This is a critical time for the insurance industry, and we recognize that there is a better way to support the development of innovations that will fuel business success for startups and deliver cutting-edge technologies for enterprises.
Columbus, OH (PRWEB)
September 26, 2017
State Auto Labs Corp., the innovation arm of the State Automobile Mutual Insurance Company, has launched a $25 million corporate venture fund to support entrepreneurs and innovations in the insurance industry. State Auto Labs is embarking on a unique collaboration with Rev1 Ventures that connects 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.
As consumer habits evolve, so do their insurance needs. State Auto Labs is committed to participating in the reinvention of insurance by connecting disruptive startups with capital, technologists and insurance industry experts.
“The insurance industry is in the midst of an enormous transformation and is poised for a bigger disruption over the next five years than its undergone over the past 50 years,” said Kim Garland, Managing Director of State Auto Labs. “This next progression will come from both inside and outside of the insurance industry. The insurance companies that will be successful in the future are those that leverage innovations from a variety of sources.”
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)
“This is a critical time for the insurance industry, and we recognize that there is a better…