Liberty Mutual Insurance’s personal insurance business unit, Liberty Mutual Global Consumer Markets, has formed a new venture capital initiative.
Liberty Mutual Strategic Ventures (LMSV) is a $150m early-stage fund focused on the intersection of innovative technology and services and the insurance industry supporting entrepreneurs to bring products and services to market faster.
Focus areas, aligned to Liberty Mutual Global Consumer Markets’ overall innovation strategy, are centered on the Connected Home, Next-Generation Vehicle and Sharing Economy.
The fund has made its first investment in August Home, a provider of smart locks and other smart home access products and services.
In addition to the fund, Liberty Mutual Global Consumer Markets’ innovation strategy includes a dedicated team that constantly evaluates key trends and technologies that could have future impact on the insurance industry and its customers. The team also actively explores how customers can benefit from these new technologies and trends, partnering with established organizations, academia and innovative technology pioneers.
Liberty Mutual’s Smart Home Discount Program rewards customers with discounts on their home insurance for adopting self-monitored theft protection devices such as August Home products.