Insurance has announced that it has launched a new arm – Erie Strategic Ventures (ESV) – that will target the personal and commercial insurance spaces.
Principally, the department will look at risk avoidance, claims, underwriting, digital sales and agency productivity tools with a host of other areas to boot.
ESV has built a partnership with Touchdown Ventures to manage the operational load and will act as both a customer and development partner for the start-ups it works with.
What the key players said
Erie’s Keith Kennedy, SVP for Next Level Innovation, said “”We are excited to build upon our expanding innovation efforts with the launch of this venture fund. ERIE is committed to a culture of service and our corporate values will translate well into supporting the founders we invest in.”
Richard Grant, Co-Founder and Managing Director of Touchdown Ventures said, “We are thrilled to partner with a values-driven company such as Erie Insurance that has the scale, resources and ability to make a positive impact on the corporate venture landscape. Our combined Erie Strategic Ventures team has significant insurance industry and corporate venture capital experience. We will leverage this expertise and ERIE’s unique position in the market to support entrepreneurs.”