State Auto Labs Corp., the innovation arm of the State Automobile Mutual Insurance Company, has launched a $25m corporate venture fund to support entrepreneurs and innovations in the insurance industry.
To this end, State Auto Labs is teaming up with Ohio based vc firm Rev1 Ventures to connect InsurTech and FinTech startups with capital, technologists and insurance industry experts with the objective of identifying transformative technologies and solutions, becoming an early adopter of these, and investing in the most promising ones.
The venture fund will focus on four key areas of investment:
– Technologies that connect, collect and communicate with people, vehicles, offices and homes (i.e., Internet of Things and wearables)
– Data-driven innovations that improve analytics and decision-making (i.e., machine learning and artificial intelligence)
– Distribution technologies that enhance both traditional and emerging channels, and provide new ways to improve customer service and add value to policyholders
– Products and operational solutions that seek to anticipate the changing needs of insurance customers, while also tapping into new markets (i.e., the sharing economy, insurance on demand, and the reinvention of claims)
Led by Kim Garland, Managing Director, State Auto Labs is a wholly owned subsidiary of State Automobile Mutual Insurance Company, which aims to grow innovations reinventing the insurance industry by giving startups access to accelerate business growth.