Erie Insurance launches tech investment fund

Erie Insurance Group said Thursday it has launched Erie Strategic Ventures, a technology investment fund meant to ultimately bolster the operations of its parent insurer.

Erie becomes the latest underwriter to push into the insurtech world with its own dedicated venture capital unit. Others include Nationwide, which last year increased its commitment to $350 million.

Erie Strategic Ventures will be primarily focused in the insurtech sector. Initial areas of interest include insurance innovation in risk avoidance, claims, underwriting, digital sales, agency productivity tools, and products and services for home, families and small businesses, according to an email from a spokesman.

The fund will be primarily focused on early-stage investments of typically $1 million to $3 million, but these are guidelines and not rules, according to the firm’s website.

The insurer’s venture cap unit will work with Touchdown Ventures Inc. for guidance on investments and operations, a statement said. Touchdown is a Los Angeles-based corporate venture capital firm.