Story excerpt provided by The Columbus Dispatch.
Written by Mark Williams.
State Auto Financial is putting $25 million to work to come up with the next big thing in the insurance business.
State Auto Labs, the insurer’s innovation arm, said Tuesday it is starting a corporate venture fund to support entrepreneurs and innovation in the insurance industry. State Auto Labs is collaborating on the effort with Rev1 Ventures, a venture-capital fund in Columbus.
“We look at the insurance landscape and how things are changing — technology, sensors, telematics. … Companies that don’t keep up with that are at real risk,” said Kim Garland, managing director of State Auto Labs.
Garland said the creation of the fund helps address the notion that insurers aren’t good at working with startups, entrepreneurs and innovators.
“It will make yourself be of that world,” he said.
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Originally published September 26, 2017.