Erie Insurance, a leading provider of auto, home, business, and life insurance, boasts an impressive financial performance, generating $8.6 billion in direct written premium in 2022.
Established in 1925, ERIE holds the 12th position as the nation’s largest homeowners insurer, the 12th largest automobile insurer, and the 13th largest commercial lines insurer based on direct premium written. Recognised for its financial strength, ERIE holds an A+ (Superior) rating from A.M. Best.
With over six million policies in force and a vast network of more than 13,000 independent agents across 12 states and Washington, D.C., Erie Insurance stands as a stalwart in the insurance industry.
In addition to its financial prowess, Erie Strategic Ventures leverages ERIE’s industry leadership and value proposition to bolster its portfolio companies. Drawing from nearly a century of insurance expertise, ERIE serves as both a customer and development partner for startups. This strategic collaboration positions ERIE as a valuable ally for emerging companies in the insurance and adjacent industries.
With a forward-looking approach, Erie Insurance is not only providing capital through its venture arm but also actively seeking to identify and support additional projects in the years ahead. The commitment aligns with ERIE’s mission to bring innovative products and services to the market, further solidifying its position as an industry pioneer.
- 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.
“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.”
Source: PR Newswire
