State Auto Labs launches corporate venture fund to drive insurance innovation
Columbus, OH-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 way to support the development of innovations that will fuel business success for startups and deliver cutting-edge technologies for enterprises," said Tom Walker, CEO of Rev1 Ventures. "This fund demonstrates Rev1's commitment to finding new ways to identify and grow transformative technologies that are changing industries, and we're thrilled to partner with State Auto to bring this vision to fruition."
For more information about the fund and how to connect, visit www.stateautolabs.com.
About State Auto Labs Corp.
State Auto Labs Corp., a wholly owned subsidiary of State Automobile Mutual Insurance Company, is growing innovations that are reinventing the insurance industry. Backed by nearly 100 years of insurance expertise, State Auto Labs supports the transformation of the industry by giving startups access to a nimble and responsive approach that better fuels business growth and drives innovation. In collaboration with Rev1 Ventures, the State Auto Labs venture fund also connects startups with capital, technologists and insurance industry experts to identify and invest in new technologies, while also serving as an early adopter of them.
About Rev1 Ventures
Rev1 is a venture fund that helps entrepreneurs build great companies. Combining investment capital with a unique blend of services through our startup studio, we propel innovation for startups and corporate innovation teams. Our seasoned, data-driven team helps lay the foundation for scalable growth with the skills to evolve a product, sell to customers, and build the right team. Named a top VC investor in the Great Lakes Region, Rev1 manages a continuum of financial support from corporate and community partners, as well as the Ohio Third Frontier. Rev1 was named the Most Active VC in Ohio in 2017 by CB Insights. For more information, visit http://www.rev1ventures.com.