Another US insurer launches VC fund to target insurtech

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 has started a 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.

"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.”

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