BOSTON, May 19, 2016 /PRNewswire/ -- Continuing its commitment to innovation, Liberty Mutual Global Consumer Markets, the insurer's personal insurance business unit, is excited to announce the formation of a new venture capital initiative, Liberty Mutual Strategic Ventures (LMSV), and its first investment, August Home. LMSV is a $150 million early-stage venture fund focused on the intersection of innovative technology and services and the insurance industry.
The fund's focus areas are aligned to Liberty Mutual Global Consumer Markets' overall innovation strategy centered on the Connected Home, Next-Generation Vehicle and Sharing Economy. LMSV seeks to support entrepreneurs in these areas to help them bring their products and services faster to market.
"As society changes, so does the need to provide insurance solutions to customers for needs that may not have existed before," said Tim Sweeney, President, Global Consumer Markets at Liberty Mutual Insurance. "We are excited to support a company like August Home that is on the leading edge of innovation in our industry, and we're putting the investment behind it to further these types of innovative solutions for our customers."
In addition to the venture capital fund, the innovation strategy for Liberty Mutual Global Consumer Markets includes a dedicated team that constantly evaluates key trends and technologies that could have future impact on the insurance industry and its customers. The Innovation team also actively explores how customers can benefit from these new technologies and trends, often partnering with established organizations, academia and innovative technology pioneers such as August Home.
August Home is the leading provider of smart locks and smarter home access products and services that make life easier and more secure. With August Home products, users can create virtual keys to their home and 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's Smart Home Discount Program rewards customers with discounts on their home insurance for adopting self-monitored theft protection devices such as August Home products.
"Liberty Mutual is an established brand that is embracing changing market dynamics, including those related to the connected home," said Jason Johnson, Chief Executive Officer for August Home. "We recently partnered with Liberty Mutual to help August Smart Lock owners save on their home insurance. As the first investment from LMSV, we are deepening our relationship, which will allow both companies to continue to innovate in the next generation of smarter home services to make consumers feel safer and more secure in their homes."
To learn more, visit www.libertymutual.com/strategicventures
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. While Liberty Mutual Investments has been investing in private equity and venture capital space for over 30 years, the establishment of LMSV is Liberty Mutual Global Consumer Markets' first foray into strategic, early-stage investments in companies that have a direct impact on the future of insurance.
The company is the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. Liberty Mutual is ranked 78th on the Fortune 100 list of largest corporations in the U.S. based on 2014 revenue. The company employs over 50,000 people in more than 900 offices throughout the world.
About August Home Inc
August builds smart home access products and services that are safer than traditional keys, make life easier, and put users in control of their front door from anywhere in the world. With August Home products, users can create virtual keys to their home and 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. August Home products work together, integrate with other smart devices and services, and are designed to fit naturally and elegantly into the home. August Home Inc is headquartered in San Francisco, California.
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SOURCE Liberty Mutual Insurance