Liberty Mutual formed a new venture capital arm devoted to investments in innovative technology useful to the insurance industry.
Liberty Mutual Global Consumer Markets, Liberty Mutual’s personal insurance business, will house the new division, dubbed Liberty Mutual Strategic Ventures, or LMSV.
LMSV is a $150 million early stage venture fund aligned with the innovation strategy of Liberty Mutual Global Consumer Markets, which centers on the connected home, next-generation vehicle and sharing economy.
LMSV’s first investment is August Home, a provider of smart locks and smarter home access products and services that make life easier and more secure. August Home products allow users to create virtual keys to easily grant access to house cleaners, dog walkers, delivery services, guests, friends and family—and control how long that access lasts—all from a smartphone.
Liberty Mutual said its Smart Home Discount Program rewards customers with discounts on their home insurance for adopting self-monitored theft protection devices such as August Home products.
The insurer’s new venture capital arm joins similar operations in the marketplace run by insurers including Nationwide, XL Catlin and AIG.
Source: Liberty Mutual Insurance