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State Auto Labs is a $25M corporate venture fund. State Auto Labs brings together investment and insurance expertise to grow innovations that are reinventing the insurance industry. In collaboration with Rev1 Ventures, State Auto Labs connects startups with capital, technologists and insurance industry experts.The firm's objective is to identify, become early adopters of and invest in transformative technologies and solutions. State Auto Labs is the innovation arm of the State Automobile Mutual Insurance Company. 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).
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